When considering renting your first apartment, it’s natural to feel both excited and nervous. It’s understandable to feel this way, as there are many factors to consider, from finding the right place to ensuring you can afford it and everything in between.
Plan some important details ahead to make apartment hunting easier. Following these easy steps now can help you find and rent your first apartment like a seasoned pro.
Determining your rent budget
You should figure out how much you can afford before starting your apartment search. You’ll need to create a monthly budget that shows your income and expenses to figure this out. After that, you can determine how much rent you can afford.
A good rule to follow is to allocate about 30% of your after-tax income to rent. Determine the exact amount in dollars. Next, review your budget. If there isn’t enough money left after other expenses to afford rent, you might need to take further steps before starting your apartment search. These steps could involve finding a roommate to split the rent, cutting back on other expenses, or boosting your income.
Common upfront costs when renting an apartment
Knowing how much rent you can afford monthly is a key first step, but you should also be prepared for additional costs. Usually, you’ll need to provide a security deposit upfront, along with the first month’s rent. The security deposit amount can vary, but it’s often equal to one month’s rent.
Additional deposits and fees, including credit check fees, utility deposits, and other expenses, may also apply. Make sure to find out if utilities are part of the rent or if you’ll be responsible for paying them separately.
If utilities aren’t included, you’ll need to have enough money to set up the basic services. To put it simply, you’ll want to save up at least 2 – 3 months of rent to make sure you have enough for your first apartment.
Prepare for the application process
After you’ve figured out your finances, it’s time to start looking for and applying for your first apartment. Getting your application materials prepared beforehand will allow you to move fast when you find a place you like. To rent an apartment, you’ll need to gather a list of documents and information.
Although this list may differ depending on the place, it’s a good idea to have the following prepared:
- Your last two pay stubs or a bank statement
- Social security number
- Driver’s license or state ID
- Credit report
- Contact information for at least two references
Understand your lease agreement
During the rental process, it’s vital to closely examine your lease documents, including the fine print. Since a lease is a binding legal contract, signing it makes you accountable for everything it entails. Understanding your duties, what your landlord is responsible for, and how aspects like maintenance and repairs will be managed, will help you feel secure. Also, ensure the rental payment, security deposit, and other financial details are accurate.
Finally, check for any unexpected or unusual rules or clauses to ensure you’re comfortable adhering to the lease terms. Consult someone you trust if you have questions about anything in your lease. In fact, the more information you gather about the apartment, neighborhood, and landlord before you rent, the better it will be for you.
Are you in the market for your first rental home in Corinth or nearby? Get in touch with Real Property Management Lakeview today! Browse available rentals online for more information and to schedule a viewing.
Originally Published on Feb 26, 2021
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
