Transcript 1 - Renting Apartments

Renting Apartments
Chapter 4, pages 66 to 83
Outcomes
Learn some terminology about renting
an apartment in Nova Scotia
Learn rights/responsibilities of a
tenant
Learn rights/responsibilities of a
landlord
Framing Questions
Has anyone ever rented an apartment
before?
Why would you rent an apartment?
What would you want in an
apartment?
Can you afford an apartment?
Can you get kicked out of an
apartment?
Key Terms – What do they mean?
Lease
Landlord
Tenant
What is a lease?
Lease: A written or oral contract
between a landlord and a tenant for
renting a residential property.
Landlord: A person who rents land, a
building or part of a building to a
tenant
Tenant: A person who rents a
residence from the owner
What does a lease look like?
http://www.gov.ns.ca/snsmr/pdf/ansresidential-tenancies-standard-formlease.pdf
Landlords
Before signing a lease with a new
tenant ask yourself the following
questions:
Is the unit in good repair?
Does the tenant’s income support the
rent?
Do the tenant’s references support the
application?
Have I told the tenant about any and all
rules for the premises?
Am I willing to do the repairs the tenant
wants?
Tenants
When looking at an available unit, ask
yourself these questions
Do I want to live here?
Can I park my car?
What other costs are there?
Can I afford the rent and other costs?
Must I sign a lease? For how long?
Must I pay a security deposit?
Are there waste management facilities?
More Key Terms
Anniversary Date: Yearly date when
the tenancy began.
Fixed-term Lease: the specified
period of time for a lease. The lease
ends at the end of this time and no
written notice is needed to end the
lease.
Terminating a Tenancy
Type of
Tenancy
By the
landlord
By the tenant
Monthly
3 months prior to
the anniversary
date
3 months
3 months prior to
the anniversary
date
1 month
Weekly
4 weeks
1 week
Yearly
Who is protected by these termination
rules???
TENANT!!!
Security Deposit
Security Deposit: Money paid by the
tenant when the lease is signed and
held until the end of the tenancy.
It is used to protect the landlord
against damages or unpaid rent.
The landlord can ask for up to one
half of a month’s rent.
Interest on the Security Deposit
Landlords have to pay an interest rate
on the deposit.
The rate is set by the Residential
Tenancies Act.
It is currently 1%
http://www.gov.ns.ca/snsmr/access/la
nd/residential-tenancies/securitydeposit-interestcalculator.asp#calculator
Who is protected by these security
deposit rules???
LANDLORD!!!
Rent Increases
Can only increase on the anniversary
date of the tenancy
Landlords must give the proper
amount of time of rent increase (in
writing)
4 months before the anniversary date of
a yearly or monthly tenancy
8 weeks before the anniversary date of a
weekly tenancy
Who is protected by these rent
increase rules ???
TENANT!!!
Questions
1) If a tenant moves into an apartment
on June 1, 2011, what is the
anniversary date?
June 1, 2012
2. a) Anthony signed a monthly lease
for an apartment. How much notice
must he give his landlord to terminate
his lease?
1 month
b) If the landlord wishes to terminate
the lease, how much notice must be
given to Anthony?
3 months
3) What are 2 questions you should ask
yourself before renting an apartment?
-
Can I afford this?
What utilities are included?
Can I park?
How long is the lease?
4) a) If a landlord leases you an apartment
for $850 per month, what is the most the
landlord can charge for a security
deposit?
- half of 850 = $425
b) If you do not damage the apartment and
you pay every month’s rent, how much
will you get back at the end of your
lease?
- $425 + 1% = 425 + 4.25 = $429.50
Apartment Listings
Where can you find apartment
listings?
Newspaper
Internet
http://www.myidealhome.com/
kijiji
“For Rent” signs around your area