If you’re thinking about renting your first apartment, you might feel both excited and 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.
Simplify your apartment search by planning the essential details ahead of time. If you follow these simple steps now, you’ll be renting your first apartment like a pro in no time.
Determining your rent budget
Before you start looking for an apartment, it’s important to determine how much you can afford. To calculate this, you must establish a monthly budget listing your income and expenses. Afterward, you can calculate how much rent you can reasonably afford.
A helpful rule is to ensure your rent doesn’t exceed 30% of your income after taxes. Work out the exact dollar amount. Now, review your budget carefully. 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
Understanding how much rent you can afford each month is an essential first step, but there are other expenses you need to anticipate. Often, you’ll be expected to pay a security deposit upfront, together with the first month’s rent. The amount of the security deposit can differ, but it’s typically equal to the rent payment.
Additional deposits and fees, such as credit check fees, utility deposits, and other costs, may also be required. You should check if utilities are included in the rent or if you’ll need to cover them on your own.
You’ll need to budget for setting up utilities if they’re not included in the rent. In simple terms, you should have at least 2 – 3 months’ rent saved to ensure you’re prepared to 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.
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
While navigating the rental process, it’s essential to thoroughly read your lease documents, including the fine print. As a binding legal contract, a lease holds you responsible for everything in it once signed. Being aware of your responsibilities, what your landlord will provide, and how things like maintenance and repairs are handled, will provide you with reassurance. Don’t forget to check that the rental payment, security deposit, and other numbers are correct.
Lastly, review the lease for any unexpected or unusual rules or clauses to make sure you’re comfortable following them. Reach out to someone you trust if you have questions about your lease. 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 Shrewsbury or nearby? Get in touch with Real Property Management MetroWest-Worcester 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.
