What is Rent?

For this calculator, rent is the act of paying a landlord for the use of a residential property. Used as a noun, it can also refer to the actual payment for the temporary use of a residential property. While "rent" and "lease" are often used interchangeably, their definitions differ. A lease is a contract signed to formally define the terms of renting a residential property, including the rent amount, length, and rules agreed upon by the landlord and tenant.

Navigating the Rental Journey

Finding a place to rent can be easy or difficult, depending on factors like location and population density. Once a suitable property is found, the renter typically submits a rental application with personal and financial information, which the landlord uses to conduct background checks. If approved, the renter and landlord agree on terms, draft a lease, and sign it as a legal contract. The new tenant can then move in on the tenancy start date.

Key Factors to Evaluate When Renting a Property

Consideration	Description
Affordability	Determine what rent amount is affordable based on your income and expenses.
Other Costs	Factor in upfront costs like security deposits and recurring costs like utilities.
Location	Consider proximity to work, family, friends, and amenities you frequent.
Quality	Research the property's age, condition, and amenities before renting.
Size	Ensure the property has enough bedrooms, bathrooms, and living space for your needs.
Landlord	A good landlord can make or break your renting experience.

Strategies to Lower Your Rent Burden

1. Live with family or friends temporarily, if possible
2. Research and negotiate rent and lease terms
3. Consider lower-rent areas or shared housing with roommates
4. Explore rental assistance programs or seek help from local communities (as a last resort)

Wise Tips for Renters

1. Get all promises and responsibilities in writing
2. Inspect the property thoroughly and document its condition before moving in
3. Keep the property clean and in good condition
4. Consider tenant insurance for personal assets
5. Be aware of rent increase restrictions during a fixed lease
6. Check cell reception, neighborhood safety, and utility costs before renting
7. Build a positive relationship with your landlord and neighbors

By understanding the renting process, considering important factors, and following practical pointers, you can make an informed decision and have a positive renting experience.