You might be feeling both excitement and nerves if you’re about to rent your first apartment. 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.
Plan some important details ahead to make apartment hunting easier. By following these basic steps now, you could soon find and rent your first apartment like a pro.
Determining your rent budget
Before you start your apartment search, you need to figure out how much you can afford. To determine this, you must draft a monthly budget that includes your income and expenses. 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. Calculate the precise dollar figure. Take a moment to examine your budget. If your remaining funds after other expenses aren’t sufficient for rent, you may need to take some extra steps before apartment hunting. These options might include finding a roommate to share the rent, cutting down on other expenses, or finding ways to increase 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. Typically, you’ll need to pay a security deposit upfront, in addition to the first month’s rent. The security deposit amount varies, though it’s often equivalent 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.
You’ll need to have funds available to set up utilities if they aren’t covered by the rent. 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
When you’ve got your finances figured out, it’s time to start looking for and applying to your first apartment. Having your application materials ready in advance will enable you to act quickly when you find a place you like. Renting an apartment requires a list of documents and information.
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
During the rental process, it’s vital to closely examine your lease documents, including the fine print. A lease is a binding contract, and signing it commits you to everything it includes. Knowing your responsibilities, what your landlord is obligated to provide, and how maintenance and repairs are handled will give you peace of mind. Be sure to verify that the rental payment, security deposit, and other amounts are accurate.
Lastly, check for any unusual or surprising rules or clauses to be sure you’re okay with following 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 Steel Creek or nearby? Get in touch with Real Property Management Charlotte Metro 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.
