You might be feeling both excitement and nerves if you’re about to rent your first apartment. It’s understandable to feel this way, as there are many factors to consider, from finding the right place to ensuring you can afford it and everything 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
It’s essential to calculate how much you can afford before starting your apartment search. To do this, you need to create a monthly budget that outlines your income and expenses. From there, you can calculate the amount of rent you can afford.
A practical guideline is to limit your rent to around 30% of your after-tax income. Figure out the exact dollar amount. Take a moment to examine 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
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. Usually, you’ll need to provide a security deposit upfront, along with the first month’s rent. The security deposit amount can vary, but it’s often equal to one month’s rent.
There may be other deposits and fees, such as credit check fees, utility deposits, and other related costs. Make sure to find out if utilities are part of the rent or if you’ll be responsible for paying them separately.
If utilities aren’t included, you’ll need sufficient funds to establish basic services. 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
Once your finances are settled, you can move on to 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.
While the list may vary by location, it’s recommended to have the following available:
- 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. Being aware of your responsibilities, what your landlord will provide, and how things like maintenance and repairs are handled, will provide you with reassurance. Make sure the rental payment, security deposit, and other amounts are correct as well.
Lastly, look for any unusual or unexpected rules or clauses to make sure you’re comfortable with the lease’s terms. If you have concerns or questions about your lease, ask someone you trust for help. The better informed you are 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 Davidson or nearby? Get in touch with Real Property Management Experts 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.
