Rental Agreements and Standard Leases

So you have searched and found the perfect home to rent. You have negotiated the terms of your occupancy: how much, what is included, when you take possession and when you leave. You know that you need an agreement, either a rental agreement or a lease. So what is the difference. Very simply rental agreement are basis understandings. Typically they include the address of the property, the amount of the rent and basic elements of the agreement. Often the are month to month, meaning either party can end the agreement with a month's notice.
Leases on the other hand are formal contracts that include start dates and end dates.
Both parties agree to honor the full length of the agreement. Leases are often several pages long and are comprehensive. They typically spell out all of the details from utilities, date rent is due, security deposits, breech of the agreement etc.
One very important note, there is not such thing a 'standard lease.' Typical leases are pretty standard, but you much read the lease very carefully to see what it requires. In Rhode Island it is common for water to be paid by the landlord, but that is not always the case and is changing. Recently, we had as issue between a landlord and a tenant, because the tenant thought the water was paid by the landlord. The agreement was clear, water was the responsibility of the tenant.
As with all agreements, read them carefully, and if they are not clear, a get legal advice.

Types of Rentals: Short term, Vacation, Long Term and Academic

As with most things in life, you need to ask the right question to obtain the right answer. Rentals are no different. Generally, home rentals fall into three general categories as to type. Short term, Vacation, and Long Term. Short term rentals are generally from three to six months in duration. They are often the most difficult type of lease to obtain as most landlords want longer leases. They are, however, available.

Vacation rentals are exactly that: vacation rentals. Typically they are for a period from one week to one month, but on occasion they can be for an entire Season, such as summer. Newport and Narragansett have many vacation rentals.

Long term rentals typically involve at least a one year rental agreement or lease. They can also be written for multiple years. This lease is very common and generally available.

Finally, you may come across 'academic rentals.' These are not teaching rentals or rentals for college professors. Rather these are rentals that start in September and end in June, the academic school year.

At Phipps Realty, we can assist you with any and all of these rental needs.
www.phippsrealty.com

The Changing Rental Market in Rhode Island

The home ownership market in Rhode Island is changing. We have gone from a seller's market with limited supply and appreciating prices to a buyer's market with an oversupply and lower prices. It is in fact a great time to buy, but many potential purchasers and some former homeowners have decided to rent or lease rather than purchase. The rental market is robust and there are a significant number of homes currently being rented. Supply of rentals is actually fairly good as some unsuccessful sellers are now renting their properties. Rents have actually gone up a bit as demand has been so strong. The good news is that there are many choices at most price points. When searching for potential rentals one can search our website:www.rihomesforrent.com or www.craigslist. If you want representation in the renting process, please give us a call. 401 884-1030. We are ready to work with you and find what you need.

How to Rent/Lease a House or an Apartment

So you have getting ready to leave home and need a place to live. What do you do?
It is most likely that YOUR first home will be a rental.
1. Your first step is to analyze your situation: How much can you spend on rent? Do you plan to have a roommate? Where do you want to be? How long will you be there?
2. Now you need to do some homework about what your choices in housing actually are.
What can you get within your budget. There are several websites available to search rentals: www.phippsrealty.com, www.riliving.com, and www.craigslist.com. It is probably easiest at this point to get a rental agent involved to help you with the search. (If you do clarify what the agent will be paid and who will pay them)
3. Go see the properties. Make sure to look closely at the property. While the first one you see, may in fact be the best, look at several options before making a commitment. Many rental companies require that you bring a government issues identification. IE license or passport, before they will show you a property. This is very common. Do not be offended.
4. When you find one you like, you can make an offer the rent or lease which will outline how much you will pay and how long you will be there. Many landlords have minimums on the lease, either six months or a year. Make sure to clarify who will pay the heat, electric and cable. If the building was built prior to 1978 and you have children you will want to make sure the landlord has a lead paint compliant certification form.
5. Typically the rental agent will require a deposit and do a credit check before you sign a rental agreement or lease. Rental agreements are typically month to month, meaning there is no minimum time for the agreement. Leases are more formal and usually have a start date and and end date.
6.After the credit check is complete and the rental/lease agreement is signed, you will have quiet enjoyment of the property from the first day of the agreement. Before you move in, it is prudent to do a walk through with the rental agent noting any damage so you are not held responsible at the end of the lease. Digital photos are smart insurance.
7. It is also prudent to have tenant's insurance. Typically the landlords insurance will not cover your stuff. Insurance is necessary. Do not assume that pet are OK? If you have a pet it is better to disclose that up front. Some landlords also prohibit smoking. Be aware.
8. After you move in, remember to document, via email or writing, any issues with the property, from repairs to notice of departure.

As with most things in life, make sure to look before you leap. Good luck!

Check out our rentals at :http://www.phippsrealty.com/rental_division/index.php

Soft Real Estate Market: Good For Rentals or Bad?

The media, regardless of medium, has been headlining the weakness in the residential sales market. While some of this press may be exaggerated, it is true that the market is much softer than it was just a few years ago. The question, however, is how does this affect the rental market? Are there more properties available, and are rents lower?

The short answers to both questions is yes. Many unsuccessful home sellers have made their properties available for rent. This is across the State and in every price point and with every style. Most intriguing is the number of new construction properties that are available. In fact, so many properties downtown are unsold that one project may be 'leased' to a university for student housing. Wow, has 'higher education' changed! The significant increase in supply has also forced down the cost of renting. Many rentals are significantly less than they were two or three years ago. This reduction is cost may not always be reflected in the actual monthly rent.
Sometimes the property owner may waive certain fees or pay for part of the monthly expense.
Maybe they will include a months rent, or possibly free cable, or maybe heat. At the end of the day, the cost of renting has been reduced for the tenants.

We do expect this trend to continue, but not forever. The pool of out-placed former homeowners has been increasing. This may be do a 'wait and see attitude' or some personal economic hardship. Either way, these people will be in need of rental shelter. At some point, this trend will reduce the choices and the rental market will become more expensive.

Everyone needs a place to live.

If you cannot purchase right now, or want to wait a bit longer, and need a rental, please contact us: www.phippsrealty.com; ian@phippsrealty.com or 401 884-1030 ext 72

Searching for Rentals In Rhode Island: A Real Challenge

Summer is a particularly difficult time to find rentals as there are many seasonal rentals and a good number of year around rentals, but no central listing service. Yes there are in fact listings on www.riliving.com, www.craigslist.com, et al, but unlike the Statewide MLS which lists most of the houses in a single location, no such single source exists. Print media and web media also tends to force the potential tenant to read through all of the listings to find the one he or she wants. They generally are not organized be anything other than town or city. If they were at least separated by long term and short term rentals and by price range, the process would be much easier. Amplifying the problem is the fact that many landlords and their agents continue to put the same listing in over and over with different posts. So there are more listing to wade through than there are in fact.

One of the reason people engage a rental agent is to streamline that process. Moreover, a good rental agent will know which areas best meet your needs. This will be time saving and convenient. So contact a rental agent, preferably one of our team members at Phipps Realty, to help you find what you are looking for quickly.
www.phippsrealty.com/rental_division

Rhode Island Rentals

Welcome to our Rental blogsite Site: The purpose is to educate landlords, tenants, and property owners to rental real estate. We will post articles on finding properties, marketing properties, qualifying tennants, lead inspections, smoke/fire codes, and the pros/cons of owning rental property. It is our desire to make this site inter-active.

You can see additional information at: www.phippsrealty.blogspot.com as well as www.phippsrealty.com

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