You might be feeling both excitement and nerves if you’re about to rent your first apartment. It’s normal to feel this way, with so much to consider, from finding the right place to making sure it’s within your budget and everything else.
Plan some important details ahead to make apartment hunting easier. Following these easy steps now can help you find and rent your first apartment like a seasoned pro.
Determining your rent budget
Before you start your apartment search, you need to figure out how much you can afford. You’ll need to create a monthly budget that shows your income and expenses to figure this out. Then, you can work out how much rent fits within your budget.
A helpful rule is to ensure your rent doesn’t exceed 30% of your income after taxes. Compute the exact dollar amount. Next, review your budget. If your budget doesn’t leave enough money for rent after other expenses, you may need to take further steps before apartment hunting. You might consider finding a roommate to share the rent, reducing other expenses, or increasing your income.
Common upfront costs when renting an apartment
Calculating how much monthly rent you can afford is a crucial first step, but you must also be ready for other expenses. Usually, you’ll need to provide a security deposit upfront, along with the first month’s rent. The security deposit amount can vary, but it’s often equal to one month’s rent.
There may be other deposits and fees, such as credit check fees, utility deposits, and other related costs. You’ll need to know if utilities are included in the rent or if you’ll be required to pay for them separately.
If utilities aren’t included, you’ll need to have enough money to set up the basic services. 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
Once your finances are in order, you can begin searching 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. You’ll need a set of documents and information to successfully rent an apartment.
While this list may differ depending on the location, it’s wise to have the following 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
During the rental process, it’s vital to closely examine your lease documents, including the fine print. Since a lease is a binding legal contract, signing it makes you accountable for everything it entails. Understanding your duties, what your landlord is responsible for, and how aspects like maintenance and repairs will be managed, will help you feel secure. Be sure to verify that the rental payment, security deposit, and other amounts are accurate.
Finally, check for any unexpected or unusual rules or clauses to ensure you’re comfortable adhering to the lease terms. If you’re unsure about anything in your lease, ask someone you trust for guidance. The more you understand about the apartment, neighborhood, and landlord before signing the lease, the better off you’ll be.
Are you in the market for your first rental home in Portsmouth or nearby? Get in touch with Real Property Management Tidal 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.
