Landlords and Tenants - Things to do before getting into a rental agreement

Well, my friend, you are in for a world of wonder and hurdles. Bangalore is rightly known as the silicon valley of India because of the opportunities, facilities and pure grandeur of the city. 

We've all visited this city and lived for quite a while, and it's kind of our job to tell the new generation how to go about things. The city offers wonderful educational facilities, great work opportunities and a work life balance like never seen in any other city in India. 

However, when it comes to getting into a rental agreement with the landlord it is quite evident that there are a few things that you have to look over. Several clauses with respect to your residence, the facilities you'll be getting, the rent you'll have to provide and all other essential details. 

In this boog, we would like to iterate in detail what all you've got to check out before getting into a rental agreement with landlords in Bangalore. So without further adieu, let's begin!!

Rental plan and increments:

So when you are renting an apartment, it is always an important thing to check out the clause that mentions the rent. Whenever you're going to see the apartment, it is a good idea to discuss and negotiate the rent with the owner. It is also a good idea to check the rent for the area and negotiate accordingly. 

The final decided rent should be the one included in the rental agreement. Secondly, each state has a certain increment percentage of the rent that the owner can increase each year. If you are in Bangalore, then as per the Karnataka Rent Control Act, 1999, it is a certain percentage mentioned in the Act. So just check the Act out before signing the agreement or even negotiating the rent for the property. As a tenant, you should be aware of these aspects and also acknowledge your acceptance while signing the agreement.

Security Deposits:

When you are thinking of renting a place in Bangalore, the security deposit is a big thing that you've got to keep in mind. Sometimes, it might be more than you could bargain for. Whenever you're paying rent, the minimum security deposit for an apartment is between 3 - 6 months of rent. 

However, the issue arises when you're leaving the house or apartment. The landlord tends to deduct an amount that might not be feasible for you stating several issues. So it is important to mention under what reasons the security deposit can be deducted excluding normal wear and tear. In that way, you can save yourself from all the hassles of recovering the deposit. 

As an alternative, Bangalore based hospitality tech startups such as Cozy Stay offer zero deposit joinings. If you are not in the mood to provide exorbitant amounts of money for deposits, then this is one of the options you can choose. 

Tenure & Renewal:

The tenure for rental properties is usually for a time period of 11 months. The security deposit and rent are provided for these months, and if you wish to stay back, then you'll have to renew the agreement. 

Whilst renewing the agreement, it is important to note that the landlord may increase the rent, and a little bit of negotiation might need to be done prior to the signing of the agreement. 

Bangalore is a place that prefers and offers flexibility in stays because of the switches people do from work. Hospitality tech startups like Stanza living, Cozy Stay and Coho offer flexible rental structures wherein, you could stay at a property for a minimum of 1 month and if you wish to you can move, hassle-free. 

Termination:

Every rent agreement requires a termination clause so that you could end the stay at a rented place. If you're leaving earlier than planned or even after your tenure, you have to submit a notice to the landlord. This should be a significant point to note while perusing through the agreement. 

Maintenance and Rent:

Whenever you're going to rent a property, you've got to ask every question that pops into your mind. An apartment might come with a set of amenities such as an elevator, a clubhouse, a pool or something else. So you have to be sure that all the maintenance for these places is covered under the rent or will you have to pay the maintenance excluding the rent?

The landlord and tenant must come to an agreement about these things and then move on to executing the rental agreement. 

There is also the issue of payment of previous bills such as electricity or utility bills. In some cases, the previous tenant might not have paid the utility or electricity bills, and it in turn leads to the new tenant paying, and we don't want that. 

If you are new in town and short on funds to get a place of your own, you should check out co-living facilities such as Cozy Stay. You only have to pay the rent, while all other amenities such as electricity, clubhouse, wifi and other services are free of charge. 

Ask about the apartment and locality:

It is always a good policy to be in terms with what your living situation is going to be in the apartment. Are pets permitted, late entries, loud music and parties, friends and girlfriends or boyfriends, and so much more? 

The apartment is going to be your place for 11 months, so you should be able to do whatever you want, whenever you want. So it's always best to keep the boundaries set for a peaceful living situation. 

Assessing the property:

This is one of the first things that you have to do before renting any place. The thing about renting property is the facade might look good, however, there might be issues with construction, plumbing, water connection might be bad, or even you might get shocked, literally!!

So prior to moving in, you should let your landlord know to repair any damages that are already in place and on the agreement, you should mention what is susceptible to normal wear and tear so that it doesn't get deducted from the security deposit. 

It's always good to mark all your lacunas and be prepared for anything. 

The Cozy Story:

Renting an apartment or a house and staying with your friends could be extremely fun. Trust us, the late-night parties, the memories created, and all the fun times will be with you for a laugh. 

However, in a place like Bangalore, you could have all that at half of the price. At Cozy Stay, you've got no security deposits, less rent and more fun. Make memories, party with your friends and create a community that will last forever. When you reach the pinnacle of your life, these memories might be the ones you think about the most. So choose 

the cozier route and make decisions that will change the way you perceive life. 

We hope this blog was helpful and gave you a new outlook on the apartment rental scene in Bangalore and what you need to do before getting into a rental agreement with your landlord. So until next time, see ya!!

Cozy Stay

Live Easy At Cozy