You might be feeling both excitement and nerves if you’re about to rent your first apartment. 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.
You can make apartment hunting easier by planning key aspects in advance. If you follow these simple steps now, you’ll be renting 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 achieve this, you should create a monthly budget detailing your income and expenses. Then, you can work out how much rent fits within your budget.
A good rule to follow is to allocate about 30% of your after-tax income to rent. Compute the exact dollar amount. 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. Possible steps include finding a roommate to share the rent, cutting other expenses, or increasing 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. Often, you’ll be expected to pay a security deposit upfront, together with the first month’s rent. The security deposit may vary in amount, but it is frequently the same as the monthly rent.
You may also face other deposits and fees, like credit check fees, utility deposits, and additional expenses. It’s important to find out if utilities are covered by the rent or if you’ll need to pay for them yourself.
If utilities aren’t included, you’ll need sufficient funds to establish basic services. To put it simply, you’ll want to save up at least 2 – 3 months of rent to make sure you have enough for your first apartment.
Prepare for the application process
After sorting out your finances, it’s time to start 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. You’ll need a set of documents and information to successfully 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
As you progress through the rental process, carefully reviewing your lease documents, especially the fine print, is crucial. As a binding legal contract, a lease holds you responsible for everything in it once signed. Knowing your responsibilities, what your landlord will cover, and how maintenance and repairs will be dealt with will give you a sense of security. Make sure the rental payment, security deposit, and other amounts are correct as well.
Finally, review the lease for any uncommon or unexpected rules or clauses to ensure you’re comfortable complying with them. If you’re unsure about anything in your lease, ask someone you trust for guidance. In fact, the more information you gather about the apartment, neighborhood, and landlord before you rent, the better it will be for you.
Are you in the market for your first rental home in Charlotte or nearby? Get in touch with Real Property Management Value 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.
