If you’re thinking about renting your first apartment, you might feel both excited and nervous. It’s normal to feel this way, with so much to consider, from finding the right place to making sure it’s within your budget and everything else.
Ease your apartment hunt by planning some crucial things in advance. Following these easy steps now can help you find and rent your first apartment like a seasoned pro.
Determining your rent budget
Before beginning your apartment search, you need to determine how much you can afford. You’ll need to create a monthly budget that shows your income and expenses to figure this out. Afterward, you can calculate how much rent you can reasonably afford.
It’s advisable to keep your rent at approximately 30% of your after-tax income. Work out the exact dollar amount. Next, review your budget. If your budget doesn’t leave enough money for rent after other expenses, you may need to take further steps before apartment hunting. You might consider finding a roommate to share the rent, reducing other expenses, or increasing your income.
Common upfront costs when renting an apartment
Understanding how much rent you can afford each month is an essential first step, but there are other expenses you need to anticipate. Usually, you’ll need to provide a security deposit upfront, along with the first month’s rent. The amount of the security deposit can differ, but it’s typically equal to the rent payment.
Other fees and deposits, including credit check fees, utility deposits, and extra costs, may apply as well. You should check if utilities are included in the rent or if you’ll need to cover them on your own.
If utilities aren’t included, you’ll need to have enough money to set up the basic services. In simple terms, you should have at least 2 – 3 months’ rent saved to ensure you’re prepared to 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. Getting your application materials ready before you start will allow you to act fast when you find a place you like. You’ll need a set of documents and information to successfully 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. Since a lease is a binding legal contract, signing it makes you accountable for everything it entails. Understanding your duties, what your landlord is responsible for, and how aspects like maintenance and repairs will be managed, will help you feel secure. Additionally, confirm that the rental payment, security deposit, and other figures are correct.
Finally, check for any unexpected or unusual rules or clauses to ensure you’re comfortable adhering to the lease terms. Reach out to someone you trust if you have questions about your lease. 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 Hudson or nearby? Get in touch with Real Property Management Connection 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.