If you’re thinking about renting your first apartment, you might feel both excited and nervous. It’s only natural to feel this way; there’s a lot to figure out, from finding the right place to making sure it’s affordable, and all the steps in between.
Make your apartment search smoother by preparing the essential steps beforehand. By taking these simple steps now, you can find and rent your first apartment like a pro in no time.
Determining your rent budget
You should figure out how much you can afford before starting your apartment search. To determine this, you must draft a monthly budget that includes your income and expenses. From there, you can calculate the amount of rent you can afford.
A useful rule of thumb is to keep your rent around 30% of your post-tax income. Determine the exact amount in dollars. Now, assess your budget. If you don’t have enough money left after covering other expenses to pay rent, additional steps might be necessary before you start looking for an apartment. You might consider finding a roommate to share the rent, reducing other expenses, or increasing 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. In most cases, you’ll need to pay a security deposit along with the first month’s rent upfront. The security deposit amount varies, though it’s often equivalent to one month’s rent.
There may be other deposits and fees, such as credit check fees, utility deposits, and other related costs. You’ll need to know if utilities are included in the rent or if you’ll be required to pay for them separately.
You’ll need to budget for setting up utilities if they’re not included in the rent. Simply put, you should aim to have at least 2 – 3 months’ worth of rent saved up to cover your initial expenses when moving into your first apartment.
Prepare for the application process
When you’ve got your finances figured out, it’s time to start looking for and applying to your first apartment. If you prepare your application materials beforehand, you’ll be able to act swiftly when you find a place you like. A list of documents and information will be necessary to rent an apartment.
While this list may differ depending on the location, it’s wise to have the following ready:
- 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
It’s important to carefully read your lease documents, including the fine print, as you go through the rental process. A lease is a binding legal agreement, so once you sign it, you’re responsible for everything it contains. Knowing your responsibilities, what your landlord will cover, and how maintenance and repairs will be dealt with will give you a sense of security. Also, ensure the rental payment, security deposit, and other financial details are accurate.
Lastly, check for any unusual or surprising rules or clauses to be sure you’re okay with following the lease terms. If you have concerns or questions about your lease, ask someone you trust for help. The more you learn about the apartment, neighborhood, and landlord before renting, the better off you’ll be.
Are you in the market for your first rental home in Ferndale or nearby? Get in touch with Real Property Management Advantage today! Browse available rentals online for more information and to schedule a viewing.
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.
