Rent Smart, Not Scared
This guide is here to educate you, protect you, and maybe save you some money. Take the topics in order or jump to the one you need. I like questions (really), so ask me anything, now or years from now.
Where are you right now?
Why is renting a smart move?
In short: Renting gives you freedom, fewer repair duties, and a lower cost to start. Virginia law gives you some protection as a tenant.
Renting can be a better choice than buying, depending on where you are in life. Here is what it buys you.
It buys you freedom
- You are not tied down. Most leases run a year or so. When it ends, you move your belongings and nothing else.
- You can live the high life or stay frugal. There are rentals at every price in most areas. Popular places cost more, and a slightly less popular area can save real money. Although some popular areas also have lots of competition so you may be able to find a deal. Best to look online or visit areas you want to live and check on pricing, you might be pleasantly surprised.
It frees you from responsibility
- Repairs are usually not yours. When something breaks through normal wear and tear, it is normally the landlord's job to fix it. This may be the first time you do not mow a lawn or replace a leaking roof.
- You still have a job to do. Do not damage the place, and tell the landlord or property manager about maintenance problems as soon as you notice something. The property manager is relying on you to be their eyes and ears to maintain the home.
It costs less, at least in the short term
- No down payment to save for. You can move in right away instead of saving thousands of dollars first.
- Leave when the lease is up. You skip the cost and hassle of selling a house.
- No HOA fees, real estate taxes, or home improvement projects. Those add up fast for owners.
You have rights as a tenant
Every state sets rules for the relationship between owner and tenant. In Virginia that law is the Virginia Residential Landlord and Tenant Act (VRLTA). You will see it mentioned again in this guide.
Where do I find a place to rent?
In short: Search several sites, drive the areas you like, and call the number in the ad yourself.
Do not rely on a single website. Search online, then drive the areas you like and stop at the leasing offices. Go find what you want instead of waiting for it to show up in a feed.
Where should I search online?
- Apartments.com (CoStar): apartments and some houses, with leasing office contacts.
- ForRent.com: apartments, houses, and condos listed by property managers.
- Zillow Rentals: the largest mix of houses, apartments, and owners renting one property.
- HotPads.com (owned by Zillow): a map-first search that is handy for comparing areas.
- Realtor.com Rentals: rentals from the same site many buyers already use.
- Facebook Marketplace: the most scams of any site on this list, so use the red flags on the next tabs.
Pro tip: Look in nearby areas that cost less. The trendy neighborhood sounds fun when you first move out, but ask whether you are living for now or for a better future.
Thinking about a pet? Rentals that allow pets are fewer and cost more. If you can, wait until you own a home to get one. See the Questions tab.
How do I avoid scams?
Far too often there are ads for properties that sound too good to be true, and most of the time they are. There are also other ads out there looking to harvest your information. A real ad for a property for rent will list contact information and specifics about the property. Dial the number yourself. Do not email first: pick up the phone and talk to someone.
Want reminders as you go?
I send a short series of tip emails that repeat the main points of this guide. Sign up for the tips.
How do I make a successful application?
In short: Check the standards, gather your documents, pay a small fee for a receipt, and give no deposit until the lease is signed.
What should I have ready?
Checks stay on this device.
What are the steps?
- Check the standards first. Ask the property manager what they require: income, credit score, and rental history. Make sure you would qualify before you pay to apply.
- Gather your documents. Expect to share your Social Security number, contact information, and a government photo ID. Most landlords pull their own credit report.
- Fill out the application. Have previous addresses, pay stubs, W-2s or an employer letter, bank statements, and tax returns ready: anything that shows you can pay the rent.
- Pay the application fee, and get a receipt. It is about $50 at most under Virginia law, and the unspent part should come back if you are not offered the home.
- Line up references. Make sure your professional and rental references will speak well of you. You may need a co-signer or lease guarantor.
- Choose roommates carefully. Learn what "jointly and severally liable" means: each of you can be held responsible for the whole rent.
- Sign the lease, pay the security deposit, and get your keys. Get a signed copy of the lease for yourself.
- Move in.
Do not give any deposit until you have a signed lease. Make sure you are dealing with the owner or the management company, and search the home's address online to see whether it is listed for sale. If it sounds too good to be true, it probably is. Proceed with caution.
Once you sign, the lease is a legal agreement for both of you, and neither side can change it unless both agree. Know your rights and responsibilities: in Virginia they are in the VRLTA, in Article 3.
What red flags should I watch for?
In short: Cash-only payments, no receipts, extra fees, and any request for money before a lease are the warning signs.
- Payment only in cash or by money order. These cannot be traced, which is why scammers like them. Some reputable places use Venmo or CashApp, and so do some scammers.
- No receipt. You should get one for every dollar: application fee, security deposit, and pet deposit.
- Fees beyond rent. Ask what else you will pay, and whether any deposit is non-refundable.
- Cleaning fees. Ask what is typically charged and how much of the deposit is kept when you leave. In Virginia the deposit is due back within 45 days after the tenancy ends.
- A deposit above the limit. The security deposit in Virginia can be no more than two months' rent.
- Amenities that cost extra. Parking, pool passes, and gym access may be included or may be an added fee.
Before I pay anything, have I done these?
Checks stay on this device.
If you think you have been scammed, report it to the Federal Trade Commission and the Virginia Attorney General's consumer protection office.
The biggest scam: a "landlord" who wants a deposit or a month's rent before you have a lease. No reputable company asks for that. Sometimes they offer a discount to push you. If it sounds too good to be true, it probably is.
What questions should I ask?
