eing prepared and knowledgeable are requirements for making any tenancy a success. Rookie renters often make the mistake of just plunging headfirst into their first rental without taking the time to carefully plan and understand the full impact of deciding to enter into a rental agreement. I hate to say it, but I often found myself explaining some of the details of this process to more experienced renters as well which only suggests to me that few have a really solid grasp of just what they are getting into by renting a property or unit somewhere.
Also, while I'm offering general information in an all-encompassing manner, it's good at this time for me to remind you that I'm not a lawyer and none of what I say on this entire website constitutes any legal advice. Nor do I suggest you take this information as gospel. What I mean is make sure you check your local state/provincial/municipal laws governing landlord-tenant relationships at all times.
So whether you're a first-time renter or a seasoned tenant, I think we can all agree that understanding all aspects of the rental process is essential to making sure it doesn't become a painful mistake. You may be surprised both by how much you know and also by how much you may not know about the Rental Cycle yourself. Either way, whether it's an education or a refresher, it can't hurt to have a look.
And as always, do share your thoughts and opinions on what you read and learn here...
Roughly speaking, we can divide up the rental process into 5 distinct steps I call Q-FATE:
Step 1 - The Quest
Of all the steps, this one probably requires the most time, patience, consideration, and effort. There's a lot you have to consider when looking for the perfect place that you intend to call home for the foreseeable future. That's why I call it "The Quest". You'll have to consider your needs, wants, location, features, prospective landlord, expenses, and other needs (ie. family, shared rental, special needs, parking, laundry, vibe, atmosphere, neighbours, safety, etc.)
Step 2 - The Find
Once you've settled on a short list of what you're looking for, your search will undoubtedly lead you to a few top picks to consider as your future home. The Find is about making the smart choice that balances your needs with what the location and landlord are offering. Meeting with the landlord and visiting the properties while evaluating each of them thoroughly is essential in this process.
Step 3 - The Agreement
You've decided on the place and now must work out an agreement with your landlord. Usually this will involve signing a lease, providing a deposit/security, and beginning the first steps of moving in. At this point you'll want to make sure any issues from the lease or your initial inspection are adequately resolved. You'll want to make sure you have all the information you need if there's a maintenance issue or emergency. You also want to be completely clear on your responsibilities as a tenant and your landlord's duties to you and the tenancy.
Step 4 - The Term
This step involves fostering and nurturing the landlord-tenant relationship. Like it or not, you are not business partners with your landlord. You each have an important role and stake in each other's success. Demonstrating responsible tenancy means proper stewardship to the property, paying rent on time consistently and building a level of trust and mutual understanding. Your landlord has key responsibilities here as well in making sure your home is safe and maintained. And also that communication lines are always open - especially as disputes or other issues may arise. Compliance with laws is also a vital component here regardless of your jurisdiction.
Step 5 - The End
Nearly all tenancies end at some point. Hopefully it's a positive end with a cooperative transition. Understanding your lease terms will help ensure you are complying with lease provisions for proper notice, returning deposit (if applicable), final physical inspection, and dealing with any outstanding issues. There are a lot of advantages to ending a tenancy in an open, responsible and positive manner. From good credit to excellent referencing, a solid landlord-tenant relationship will be to everyone's benefit.
In a nutshell, that's roughly the lifecycle or as I call it, the Rental Cycle of a typical tenancy. Each step is crucial in and of itself and how it relates to the steps preceding and following. At RentersList.org, we'll drill down further in these steps to help illuminate renting for maximum value and benefit to you as the tenant. Let me know if you have any thoughts, ideas, or additions to this breakdown.
