One effect of the slump in the economy and collapse of the housing market is that thousands of homeowners have turned into renters.  The homeownership rate has dropped– it now stands at 66.2 percent, the lowest since 1997.  This has created a huge demand for rental apartments.  The  rental vacancy rates was 9.5 %  for 2011, the lowest level since 2002.  Even so, all markets are local, with cities on the coasts generally seeing the lowest vacancy rates with the Metropolitan Boston leading the way  Here are the top ten mistakes apartment renters often make.

1. Signing a lease without reading it carefully. No matter how crazy the market is, don’t rush into a rental agreement if something doesn’t look right. One example: does the fine print stipulate that you have to pay extra for utilities, water, or parking? Or was it sold as “included” by the real estate agent? That means taking the document home and having a friend or family member who has more renting experience than you, read it over.

2. Signing an undesirable lease. Think you might sublet in the future? Have pets? Or frequent visitors? Think about your lifestyle and what you need in a rental. Some leases forbid subletting, or make things your responsibility.  These are details you’ll want to carefully go over before signing, and if items are there that you don’t like, try negotiating with the owner to have them removed.

3. Not taking pictures when you first move in. Almost everyone has a digital camera or cell phone these days and should use it to document the state of the property at move-in time. You’ll also want to note pre-existing damage on the landlord’s move-in checklist. If the landlord doesn’t have one, make your own list and send it to the landlord, signed and dated. And before signing a lease, get in writing any major repairs the landlord has promised to make.

4. Not checking out the neighborhood.   If you’re serious about a rental, knock on the doors of a few neighbors to ask about the building’s upkeep and neighborhood safety. You also can check into crime patterns with the local police department come back to visit the property at night.

5. Not getting renters insurance. A landlord’s insurance policy doesn’t cover the tenant’s personal property. So if there’s a flood, fire, or water-line backup and your valuables are damaged, you’re usually responsible for the costs unless the landlord was aware that a dangerous condition existed and failed to correct it. After you sign the lease, make getting a renters policy the first item on your list. Policies are relatively inexpensive: Premiums usually range from $100 to $300 per year and many policies allow them to be paid out over a few months.

6. Paying too much in rent. Apartment evaluation site apartmentratings.com has several ideas that tenants can use to save money. Those include renting from individual landlords, who value long-term tenants and are less likely to raise rent quickly; searching in the middle of the month when there are fewer people out apartment hunting; and signing the longest lease you can afford, since landlords often discount for long-term tenants.

7. Not taking action if your landlord breaks the law. When few apartments are available, some landlords believe they can get away with letting repairs go, allowing unsafe conditions to persist, or increasing rent more than local regulations may allow. Most often, they count on their tenants being ignorant of the law.  Local governments and nonprofits often have booklets and online materials to educate you on the basics. Check your phone directory for government agencies whose names mention housing, consumer affairs, or tenants. The best landlords know the law and follow it. Those who don’t shouldn’t be able to count on your ignorance.

8. Passing up possible renter tax benefits. When landlords pay local property taxes, they usually pass on part or all of the cost to their tenants in the form of higher rent. But they also benefit from the road, school, and sanitation improvements that those taxes pay for. Massachusetts has tried to correct this by providing a tax credit to renters.

9. Eliminating rental prospects based on square footage alone. A great layout can make an apartment with less square footage feel bigger than one with more. Make sure you view your prospective apartment.  Lay outs often differ due to flow. A apartment might be different by 100 square feet in size but feel bigger due to optimization of space.

10. Not taking your roommate to appointments. Finding a place can consume hours, days or even weeks, and it’s tempting to save time by splitting up visits to prospective apartments with your roommate or significant other. But in group or couple situations it’s a waste of time not to have all parties at the first appointment. In a hot rental market, by the time you get the second person to look at the apartment, it’s already gone.