Renting your first apartment can make you feel both excited and a bit nervous. Feeling this way is natural since there’s so much to figure out, from choosing the right place to ensuring it fits your budget and all the details in between.
Make your apartment search smoother by preparing the essential steps beforehand. By taking these simple steps now, you can find and rent your first apartment like a pro in no time.
Determining your rent budget
It’s essential to calculate 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. Figure out the exact dollar amount. Now, go over 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 steps might include finding a roommate to share the rent, lowering other expenses, or boosting your income.
Common upfront costs when renting an apartment
Knowing how much rent you can afford monthly is a key first step, but you should also be prepared for additional costs. In most cases, you’ll need to pay a security deposit along with the first month’s rent upfront. The security deposit amount will vary, but it is commonly the same as the monthly rent.
Additional deposits and fees, including credit check fees, utility deposits, and other expenses, may also apply. 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 budget for setting up utilities if they’re not included in the rent. 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
Once your finances are settled, you can move on to searching and applying for your first apartment. If you prepare your application materials beforehand, you’ll be able to act swiftly when you find a place you like. A list of documents and information will be necessary to rent an apartment.
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
It’s important to carefully read your lease documents, including the fine print, as you go through the rental process. A lease is a binding legal agreement, so once you sign it, you’re responsible for everything it contains. Being aware of your responsibilities, what your landlord will provide, and how things like maintenance and repairs are handled, will provide you with reassurance. Make sure the rental payment, security deposit, and other amounts are correct as well.
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 Richland or nearby? Get in touch with Real Property Management Tri-Cities 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.
