Renting your first apartment can make you feel both excited and a bit 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.
Simplify your apartment search by planning the essential details ahead of time. By following these basic steps now, you could soon find and rent your first apartment like a pro.
Determining your rent budget
You should figure out how much you can afford before starting your apartment search. To calculate this, you must establish a monthly budget listing 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. Now, review your budget carefully. If your remaining funds after other expenses aren’t sufficient for rent, you may need to take some extra steps before apartment hunting. 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
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. Typically, you’ll need to pay a security deposit upfront, in addition to the first month’s rent. The amount of the security deposit can differ, but it’s typically equal to the rent payment.
Additional deposits and fees, such as credit check fees, utility deposits, and other costs, may also be required. 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 part of the rent, you’ll need to ensure you have enough money to set them up. To make it easy, plan to save at least 2 – 3 months’ rent to cover your needs 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. Having your application materials ready in advance will enable you to act quickly when you find a place you like. To rent an apartment, you’ll need to gather a list of documents and information.
This list can vary from place to place, but it’s smart to have the following on hand:
- 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
While navigating the rental process, it’s essential to thoroughly read your lease documents, including the fine print. A lease is a binding contract, and signing it commits you to everything it includes. Being aware of your responsibilities, what your landlord will provide, and how things like maintenance and repairs are handled, will provide you with reassurance. Also, ensure the rental payment, security deposit, and other financial details are accurate.
Lastly, review the lease for any unexpected or unusual rules or clauses to make sure you’re comfortable following 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 Cuyahoga Heights or nearby? Get in touch with Real Property Management Valor Team 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.
