Transparency around lease terms and fees are ultimately beneficial to both renters and landlords.
Change is afoot in the rental industry, and it could help renters better understand the costs that a potential property presents – not to mention more easily qualify for that property in the first place.
It all comes down to the “Blueprint for a Renters Bill of Rights,” a White House initiative announced earlier this year that aims to create a more equitable and transparent market for American renters.
While the 19-page document stops short of proposing any official mandate or policy, many players in the rental world have already taken its tenets to heart, changing their approach to rental listings – and, most importantly, rental fees – over the summer.
“Transparency around lease terms and fees are ultimately beneficial to both renters and landlords,” explains Jon Ziglar, CEO of Rent., a rental listings platform. “Renters gain a clearer understanding of the total costs associated with a potential rental, allowing them to better assess their ability to afford a given apartment and to make better household budgets. Landlords receive a higher proportion of qualified applicants who are in a financial position to fulfill the lease terms.”