What Is Rent?
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership.
What Are The Types Of Rent?
- Economic Rent: Economic rent refers to the payment made for the use of land alone.
- Gross Rent: Gross rent is the rent which is paid for the services of land and the capital invested on it.
- Scarcity Rent.
- Differential Rent.
- Contract Rent.
What Are The Factors Of Rent?
The amount of rent in wages obviously depends upon the elasticity of supply and the level of demand. Elasticity of supply, in turn, depends largely on mobility. The higher the mobility of labour, the more elastic will be the supply of labour and the smaller will be the element of economic rent.
Why Is Renting Important?
Renting a property allows more flexibility than owning a house. This is ideal for people who can face sudden changes such as job relocation. Renting requires no long-term commitment from a tenant, and is the best option if you do not have the intent to stay in one place for a long time.
What Are The Elements Of Rent?
Its main components include the rental amount, security deposit, duration, etc. A rent agreement is a contract that contains the details as well as the terms and conditions of the tenancy. The terms have to be mutually agreed upon by both parties, i.e., the tenant and the landlord.
Advantages Of Renting:
Knowing the three main advantages to renting an apartment will help you realise whether renting suits your current needs and lifestyle.
- Flexibility and mobility
One of the biggest benefits of renting is the flexibility it gives renters in choosing where to live.
Young adults, especially millennials, are more assertive about their careers and where they want to live and will likely change their living situations. Easily relocating also allows them to find new opportunities (either for work or personal growth) and to experience trendier and desirable neighbourhoods or cities that wouldn’t have been as affordable without renting alternatives.
It also frees renters from being financially rooted to a certain area, so they can move wherever they choose to next (as opposed to being a homeowner tied down by mortgages).
- Maintenance Isn’t a big issue
Maintenance isn’t much of an issue for tenants because your landlord or the body corporate is primarily responsible for broken fixtures and damages. A landlord also handles all the repairs and costs so you don’t have to worry about it.
It’s important to know whether you have a separate meter for utilities (i.e. it measures the utility supply exclusively to the property you’re renting). For example, a group of flats might just have one water meter to measure the water they use, but some flats each have their own water meters.
- Amenities
Renters also get access to amenities that would otherwise be expensive. Nice apartments in Australia usually have shared areas and unique features such as pools, gyms, or study areas.
These are amenities you don’t pay for wholly (i.e. you’re not paying for the entirety of the pool when you pay rent, just a bit of it), so it’s much cheaper than buying a property with the same features out of your own pocket. Shared areas are also great for socialising and meeting new people in the apartment block.
Rent Prices In Ghana:
There are 10404 apartments for rent available in Ghana. The average price is GH₵ 9,541/month, while the cheapest apartment available starts at GH₵ 100/month and the most expensive costs GH₵ 2,800,245/month. These apartments are listed by verified realtors, property owners and well-known real estate developers.