Renting a residence is a good option when you won't be living there long enough to accumulate equity, don't have enough money for a down payment, or don't want the chores involved in owning a home.

Rental agreementsEdit

Some places can be rented by the week. Most are rented by the month. A lease is an agreement to rent for a certain amount of time, often a year. Many rental places require a deposit -- an extra amount paid when the lease started and returned at the end of the rental if the renter is paid up and there are no damages.

Note: Document the state of the residence when you move in and when you move out to avoid being charged for damage you didn't do.


Some disadvantages to renting are that the renter spends the money, but owns nothing. If a rental property is sold or destroyed, the rental agreement may not continue. Maintenance is usually arranged for by the property owner or manager. If the maintenance is of poor quality, the renter has limited options. Rental properties may limit the decorative options of the renters -- not allowing painting, hanging things on walls, gardening or even different color window treatments.

Types of residenceEdit

Most rentals are in multi-dwelling structures, like apartments, but houses and other style homes can also be rented.



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