Renting your first apartment can make you feel both excited and a bit 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.
Ease your apartment hunt by planning some crucial things in advance. By adhering to these straightforward steps now, you’ll be able to find and rent your first apartment with ease.
Determining your rent budget
Before beginning your apartment search, you need to determine how much you can afford. To determine this, you must draft a monthly budget that includes your income and expenses. Then, you can work out how much rent fits within your budget.
It’s advisable to keep your rent at approximately 30% of your after-tax income. Compute the exact dollar amount. Take a moment to examine your budget. If there isn’t enough money left after other expenses to cover rent, you might need to take extra steps before beginning your apartment search. You might consider finding a roommate to share the rent, reducing other expenses, or increasing your income.
Common upfront costs when renting an apartment
Calculating how much monthly rent you can afford is a crucial first step, but you must also be ready for other expenses. Generally, you will be required 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.
You may also face other deposits and fees, like credit check fees, utility deposits, and additional expenses. It’s important to find out if utilities are covered by the rent or if you’ll need to pay for them yourself.
You’ll need to have funds available to set up utilities if they aren’t covered by the rent. To keep it simple, think of it as needing at least 2 – 3 months’ rent saved up to comfortably move into your first apartment.
Prepare for the application process
After sorting out your finances, it’s time to start searching and applying for your first apartment. Preparing your application materials ahead of time will help you act quickly when you find an apartment you like. A list of documents and information will be necessary to rent an apartment.
Although this list may vary by location, it’s a good idea to have the following items 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. The lease is a binding legal contract, meaning you’ll be held accountable for everything in it once you sign. Knowing your responsibilities, what your landlord will cover, and how maintenance and repairs will be dealt with will give you a sense of security. Additionally, confirm that the rental payment, security deposit, and other figures are correct.
Lastly, check for any unusual or surprising rules or clauses to be sure you’re okay with following the lease terms. If you’re unsure about anything in your lease, ask someone you trust for guidance. 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 Newburgh or nearby? Get in touch with Real Property Management Results 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.
