According to RentCafe, there are now 2.6 million Americans who make more than $150,000 per year now living in a rental property. The good majority (28%) of millionaire renters are Millennials, with an average age of 41 and mostly working in management. Gen X follows close behind.
Related: Best luxury apartments for rental in the heart of Los Angeles’ nightclub scene
Households with incomes of more than $1M reached a record high of 3,381 — three times as many as compared to 2015. Of those, about three quarters (or 2,457) rent in New York City, followed by San Francisco and Los Angeles. Looking at the broader bracket earning more than $150K per year, 15 out of 20 trending cities saw the number of well-off renters double over the course of only five years. Seattle, WA; Miami, FL; Portland, OR; Nashville, TN; and Austin, TX, are among them.
New York City is the “it” place for renters who earn more than $150,000 per year, boasting nearly 300,000 high-income households in 2020, or 11% of the national total.
First steps
Imagine the thrill of unlocking the door to your very own house for the first time – the freedom to decorate and live by your own rules. But as you start to make your new house home, you may begin to realize that with this newfound independence comes a new set of responsibilities. The process of getting your first house can be daunting.
From understanding the lease agreement to budgeting for utilities and rent, there’s a lot to consider when renting your first apartment. But as always said, knowledge is power. To help guide you through the process, here are a few essential things every new renter should know. These tips will give you the confidence and knowledge you need to make the most of your first rental property experience.
While searching for rentals, imagine yourself like a homeowner
When hunting for a house, it’s easy to get caught up in the excitement of finding the perfect place to call home. But before you finalize, it’s important to remember that you’re not just renting for a few months. You’re committing to living there for at least a year. And just like when buying a home, the condition of the building and the amenities it offers will have a huge impact on your daily life. Houston houses for rent are some of the best properties available in Texas for you to rent and make your new home.
Photo by R ARCHITECTURE/Unsplash
Rental property: Understand the lease document before signing
When it comes to leases, it can be tempting to just skim through the pages and sign on the dotted line without fully understanding what you’re agreeing to. But a lease is not just a piece of paper. It’s a legal contract that outlines the rights and responsibilities of both the landlord and the tenant.
Before you put your signature on that lease, take the time to read it thoroughly. Make sure you understand the terms and conditions of the agreement. For example, look for details like. Are you allowed to have pets? Are you allowed to sublet the property?
It’s also important to remember that the lease protects you, the renter, as well as the landlord. It specifies how much notice the landlord must give before raising the rent or entering your apartment.
Rental property: Your landlord cannot drop in anytime
As a tenant, you have the right to privacy and security in your home. Your landlord cannot simply enter your unit without proper notice or a valid reason.
However, it’s important to note that there are certain exceptions to this rule. For instance, in case of an emergency, such as a major water leak, your landlord may need to gain immediate access to your unit to address the situation. But in general, they are required to give you a notice of at least 24 hours before entering the unit for non-emergency reasons, such as inspections or showings to prospective tenants or buyers.
It’s important to be aware of the specific laws and regulations regarding landlord access in your state, as they can vary.
Frisco and McKinney are two of the top-5 best places in the country to rent an apartment, according to RentCafe. Newness, size, and occupancy rates are among the measures used to determine the rankings. Other Texas cities fared well, too. https://t.co/8TwaeS6RmX pic.twitter.com/CkhogHUE66
— McCoy Realty Team (@McCoyRealtyTeam) January 31, 2023
Consider getting a renters’ insurance
When it comes to protecting your home and belongings as a renter, it’s important to understand the role of renters’ insurance. Unlike homeowners insurance, there is no federal law mandating that renters have this type of coverage. However, many landlords make it mandatory in the lease agreement.
Similar to homeowners insurance, renters’ insurance offers protection in the event of an emergency, such as a flood or fire. It can cover the cost of replacing your personal belongings, and in some cases, even provide temporary housing if you are unable to live in your rental unit.
Discuss out the repairing responsibilities
It is important to understand the division of responsibility for repairs in your rental home. Your landlord is responsible for ensuring a safe and livable environment, including providing functional electricity, water, and heat. They will also typically handle repairs caused by normal wear and tear. However, any damages caused by your actions, such as broken windows, will be your responsibility to repair or replace.
Photo by Marvin Meyer/Unsplash
I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
Check out my stories, and email me direct at mkeast@regardingluxury.com
