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.
You can make apartment hunting easier by planning key aspects in advance. 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. To do this, you need to create a monthly budget that outlines your income and expenses. Then, you can work out how much rent fits within your budget.
A practical guideline is to limit your rent to around 30% of your after-tax income. 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
Understanding how much rent you can afford each month is an essential first step, but there are other expenses you need to anticipate. In most cases, you’ll need to pay a security deposit along with the first month’s rent upfront. The security deposit amount varies, though it’s often equivalent to one month’s rent.
Additional deposits and fees, including credit check fees, utility deposits, and other expenses, may also apply. 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 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 settled, you can move on to searching and applying for your first apartment. Getting your application materials ready before you start will allow you to act fast when you find a place you like. You’ll need a set of documents and information to successfully 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. 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.
Lastly, look for any unusual or unexpected rules or clauses to make sure you’re comfortable with the lease’s terms. If you’re unsure about anything in your lease, ask someone you trust for guidance. The better informed you are 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 Orlando or nearby? Get in touch with Real Property Management Vanguard 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.