Chapter 9' RENTING

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Chapter 9. RENTING
To buy or not to buy?Finding a rental and
negotiating a leaseYour rights as a tenant
A. Pros and Cons of Renting 1.
Flexibility 2. No Money Tied Up 3. Income Tax
Implications 4. No Chance of Profit (or Risk of
Loss) 5. Protection Against Inflation? 6. No
Building of Equity 7. Maintenance and
Renovation Costs 8. A Case History
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B. Shopping For Rentals (See Personal Action
Worksheet, Text page 244) C. The Lease
and Its Key Clauses 1. Who pays what
expenses? 2. Who is responsible for
repairs? 3. Your right to quiet
enjoyment. 4. Extra fees 5. Renewal
Options 6. Sublease Privileges 7. Security
Deposits 8. Improvements Made to the
Premises 9. Amending a Lease 10. Tenants
Insurance
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D. Month-to-month Tenancy E. Combinations of
Leasing and Buying 1. A Lease With an Option to
Buy 2. A Lease With a Right of First Refusal
F. Laws Governing Rentals 1. Health and
Safety 2. Rent Control 3. Condominium
Conversion G. Terminating a Lease
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TALKING POINTSChapter Nine, Number One

• Youre hunting for apartments, and youve found
  four ideal ones that are virtually identical in
  location, condition, size, amenities and price -
  at 900 a month including utilities. But the
  lease terms vary. Evaluate the pros and cons of
  these differences.

• 1. Apartment A offers only a one year lease with
  two one year renewals at 10 increases each
  renewal.
• 2. Apartment B offers only a two year lease with
  no renewal option.
• 3. Apartment C offers only a three year lease,
  with a three year renewal option at a 20
  increase.
• 4. Apartment D offers only a month-to-month
  tenancy.

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TALKING POINTSChapter Nine, Number Two

• Youve moved into an apartment. How would you
  react, in word and deed, to the following

• 1. Your lease says no dogs allowed. You dont
  want a dog, but you know that the couple in the
  next apartment has one, and its frequent barking
  bothers you.
• 2. Theres nothing in the lease about cooking
  odors. The neighbor beneath you cooks very
  exotic, very aromatic foods, and the smell is
  often overpowering.
• 3. The landlord has let the exterior of the
  building get very grubby looking. It
  embarrasses you and the other tenants. Your
  options? A rent strike? To move out? Talk to
  the landlord, whos an ogre? Grin and bear it?
  What if enough other tenants wont go along with
  what you want to do?
• 4. You didnt pay attention when you moved in,
  but now you realize that the whole building (with
  six apartments) is served by one water heater and
  one furnace.