When considering renting your first apartment, it’s natural to 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.
You can make apartment hunting easier by planning key aspects in advance. If you follow these simple steps now, you’ll be renting 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 achieve this, you should create a monthly budget detailing your income and expenses. 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. Compute the exact dollar amount. Now, assess 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. 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. Often, you’ll be expected to pay a security deposit upfront, together with the first month’s rent. The security deposit may vary in amount, but it is frequently 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.
If utilities aren’t included, you’ll need sufficient funds to establish basic services. 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
Once your finances are in order, you can begin 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. To rent an apartment, you’ll need to gather a list of documents and information.
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 progress through the rental process, carefully reviewing your lease documents, especially the fine print, is crucial. As a binding legal contract, a lease holds you responsible for everything in it once signed. 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.
Finally, review the lease for any uncommon or unexpected rules or clauses to ensure you’re comfortable complying with them. 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 Irving or nearby? Get in touch with Real Property Management 360 today! Browse available rentals online for more information and to schedule a viewing.
Originally Published on Feb 26, 2021
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