Renting an apartment for the first time and not sure where to start? Look no further!
You’ve come to the right place. As seasoned experts in the real estate industry, we know how to find the perfect apartment for you. Whether you’re about to graduate college and move to a new city for your first job or are starting over in a new place, you’re about to make a huge step. You probably have a lot of questions, and luckily for you, we have the answers!
Tips for Renting an Apartment for the First Time
Location, Location, Location!
Prioritize the area. In Boston, there are over a dozen neighborhoods in the city and many more outside of it. With so many options, it can be overwhelming. To narrow down your search, first find the area you want to live in. To do this, you’ll have to figure out what you want from life in Boston. What’s essential to your lifestyle? If you’re working or going to school, perhaps you’ll want to find housing near the place you’ll be commuting to on a daily basis. If you have children, you’ll want to find excellent schools for them to attend, which vary depending on the area of Boston. Find your neighborhood first.
Budget is #1
Your budget should be the #1 most important factor when you’re planning your move. It is something you should try not to compromise. The general rule of thumb suggested by personal financial economists is to spend about 25-30% of your salary on housing and utilities. Paying anymore would put pressure on you financially and jeopardize your savings. This budget includes the cost of rent, as well as any utilities like heat, electricity, WiFi, cable, water, etc.
Prioritize Amenities
Create a list of all the various amenities you want in your future housing (e.g. local parks for walking dogs, nearby train stops to commute to work, new appliances in kitchen, etc.) and rank them. This will make it really easy for you to prioritize and compromise. Sadly, you most likely won’t find the perfect apartment with all your amenities, especially if you have a tight budget. But with a specific list of priorities, you’ll know you can’t budge on pet-friendly housing, but are willing to give up having an elevator. Every amenity will result in a slightly pricier apartment. Be prepared to sacrifice certain amenities.
Fill Out the Paperwork!
The first step to committing to an apartment is filling out a property evaluation, costing you anywhere from $25 to $100. What does this application actually do? It tells the landlord or property manager if you would be a good tenant or not. It shows your credit score and work history and gives those reading it a sense of who you are. Paperwork is tedious, but unfortunately a major part of getting an apartment.
Let’s Talk Money
If you’ve been approved to move into an apartment, the rental process really begins. This is super exciting, for everyone but especially first-timers. You’ll be presented a lease, which you should read thoroughly. It’s highly common for clauses to be slipped into the lease which can result in high fees in the future. If you violate a rule you didn’t know about, you still have to pay for the damage. Understand your agreement before you sign your name (this is good advice for any legal document). By signing the lease, you officially become a tenant. You’ll most likely have to pay a security deposit (usually one month’s rent the landlord can use if there are any damages, if not, you get all this money back when you move out), as well as the first month’s rent.
Moving Time
Start your moving preparations early. Moving will be a lot more work than you anticipated, if you’ve never done it before. Make sure to plan every step of the process. Plan how you’ll transport your belongings, when you’ll move in, how you’ll pack your things, and the estimated time it’ll take you to complete it. Give yourself at least an entire day to transport all your belongings from one apartment to another.
Now you know how to rent an apartment! With this information, you’ll be ready to move off to Boston and start your new life.
