You might be feeling both excitement and nerves if you’re about to rent your first apartment. 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.
Make your apartment search smoother by preparing the essential steps beforehand. By following these basic steps now, you could soon find and rent your first apartment like a pro.
Determining your rent budget
Before you start your apartment search, you need to figure out how much you can afford. To achieve this, you should create a monthly budget detailing your income and expenses. Once that’s done, you can figure out how much rent you can afford.
A useful rule of thumb is to keep your rent around 30% of your post-tax income. Calculate the precise dollar figure. Now, assess your budget. If your remaining funds after other expenses aren’t sufficient for rent, you may need to take some extra steps before apartment hunting. Possible steps include finding a roommate to share the rent, cutting other expenses, or increasing your income.
Common upfront costs when renting an apartment
Determining how much rent you can afford each month is an important first step, but there are other costs you need to be prepared for. Typically, you’ll need to pay a security deposit upfront, in addition to the first month’s rent. The security deposit may vary in amount, but it is frequently the same as the monthly rent.
Other fees and deposits, including credit check fees, utility deposits, and extra costs, may apply as well. You’ll need to determine whether utilities are included in the rent or if you’ll be responsible for paying them separately.
If utilities aren’t part of the rent, you’ll need to ensure you have enough money to set them up. 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 in order, you can begin searching and applying for your first apartment. If you prepare your application materials beforehand, you’ll be able to act swiftly when you find a place you like. You’ll need to have a list of documents and information ready to rent an apartment.
This list can vary from place to place, but it’s smart to have the following on hand:
- 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 contract, and signing it commits you to everything it includes. Understanding your obligations, your landlord’s responsibilities, and how maintenance and repairs will be managed will offer you peace of mind. Be sure to verify that the rental payment, security deposit, and other amounts are accurate.
Finally, review the lease for any uncommon or unexpected rules or clauses to ensure you’re comfortable complying with them. If you have any questions about your lease, ask someone you trust for advice. 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 Lake Wales or nearby? Get in touch with Real Property Management Lakeside 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.
