If you’re thinking about renting your first apartment, you might feel both excited and nervous. It makes sense to feel this way, with so much to think about, from finding the right place to ensuring it fits your budget, and everything in between.
Ease your apartment hunt by planning some crucial things in advance. 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. You’ll need to create a monthly budget that shows your income and expenses to figure this out. Once that’s done, you can figure out how much rent you can afford.
It’s advisable to keep your rent at approximately 30% of your after-tax income. Figure out the exact dollar amount. Take a moment to examine 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 might include finding a roommate to share the rent, lowering 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. In most cases, you’ll need to pay a security deposit along with the first month’s rent upfront. The security deposit amount will vary, but it is commonly the same as the monthly rent.
Additional deposits and fees, including credit check fees, utility deposits, and other expenses, may also apply. You’ll need to determine whether utilities are included in the rent or if you’ll be responsible for paying them separately.
You’ll need to budget for setting up utilities if they’re not included in the rent. To make it easy, plan to save at least 2 – 3 months’ rent to cover your needs when moving into your first apartment.
Prepare for the application process
Once your finances are settled, you can move on to searching and applying for your first apartment. Getting your application materials ready before you start will allow you to act fast when you find a place you like. You’ll need to have a list of documents and information ready 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
As you move through the rental process, it’s crucial to read your lease documents carefully, paying attention to the fine print. A lease is a binding legal agreement, so once you sign it, you’re responsible for everything it contains. 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. If you have any questions about your lease, ask someone you trust for advice. The more you know about the apartment, the area, and your landlord before renting, the better off you’ll be.
Are you in the market for your first rental home in Avon or nearby? Get in touch with Real Property Management Crossroads 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.
