What questions to ask when signing a lease

Life’s major milestones — like signing leases — are more fun when you know what you’re doing. Let’s get you savvy on the fine print so you live stress free (well, besides everything else going on in your life.)

When you hear “watch out for the hidden fees” remember this also applies to rental leases. Keep your eyes open for details in the contract by asking these questions:

The Basics

• How long is the lease for? This could be shorter or longer than 12 months, just be in the know.
• What are the move-in/move-out dates and times? Move-in date is not the same as the lease start date, though you can sometimes negotiate when you get the key. Similarly, leases often specify the time you must move out (think of it as hotel check-out) because landlords need to ready the apartment for the next renter.
• Move-out notice and terms: If you move out at the end of your lease (or your lease has changed to month-to-month), you must give your landlord notice. How many days are required? And are you required to clean the apartment yourself? 
• Is there a guest/pet policy? Buildings vary in their pets (allowed or not) and guest (e.g. must leave by 10pm) rules.
• What is the lease termination fee/policy? Can you get out of your lease early? Can you sublet your apartment if you must? This is important if you are thinking of going abroad.

The Money Questions

• When is rent due and how do I pay it? Best to align on the details beforehand, so you can automate these logistics as best as you can. 
• What's the late fee on rent? What is the grace period? If your rent is late (might not be you, could be your roommate), how painful will it be? 
• What is included in rent? What utilities are covered? WiFi? Laundry? This helps you know your total price tag beyond just the rent.
• Who's responsible for what apartment repairs (i.e. how is "fault" determined) If you leave the faucet on and flood the apartment, that's on you. But if the dishwasher breaks just because...that should be up to your landlord to fix.
• What conditions are placed around your security deposit? Your security deposit protects the landlord if you terminate your lease or cause damage to the apartment. Understand the rules so you don’t inadvertently lose your deposit.
• Do you need a cosigner? Usually when you have a short credit history your landlord will want someone with a higher credit score to “co-sign” with you (AKA if you can’t pay the bill, the co-signer is on the hook). Usual cosigner? Parents.

The Nitty-Gritty

• What rights does your landlord have to access your apartment? Ensure a 24hr notice on landlord access (i.e. you don't want to grant whenever-access if they want to check something out).
• Is the contract amendable at any point in time? Ensure the lease doesn't give the landlord rights to unilaterally change lease terms after signature.

If your life is still campus-oriented, chances are those landlords are used to renting out to students and faculty and have their rules well-set. As a new grad moving into your first apartment though, it’s important to make a good impression on your landlord, as FUTURE ones often ask for a reference.