When considering renting your first apartment, it’s natural to feel both excited and nervous. 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.
Simplify your apartment search by planning the essential details ahead of time. 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 do this, you need to create a monthly budget that outlines your income and expenses. After that, you can determine how much rent you can afford.
A useful rule of thumb is to keep your rent around 30% of your post-tax income. Determine the exact amount in dollars. Now, go over your budget. If there isn’t enough money left after other expenses to cover rent, you might need to take extra steps before beginning your apartment search. These steps could involve finding a roommate to split the rent, cutting back on other expenses, or boosting 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. Generally, you will be required to pay a security deposit along with the first month’s rent upfront. The security deposit amount can vary, but it’s often equal to one month’s rent.
Additional deposits and fees, such as credit check fees, utility deposits, and other costs, may also be required. 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 part of the rent, you’ll need to ensure you have enough money to set them up. 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. A list of documents and information will be necessary to rent an apartment.
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
While navigating the rental process, it’s essential to thoroughly read your lease documents, including the fine print. The lease is a binding legal contract, meaning you’ll be held accountable for everything in it once you sign. Being aware of your responsibilities, what your landlord will provide, and how things like maintenance and repairs are handled, will provide you with reassurance. Additionally, confirm that the rental payment, security deposit, and other figures are correct.
Lastly, look for any unusual or unexpected rules or clauses to make sure you’re comfortable with the lease’s terms. Consult someone you trust if you have questions about anything in your lease. 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 Mt Dora or nearby? Get in touch with Real Property Management Alliances 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.
