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.
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
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. From there, you can calculate the amount of 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. 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. These options might include finding a roommate to share the rent, cutting down on other expenses, or finding ways to increase your income.
Common upfront costs when renting an apartment
Figuring out your monthly rent budget is a vital first step, but you also need to be aware of other costs. 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.
Other fees and deposits, including credit check fees, utility deposits, and extra costs, may apply as well. You’ll need to know if utilities are included in the rent or if you’ll be required to pay for them separately.
You’ll need to budget for setting up utilities if they’re not included in the rent. 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
After you’ve figured out your finances, it’s time to start looking for 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 differ depending on the place, it’s a good idea to have the following prepared:
- 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 is obligated to provide, and how maintenance and repairs are handled will give you peace of mind. 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. If you have concerns or questions about your lease, ask someone you trust for help. 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 Georgetown or nearby? Get in touch with Real Property Management All Connect 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.
