The rental market is currently taking strain, with more and more people finding themselves in a situation where they need to downsize to save money, sometimes even by trying to exit their leases early to search for cheaper property.

On the other hand, interest rates haven’t been this low in many years, so many tenants are taking advantage and moving from renting to buying property.

But no matter what your reasons are for trying to exit your rented home or move to another one, here are 10 things you should know before signing a lease.

1. What should be in the contract?

Along with the details of the landlord, the contract should spell out the deposit and rental amounts, and whether utilities such as water and electricity are included. Read everything carefully before you sign it.

2. What if I want to beef up my security?

Discuss all your concerns up front. If you are going to install extra security measures at your own cost, discuss them with your landlord first and add all agreed-upon security upgrades to the contract.

3. How much should the deposit be?

While there is no set amount or percentage a landlord can charge for a deposit, a good rule of thumb is six weeks’ rent. It must be kept in an interest-bearing account. Tip: Pay the deposit only after you have signed the lease.

4. Can a landlord enter my home at any time? 

No, your landlord has to ask permission and arrange a time that suits both of you if maintenance work or anything else needs to be done. They have no right to enter the property without your permission.

5. Who pays for maintenance?

Make sure this is clear in the lease. Generally, landlords are responsible for the main structure, plumbing and electrical systems, but general wear and tear such as replacing light bulbs and washers are up to you.

6. What about damages?

Inspect the property with the landlord at the start of your lease. Agree on existing damage, by when it will be fixed and who will pay. Take pictures of all damage and email them to the landlord so that you have a dated record.

7. My landlord has put the property on the market. Must I move out?

No. Even if the property has been sold, you can stay put until your lease expires.

8. What if I want out early?

According to the Consumer Protection Act (CPA), you must give at least 20 business days’ notice. This is roughly the same as the one month’s notice – for tenants and landlords – set out by The Rental Housing Act.

9. What about rent increases? 

The days of a standard 10% annual increase are over. You can negotiate totally new terms when renewing. Tip: Offer to pay for the gardening service or to paint a room in return for a smaller increase.

10. Do I get my deposit back

On moving out, you're entitled to your deposit, with interest, minus the cost of any maintenance or damage you may be responsible for, within seven working days (full amount) or 14 working days (minus deductions).

Do you have a dispute? The Rental Housing Tribunal helps landlords and tenants resolve their issues free of charge. Call 011 355 4000 to find your local tribunal.

This article originally appeared in Today Issue 2 2019.