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In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4.
Renting, also known as hiring [1] or letting, [2] is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement (or lease) is signed to establish the roles and expectations of both the tenant and landlord.
A residential lease must include the parties, the premises (the address or relevant space), and the term of the lease. The lease term can be indefinite but must be stipulated as such in the document. Typically, leases will also include the price of rent per month or per term, but this is not legally required.
A standard unit for rent might cost around $2,200 a month, requiring three times the rent in income and non-smoking tenants. Pets are sometimes allowed with a deposit and pet rent.
Mom of 5 Reveals Steep Rent for N.Y.C. Apartment She Uses for 'Storage' — Despite Having $12K Apartment Across the Hall (Exclusive)
A triple net lease (triple-Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three "nets") on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.). In such a lease, the tenant or lessee is ...