Seniors are opting to
rent apartments for many reasons, including freedom from a big house,
yard and upkeep, which can be expensive. Those looking for a rental for
the first time since their youth will find a vastly different challenge.
Looking on the internet might be the first step.
Older adults have many reasons for wanting to rent rather than stay in their houses:
- Free up home equity that can be invested to generate interest and/or dividend income
- Eliminate the need for and cost of home and garden maintenance
- Travel without the worry of taking care of property
- Need to divide the equity after a divorce
- Financial inability to continue to pay a mortgage
- Desire to move near friends and relatives
Seniors who rented apartments when they were young may
remember thumbing through the want ads in the local newspaper and
calling the landlord (on landline phones, of course). If the place was
available, you checked it out in person and talked to the landlady, who
decided on the spot if she trusted you and then asked for the first and
last month’s rent.
Today, seniors will find an entirely new
process. Instead of the newspaper, they can go online to Craigslist or
another online source, such as apartmentguide.com. When they find an
apartment of interest, they’ll visit with references already in hand and
maybe even a copy of their credit report.
Another issue that
older adults may not have experienced their first time around is a
tight-rental market (“Rental Market Analysis: A Tight Forecast,” June
13, 2013, Rent.com).
More people across the country are opting to rent for various
reasons—from foreclosed homes to young people delaying their first home
purchase. This is pushing up the demand for rentals and raising rent
costs.
Because competition is intense, experts advise acting
quickly on any new listings, being prepared to make a fast decision and
having your checkbook and references ready.
Looking for a Place
Making a list of what’s most important to you will help you stay focused when looking at multiple apartments.
First,
determine what neighborhood is most desirable, so you can streamline
the process and visit several places at once. Do you prefer older and
more established neighborhoods, the ones with tree-lined streets, or a
recently developed neighborhood with newer and larger apartment
complexes? Do you want to live close to public transportation and be
able to walk everywhere? Do you want to live near trails and other
recreational outlets?
How important is safety? High-rise complexes
can provide more security, while smaller apartments in older
neighborhoods may be less safe but can provide more interaction with
different types and ages of people. (See sidebar for other factors that
older adults might want to consider.)
Second, figure out how much
space you require. How many bathrooms do you need? Do you want a guest
bedroom? Do you need a lot of storage space?
Not every apartment
accepts pets, so make sure to ask up front. Many properties will only
allow certain types of pets and may specify breeds and weight limits.
It
doesn’t hurt to drive through or walk by the area you’re interested in
and look for “for rent” signs. In a tight market, use all your
resources, including your network of contacts and friends to spread the
word that you’re looking for a place.
Checking Out the Apartment
Many
places offer virtual views online, but it’s always best to see for
yourself. Beyond ensuring that what you see is what you’re going to get,
you can check out the neighbors (discreetly) and the area. For example,
you may notice that neighbors blast loud music or there is significant
traffic noise. Experts advise checking out apartments at night as well
as during the day (especially if natural light is important to you)
because neighborhoods can become different places when the sun goes
down.
Look at the public spaces in the apartment complex, such as
hallways and lobbies. Are they clean? Are there any strange smells that
might make you think the place is not being cared for properly?
Inside
the apartment, make sure the stove, refrigerator and other appliances
work. You might want to even check out the water flow in sinks and the
shower, and flush the toilet. Check under the sinks for signs of mold
and critters. Look inside closets: Is the storage space enough?
If security is a concern, check the locks on
the front door to make sure they work and ensure the lighting in the
hallways and parking areas is ample. If the apartment has security gates
and doors, make sure they function properly.
Easily compare
different places by creating a checklist that includes information about
storage space, security concerns and so forth. To aid your memory, snap
a picture of each property.
In your initial conversation with the
landlord, ask what the monthly rent includes and if there are any
additional fees you should be aware of. What may have looked like a
bargain at first may not hold true if utilities are not included and you
end up paying for electricity, water and garbage pick-up. Inquire about
other “extras” such as parking fees, and check if there are perks such
as free public transportation, on-site health club memberships or
discounts to local gyms. Other amenities could include window
treatments, customizable cable hook-ups or Wi-Fi in the building.
Getting the Documents in Order
Before
you sign the lease, property owners will generally ask for a security
deposit and the first and last month’s rent. In addition, they may
request an application fee, a broker or finder’s fee, references and/or a
credit check. Be prepared.
For your protection, before signing
the lease, find out (and, if necessary, include in the lease) if your
security deposit is refundable; your options if you decide to move out
before the lease is up; and how much notice the landlord must give
before notifying you that your lease won’t be renewed. If the property
owner has agreed to make certain repairs (a new refrigerator or
repainting the walls, for example), make sure you get it in writing,
especially if that’s a condition for you moving in.
Although much
of the language in a lease is standard, read your agreement entirely so
you know what’s expected of you and the landlord.
Before moving
in, take photographs to document any pre-existing issues to avoid having
part of your security deposit withheld for damages. That way when you
leave, you can prove that the scratches on the door were made by the
previous renter’s dog or that the nail holes in the wall were put there
by someone else.
Sources
“5 Tips for Senior Apartment Living” How Stuff Works
“6 Tips For Renting An Apartment,” Investopedia.com
“10 Things You Should Do Before Signing a Lease,” July 18, 2013 The Shared Wall
“11 Apartment Hunting Tips for Renters” Houzz
“Seniors Only Apartments” Senior Resource
Finding an Apartment the Second Time Around was featured in the February 2014 Senior Spirit newsletter.
Blog posting provided by Society of Certified Senior Advisors
