Apartments for Cheap

Questions and Answers

Your Questions About Apartments For Rent

February 8, 2013

Mark asks…

How to build credit paying apartment rent?

I am a college student and I have been paying rent, all on time, and I have not developed any credit. My name is not on any utility bills for the apartment. Is there any way I can build credit paying my apartment rent?

Administrator answers:

You need a credit card/auto loan/personal loan/mortgage to build credit. By paying rent on time, all that is doing is building your rental history.

Maria asks…

Has the Fair Tax considered apartment rent?

It looks like one possible sticking point that may not have been considered since, I suspect, most people who’ve done studies to come up with the FairTax are homeowners, who may not have thought of the apartment rent angle. Any comments? Is this something that needs to be re-thought or does the FairTax need a bit of a tweak? I personally think the FairTax is a great thing, and I do hope it passes sooner rather than later. Now, if only these clueless contenders (not counting Huckabee) for the presidency will actually take a look at it. I think it is irresponsible for them NOT to learn about it.
Some people are not familiar with the FairTax, though they think they are because they are only thinking of one side of the equation. The other side is that embedded taxes will disappear. That includes Fica withholding, corporate income taxes, and every other tax we pay, which is why the FairTax is considered ‘revenue neutral’. When that goes away, your income is bigger and things you buy are cheaper. Also, there are trillions of dollars that will be repatriated within months from sheltered accounts. The FairTax will encourage saving and investment. There will be no money you make that way, remember? The economy will be growing and, as it grows, it follows that taxes will gradually go down. The current tax system is not fair to our manufacturing, here, which is why they leave this country. Once the FairTax is passed, manufacturing will return. -Everything- imported will be subject to tax, as well as people in the shadow economy. BTW, I found the answer to my rent question, elsewhere.:)

Administrator answers:

Bostonianinmo, The “Income Tax” is a joke. It’s a tax on EVERY dollar you earn. Buy a house for $200,000 and you have to earn an additional $54,000 to pay the TAX! Buy a car for $30,000 and you have to earn an extra $8,100 in TAX just to put it on the road.

See my point – nice try at a slam though… You receive your gross pay, so you end up with more income, in addition you receive a rebate every month to cover necessities. Consider these items have 5 or 30 year lending periods that the tax is spread over.. And you receive a rebate that covers such necessities tax free.. It’s not like it adds a tax, it is a tax replacement so the relative burden will likely be similar. The economic incentives for the country are enormous (even critics agree with this point).

As for the original question, Renting an apartment has many of the same costs as any type of service or good. The landlord likely pays self-employment or corporate taxes / payroll taxes on the income from the rental. They also have the compliance cost associated with these taxes, which would be somewhat included in the switch to the FairTax as they would keep .25% of the collection. So if the owner keeps all their income taxes and their half of payroll (like what is expected from most employment arrangements), they could still decrease their operation cost by the other taxes they pay and the compliance. If they have any employees, they will also receive a portion from this tax burden. If they have maintenance costs, these would be tax free as the final consumption is the rental, so you have reduced cost there. There is also the possibility that they may refinance, because the FairTax is expected to drop interest rates by 25%. Also consider the other end… The rebate is meant to untax necessities, which housing is included in the Department of Health and Human Services calculation (possibly one of the most important next to food). So the renters will likely have more income (once they receive gross pay) and a rebate that is specifically for paying the taxes on such necessities. Those on social security receive their gross benefit, plus an increase due to any inflation, and the rebate.

Helen asks…

Can I get OSAP to help me pay for apartment rent?

I already used my money for tuition expenses and living expenses for the last couple of years. Now I just paid for my current term, but need extra money for apartment rent and food. Does OSAP give loan for this?

Administrator answers:

No. When you apply for OSAP, your tuition and living costs are all included in the OSAP that you get. If you spend it all on tuition, there is nothing left for rent and food. They expect you to get a job

Lizzie asks…

Which credit card can i take to pay my Apartment rent using Online bill pay.?

Sofar, i have been paying my apartment rent automatically using online bill pay from checking account. Is it possible to pay it though credit card, sothat i get some reward points. Is there any bank credit card offering such facility.

Administrator answers:

It depends on what type of payment the apartment rental office will let you use to pay. I can’t imagine that you wouldn’t be allowed to use a credit card-but check with them first.

Major credit card companies like Visa or Mastercard WILL let you use the card to pay rent. They want you to use it as often as possible.

Before you start to pay using a credit card you will have to CANCEL the automatic withdrawal from your bank account.Otherwise you’ll pay twice and getting that ‘fixed’ will be a major hassle.

It’s smart to use a cc that gives rewards as long as you pay the balance in full every month.

Lisa asks…

Can I get OSAP to help me pay for apartment rent?

I already used my money for tuition expenses and living expenses for the last couple of years. Now I just paid for my current term, but need extra money for apartment rent and food. Does OSAP give loan for this?

Administrator answers:

Did you apply for and get OSAP for this year already? If you did then there is no more money. If you did not, then apply to OSAP for your current study period – as long as it is at least 12 weeks in lenght you may receive funding

Mandy asks…

Will car insurance pay for apartment rent as part of rehabilitation after an accident that resulted in injury?

I have a friend that is dating a guy who was in a car accident and suffered an injury 8 years ago. She has told me that his insurance company is paying for his apartment rent as well as furnishings for the apartment. Something seems really wrong with this but I’m wondering if its just me.

Administrator answers:

If your friend’s boyfriend was permanently disabled and the place he’s living now is specially modified to accommodate his disability, and he has to pay higher rent because of the modifications, then I can see the insurer having to pay for the difference in the rent (if he has coverage on his policy for rehabilitation expenses). The same would apply for his furniture, however if he didn’t have such coverage then it must be something arranged in a settlement.

Chris asks…

What does it mean when an apartment you want to rent says Standard Lease?

If the apartments rent is $456 and standard lease. Does that mean everyone pays 456 or does everyone split that price between them?

Administrator answers:

It means that your apartment would cost 456 a month, it’s only split among tenants in the apt if thats what you agree to.. And you have a standard lease, meaning nothing special about the lease but you can expect to sign a lease for a year.

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