In short: Ask about cost, rules, repairs, and how to leave early before you sign. If money gets tight, tell the landlord early.
While you search
- What is the application process and what are the screening criteria? (This can save you application fees.)
- What is included in the rent? Which utilities and services do I pay for?
- What units are available now or soon?
- Are there incentives for signing a lease or moving in?
- How long are the lease terms, and how does the price change with the length?
When you are deciding
Not every question applies to you, and you may think of better ones. I would love to hear them: text me at 804-642-4235.
- How do I make a maintenance request, and how fast is the response?
- How is rent paid: check, online portal, or ACH?
- Do you report rent payments to the credit bureaus?
- Which appliances are included, and where is the laundry?
- Is parking included? Is a pass required? What about visitors?
- Is there a discount for paying early or for signing a longer lease?
- What is the late fee policy?
- What is the guest policy: how many, how long, and what approval is needed?
- Are pets allowed, and with what limits?
- Can I end the lease early? What is the process and the cost?
- Can I sublet, and how?
About pets: my best advice is to wait until you own your home. Many rentals limit pets or charge pet rent and extra deposits, which narrows your choices and puts your deposit at more risk, and a large dog narrows them more. Pets are great companions, and a home you own is the best place to get one.
When money gets tight
- Talk to the landlord early. The moment you think a payment might be late, say so. Communication is one of the best things you have going for you.
- Never simply withhold rent. If a landlord ignores a serious problem, there is a legal route (paying rent into the local court), but not paying is an easy way to violate your lease.
How do I be a great tenant?
In short: Pay early, report problems fast, and know what is a real emergency. Photograph the home when you move in and out.
What should I do on move-in day?
Checks stay on this device.
What do landlords and property managers want?
- Rent on time, or better yet early.
- A property that is taken care of.
- To hear about maintenance issues, even small ones, and especially anything involving water or safety. Keep a short list and send it monthly with a note on priority.
- No excessive contact, and no after-hours calls unless it is a real emergency.
Follow the terms outlined in the lease like changing the air filters, mowing the grass, don't get pets without permission, and any other special requirements in the lease.
What is a real emergency?
- Water where it should not be. A leaking toilet or sink (turn off the water to it, then call). A roof leak (catch the water in a bucket, then call).
- Electrical or safety hazards that put someone in immediate danger.
- Fire. Get out, call 911 first, then call the owner or manager.
What is not an emergency?
- A dripping faucet. Tell the owner, but it is lower priority.
- A clogged toilet when you have another one.
- A power or water outage. The owner cannot fix a storm or an unpaid bill. Call the utility company.
How do I get my deposit back?
- Give written notice the way your lease says, and on time.
- Clean thoroughly, and photograph every room after you finish.
- Return all keys and keep proof you did.
- Give a forwarding address in writing. In Virginia the deposit is due back within 45 days after the tenancy ends.
Pro tip: keep the owner's or manager's phone number and email in your phone and written down somewhere easy to find. Ask which way they prefer to be contacted (usually a call or a text) and what they consider an emergency.
How else do I protect myself?
In short: Insure your belongings, watch your credit, and cut down the offers and calls.
Finding a safe place to live
- Ask the neighbors and the local police.
- Be careful with websites. Their crime and safety ratings are usually general figures by zip code, and a zip code can be huge.
Get renter's insurance
It protects your belongings, costs relatively little, and smarter landlords often require it.
Why does credit matter?
- Check your reports for free at AnnualCreditReport.com. Make sure everything, including your personal information, is correct. You can request one bureau's report every four months to spread them out.
- Be careful with free scores. Credit Karma and the scores from your bank or card are not the same as the scores mortgage lenders use. There are more than a dozen versions, and the home-loan versions are the hardest and most expensive to track.
- MyFICO.com costs money. Use it only if you have credit problems or are about to apply for a home loan. If you are thinking about a loan, ask me first: I may save you the subscription.
- Do not live on credit cards. To build credit, use a card for small essentials you will not overspend on, such as gas, phone and utilities, or rent, and pay it off.
- Opt out of prescreened offers at OptOutPrescreen.com. It stops the tempting card and loan offers, and it matters even more when you apply for a mortgage.
- Register on the National Do Not Call Registry. It will not stop every marketing call, but it can open a chance to make money from abusive telemarketers.
When does buying make sense?
In short: Buy when you plan to stay five years or more, your credit is solid, you have money saved, and you are ready for the responsibilities that come with home ownership.
The biggest reason to buy is control over your housing costs. Rent usually goes one way, up, sometimes a lot and sometimes a little. Renting is smart in the short term. Buying is smart when you are ready.
How do I know I am ready?
- You plan to stay in the area five years or more. Buying and selling are expensive, and it typically takes four to five years for a home to gain enough value to cover those costs.
- Your credit is in good shape. The best loans like to see FICO scores of 720 to 740 or more.
- You have some money saved. Not a full 20% down, but enough for a down payment, closing costs, and reserves.
- You are ready for the responsibility. Ownership is not for everyone. Historically about 65% of people own their home.
What else does owning give you?
- Wealth that builds as you pay down the loan and the home gains value. Much or all of that gain can be tax free.
- Pets without asking permission.
- Walls any color you like, and the kitchen or garden you want.
- No moves because a lease ended or an owner decided to sell.
- A place that is yours, and the pride that goes with it.
Where I fit
When you want to move out of a rental and buy a home, let's connect. It does not matter if you live in Richmond, elsewhere in Virginia, or another part of the world. I will look after your interests and teach you along the way, or find someone who can.