So you're moving out of the residence halls? When making the decision to rent off-campis, one the most important factors to consider is your lease agreement. A lease agreement is a binding contract governing the terms of your residence in the rental property. Notably, these are very difficult to terminate. Private landlords are much less likely to be accommodating to unforeseen situations than University Housing would be.
A lease agreement is a binding contract which is very difficult to terminate. Once you sign a lease, you are responsible for the entire monthly rent for the term of the lease. This means that you may have to pay rent for a roommate if that person moves out!
You can have the lease reviewed by Student Legal Services prior to signing.
Tips For Finding Rental Property
Does it comply with the city code? You should first check to see if the rental unit has a valid permit, as well as the maximum occupancy limit. If a unit does not have a valid permit, it is probably due to a health or safety violation. You also want to make sure that only the number of people allowed to live in the unit are on the lease. DO NOT LET LANDLORDS TALK YOU INTO UNAUTHORIZED ROOMMATES AND THEN NOT INCLUDE THEIR NAMES ON THE LEASE.
Apartments in Iowa City go fast. The following are good resources for finding available properties and roommates:
- Rentals, roommates, sublets, furniture, etc.: University of Iowa Off Campus Housing:
- Websites such as www.craigslist.com and Facebook.
- Local Newspapers.
- Bulletin boards postings in grocery stores, laundromats, etc.
- Friends are often aware of possible vacancies.
Real Cost Of Renting
In addition to the rent, you should account for these additional costs:
- Gas/electric/water: Contact the utility companies to get the average bill/month
- Security Deposit (1st & last months rent) and Application Fees.
- Moving expenses
- Rental insurance
- Cable T.V./Internet
- Purchase of furniture, other items
- Bus stops nearby?
- Is there adequate security?
Try to talk to the current tenants without the landlord to find out more about the rental unit, utility costs, and reliability of the landlord.
WARNING: NEVER RENT A RENTAL UNIT WITHOUT FIRST LOOKING AT THE EXACT UNIT YOU WILL BE RENTING. Some landlords will show a model unit which will be in a much better condition than the unit you will actually be renting. Make sure that the address of the unit you are shown is what is shown on the lease agreement.
Need help with budgeting? Contact Financial Literacy Services
Red Flags During Rental Search
- Landlord refuses to give you a copy of the lease to review with a lawyer
- Landlord refuses to show you the unit you are interested in renting
- Landlord does not have a valid rental permit issued by the city
- Landlord puts pressure on you to sign immediately