If you’re thinking about renting your first apartment, you might 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. 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. Next, review 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. These steps might include finding a roommate to share the rent, lowering other expenses, or boosting 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. Typically, you’ll need to pay a security deposit upfront, in addition to the first month’s rent. The security deposit amount varies, though it’s often equivalent to one month’s rent.
You may also face other deposits and fees, like credit check fees, utility deposits, and additional expenses. You’ll need to determine whether utilities are included in the rent or if you’ll be responsible for paying them separately.
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 you’ve figured out your finances, it’s time to start looking for and applying for your first apartment. Getting your application materials prepared beforehand will allow you to move fast when you find a place you like. You’ll need to have a list of documents and information ready 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 progress through the rental process, carefully reviewing your lease documents, especially the fine print, is crucial. 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 Springfield or nearby? Get in touch with Real Property Management Momentum 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.
