Realty Executives Elite Homes
In recent years, the rental market has been booming. Data from the most up to date U.S. census shows that, over a 10 year period, the number of renters has grown at its fastest rate since 1965. An increase of around 8.5 million renters in the last decade has seen the competition increase and the pressure grow on both renters and landlords. Tenants face fierce competition to find a suitable and reasonably priced home, while landlords try to get the right rental price for their property in an ever increasingly competitive rental market.
Every landlord is running a business, and like every business they try to maximize profits. Sometimes a property’s monthly rental cost seems reasonable, but the utilities and other hidden fees can add up to a sizable extra cost for the tenant. Listed below are some of the hidden costs and add-ons you should look out for before signing a tenancy agreement.
Utilities
Utility bills are often overlooked by new tenants that are excited to move into a property. To understand the overall rental cost of a property, tenants should take the cost of all the utility bills into consideration. State laws differ when it comes to how tenants are billed for utilities, and what happens in the event of missed payments and utility shutoffs.
Utilities can be part of a total, all-inclusive, rental cost and be billed to the landlord. Other rental properties may require the tenant to have the utility bills in their name. In apartments and flats, master meters are often used by landlords to serve the entire apartment block or building and the tenants are billed individually. This is known as third-party billing and is popular with landlords, as they can advertise a base rental cost, but then charge for the utilities as an extra add-on cost
.
Third-part billing regulations
Some cities view third-party billing as deceptive, and introduced legislation to oversee third-party billing. Seattle introduced third-party billing ordinance to cover all residential buildings that contain over three units, in an attempt to combat deceptive landlords from fraudulently overcharging tenants for utilities.
In 1977, the non-profit Tenants Union of Washington State was formed to offer help, information and advice to tenants, in regards to tenancy issues, third-party billing and other issues connected to utility costs.
The advice the organisation offers is not restricted to Washington State. It is advisable that all tenants, regardless of location, follow their advice in regards to utility bills.
– Make sure to ask questions and have a clear understanding of utility services before signing a tenancy agreement
– Act quickly to set up utility accounts
– Always pay utility bills on time and retain all payment documentation
– Take precautions to protect yourself with the landlord
– Try to resolve any utility disputes quickly
Other hidden fees and charges
Some landlords may charge additional fees, other than utilities. Sometimes these fees are optional services and other times they are required by all tenants, depending on the tenant’s specific agreement and situation. These fees can even be related to supply and demand, depending on the competitiveness of the rental market.
Landlords can charge separate fees for parking, and additional costs for any pets at the residence. Landlords may also charge an application fee that must be paid regardless whether a tenant is approved or not.
Condos and apartments that are subject to homeowner’s associations (HOAs), can charge for tenant- occupied units and separate moving in fees. Amenities that are not considered utilities, such as internet access and cable TV, under most state ordinances, may be billed to the tenant as an additional fee from the landlord or HOA.
These additional fees are on top of the security deposit and advanced payment of rent that is required by most landlords, usually the first and last month of rent that is to be paid before a tenant can move into the property. READ MORE
It is with great pleasure that I announce Vanessa Turan has joined Realty Executives Elite Homes, Vanessa comes from a corporate background she used to work for Apple Computers and is well versed in many areas of Real Estate, she specializes in the Pompton Lakes area of NJ but also has vast knowledge of Passaic, Morris, Essex and Bergen Counties please welcome her aboard. you can visit her website at yourpomptonlakesrealtor.com
and much much more, become part of one of the best online brokerages in Northern New Jersey, we can help you produce the results you want from your real estate business call me today at 973-846-0065 for a private interview.
The Force Homestead Museum, is open to the public the second Sunday of each month for tours conducted by members of the Historical Society. In addition, private tours may be arranged by calling Helen Shumsky of the Historical Society at 973-992-3017.
In 1702, settlers from Newark purchased a tract of land that encompassed the areas now known as Caldwell and West Essex. They paid 130 English pounds to the Lenni Lenape Indians. In 1811, seven hamlets — including Teedtown , Northfield, Morehousetown , Cheapside , Washington Place and Squiertown (Route 10 Circle) got together and petitioned for the formation of The Township.
The first town meeting was held on February 5, 1813. At this meeting, the people decided that the town should be run by a mayor and a township committee. About 100 people, mainly farmers, lived in town at that time. In the early years, farming and lumber were the main sources of income for the township. Shoe making became a major industry during the Civil War. The dairy business became the leading industry after the Civil War and remained so well into the 20th century.
The first school in was built in 1783, a one-room schoolhouse on Northfield Road where Roosevelt Plaza is today. The population grew slowly because the town was not close to a primary rail line. Mt. Pleasant Avenue, which runs through town, was the first turnpike, or toll road, in New Jersey. Starting in the 1800s, stage coaches made what was then a one-day trip from Newark to Morristown. Between 1813 and 1920, it increased from 1,000 to 1,500. Read more & Search For Homes in Livingston NJ
Realty Executives Elite Homes in Nutley Has The Best Online Presence In Northern New Jersey, And is the only Realty Executives Office Located in Nutley New Jersey 12 Miles Outside of New York City We Focus On NYC Home Buyers Looking For Family Friendly Homes in Essex County, Bergen County & More. We Have Homes in Nutley, Belleville, Clifton New Jersey.
Each office independently owned and operated.
