Renting a Home

For many, renting is the first step to homeownership and for others it is a long-term lifestyle. Whichever path you take, there are important things to consider including who will live with you, what you can afford, your housing needs and where you will live. There also are legal issues to consider such as the rental application and the rental agreement. In addition, it is important to know your responsibilities as the renter, the landlord's responsibilities and how to move on when you are ready to rent somewhere else or buy a home. The following are some important terms to understand in the rental process:

• Rent — This is money paid to live in a dwelling that is owned by someone else.
• Landlords — Landlords or owners, offer renters — called tenants — many types of housing from small apartments to single family houses.
• Lease — A lease or rental agreement, is a written contract that lists the rights and duties of both landlord and tenant. Because it is a legal document, it can be enforced by a court. Verbal agreements or assurances are hard to prove and not easily enforceable.

• Deciding to Rent
  • Advantages and Disadvantages of Renting
  • Who Will Live There? More About Roommates
  • What Can You Afford?
  • What Do You Want?
• Finding a Home to Rent
  • Finding a Rental Unit
  • Comparing Rental Units
  • Renting a House
  • Renting With an Option to Buy
• The Rental Process
• The Rental Application
• Your Right to Fair Housing
• Rental Contracts
• Legal Aspects of Renting in New Mexico
  • Regulation of Rental Contracts
  • New Mexico Rental Law
  • Military Personnel
• Moving Into Your Rented Home
  • Renters Insurance
  • Verifying the Condition of the Rental Unit

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References:

Hawks, Leona K. (1995). Apartments. Utah State University Cooperative Extension. Logan, UT.

Merrill, J., Roder, B., Terry, K., and Thomas, P. (1999). Rent smart. University of Wisconsin System Board of Regents and University of Wisconsin Extension, Cooperative Extension, Madison, WI.

New Mexico's young consumer survival guide, (nd) Office of the Attorney General, Santa Fe, NM.

Web Sites

New Mexico Landlord Tenant Law. Retrieved February 15, 2005 from http://www.federalrealestate.net/laws/nmstatelaw.html.

Renting. Retrieved February 16, 2005 from http://www.hud.gov/renting/index.cfm.

Renters Handbook. (2003) Prairie State Legal Services, Inc. Rockford, Il. Retrieved February 15, 2005 from http://www.pslegal.org.

Servicemembers civil relief act guide. Retrieved February 25, 2005 from www.uscg.mil/legal/la/topics/sscra/sscra_guide.htm.

Should you buy or rent a home? Retrieved February 17, 2005 from http://www.ces.ncsu.edu/depts/fcs/housing/pubs/fcs426.html.

Uniform owner-resident relations act. Retrieved February 15, 2005 from http://jec.unm.edu/resources/benchbooks/magistrate/1-6-1.htm.

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