The most crucial aspect you have to consider when thinking about renting is your budget. Before you start the apartment search, figure out your budget to know just how much you can spend on rent each month. Try to keep track of how much you spend on things like food, transportation, and essentials each month. This way, you know what you can afford to pay your rent.
Some other expenses that have to be considered in determining your rental budget are monthly internet and utility costs. Some lease contracts include utility costs in the rental price, but it's not common. It's best to incorporate a separate utility bill into your potential budget. If you find most rents to be out of your set budget, getting a roommate or two can help cut rent and utility costs.
Lastly, all renters should be aware of and budget for all upfront costs associated with renting an apartment. These upfront costs are typically first and last month's rent and a security deposit. Depending on where you apply, there might also be an application fee. If you cannot afford that additional cost, there are still many options available to you.
Renting for the first time is exciting, and once you have your rent budget set, you can start figuring out which neighborhoods you can afford to rent in. If location is one of your dream apartment's most critical aspects, considering a roommate will widen your location options. It is important to research other essential things for you, such as the safety and walkability scores of apartments. Research is your best friend when renting for the first time.
If you have never rented an apartment before, it seems daunting, but it doesn't have to be. Figuring out and preparing the documents you will need ahead of time will save you a lot of time and stress in the long run. The paperwork you will have to gather will vary depending on your current situation and where you are trying to rent. No matter where you rent, you will need to provide a copy of your ID, passport, or other residency proof. It's always better to bring the real version along with a copy with you, as some leasing agencies like to verify identification.
The second most important thing to provide a leasing company with is proof of income, such as a few paystubs or a W2. If your income is inconsistent, you may be asked to provide a bank statement to prove you will be able to fulfill the lease's financial responsibilities. Tip: Block out any sensitive information that the leasing company does not need to see.
Lastly, some apartment buildings and leasing companies require running your credit score and a background check to ensure you are a fit for their building. If you have no credit, then some leasing companies will allow you to have a co-signer. Having a co-signer on your lease is an insurance policy for your leasing company and yourself. If you cannot pay the rent yourself, the co-signer will take on your financial responsibility. This way, the leasing company will not have to worry about getting paid, and you won't have to worry about breaking your lease contract. Win, win.
If you have a furry friend, then it can reduce your apartment search to pet-friendly leasing companies. Some leasing companies are very pet-friendly and will require notice of a pet on the premises. Although, it is more likely that you will have to pay a pet fee. So in searching for pet-friendly places, be sure to clarify if there is a pet-fee so you can plan for that. Another smart idea is to plan to invest in renter's insurance. Some leases require you to invest in renter's insurance, but not all. Either way, it is better to be safe than sorry. Getting renter's insurance is only an extra $20-30$ a month, and it protects you in the case of a theft or break-in. You will be glad you have it.
If you are thinking about renting an apartment for the first time, it's best to start tracking your spending habits. Also, start putting a percentage of your income away aside month, so you have money saved in the bank for those initial move-in costs. Weigh all apartment and location options when searching for your place, and consider all fees. Finally, do not be shy. Ask as many questions as you can; you must be your self-advocate because nobody else will do it for you. The more information you have, the better fit your place will be for you.
