Renting an apartment for the first time can be incredibly exciting, but it can also be stressful if you’re unfamiliar with the process. Even the most ambitious and organized first-time renter can get overwhelmed.
Apartment hunting, applications, fees, budgeting, packing, and all the logistics of moving come with their headaches, but it is well worth it. To prepare yourself to begin the search, you must have a clear understanding of what to know before renting an apartment, from how much you should have in savings to what documents you’ll need to convince the property manager you’re a good candidate.
To make the transition as smooth as possible, we put together a list of the 10 things you need to know about how to rent your first apartment for a successful move.
Upfront Costs
Moving into a new apartment can often involve a lot of costs that we sometimes forget to factor into our budgets. Rent is not your only financial concern.
Even before the monthly expenses, you need to save for the upfront costs. Consider expenses like application fees, a security deposit, a pet deposit (if applicable) and first and last month’s rent. To account for this, try to have a few months’ rent already saved to cover costs.
Long-term Costs
Finding an apartment that includes utilities in the rent can simplify your budget, however, this option isn’t always available. If utilities such as gas, electric, and water are not included in the rent, you will need to factor them in, along with other common living expenses such as renter’s insurance.
Other monthly utilities and regularly-purchased items may include the following:
- Electricity
- Gas
- Cable and Internet
- Cell phone service
- Water, sewer and garbage disposal
- Groceries
- Clothing
Depending on the time of year and the average cost of each of these, you are looking at a few hundred dollars per month along with the cost of rent. It’s important to budget for these expenses before you start your apartment search. This will obviously impact how much rent you can afford.
Prepare Paperwork
Besides budgeting for your first apartment, it’s helpful to gather all the paperwork a property manager will ask for during the application process. Having this ready in advance can speed up the review.
They’ll also often ask for verification of your identity, employment and financial stability. Collect recent pay stubs and bank statements and have your photo ID with you when you fill out rental applications.
Do I need a co-signer?
You’ve found the apartment you want; now it’s time to sign the lease. One factor to consider is whether you will need a co-signer to qualify for that lease.
Your co-signer would be responsible for paying your rent if you’re unable to do so. They don’t have to live in the apartment, but their name will be on the lease.
What the landlord really wants from a tenant is someone who will consistently pay the rent without too much trouble. Having a co-signer gives the landlord another option of getting payment if something were to happen that would make it difficult or impossible for you to pay the rent.
Sometimes, a landlord might require a co-signer in order to lease the apartment to you. This is usually the case if you have low income, poor or no rental history, or bad credit. For any of these situations, having a co-signer will give the landlord a lot more peace of mind about letting you rent the apartment.
If you don’t need a co-signer, consider collecting a few reference letters that you can bring with when you turn in your rental application. These can help persuade the property owner that you’ll be a good tenant.
Location
Location is key. While you might be tempted to choose that cozy apartment in the suburbs because of the lower rent, you might end up paying much more in time and fuel expenses if you have a long commute to school or work. And if you are interested in having restaurants, movie theaters, museums, and other attractions nearby, keep that in mind as you search.
Where you live matters almost as much as the layout of your apartment. Ideally, you’ll want a place close to the essential shops and services you use often. Having a few options within walking distance is a plus, as is being close to public transportation (if it’s available).
Amenities
Consider making a list of things you couldn’t live without in your first apartment, in order of necessity. Do you need in-unit laundry? Do you need an on-site gym to help keep you in shape? Do you need a parking space? These are important things to consider when renting an apartment to ensure you enjoy where you’re living.
Don’t be dazzled by the bells and whistles. That great loft with floor-to-ceiling windows could cause your heating and cooling costs to soar. Sure, those windows look amazing, but during the winter and summer, all of those windows could make it more difficult to regulate the temperature, leading to higher utility bills.
Granite countertops and a fireplace? Luxury amenities are nice to have, but they often come at a higher cost. If you rarely use your kitchen and are never home long enough to light a fire, why spend the extra money on these features?
Suppose you love backyard BBQs and you finally locate the perfect rental with a yard. Before you sign the lease, make sure you discuss that yard with the landlord. Will they maintain it? If so, is there an additional fee? Are you responsible for the upkeep? (If so, consider the costs of a lawn mower, watering, etc.)
Lease Terms
Now that you’ve found a place within your budget that has the amenities you need, it’s time to sit down with the leasing agent. You’ll want to bring some things along with you, such as a payment stub, reference letters, and your checkbook.
Keep in mind that a typical security deposit could be up to two months’ rent. In addition, many apartment communities charge rent for the first and last month in advance. Make sure that you’ve saved three times your monthly rent, plus moving expenses, before you sit down with the leasing agent.
You can negotiate your lease! Be prepared – research similar rentals in the neighborhood to see what the price difference is. If your timing is flexible, try to rent near the end of the month – landlords are more likely to make a deal then. You might also have more negotiating power if you move during the winter, when fewer people are looking for apartments, as opposed to the summer.
This may be the first time you’re reviewing a legal document and it may be hard to interpret. Bulk up on frequently used terms within a rental agreement and then read your lease carefully. Make sure you understand it, and don’t be afraid to ask questions, especially about any items that you don’t understand or want more information about.
Check the areas about regulations and restrictions for behavior, the policy on late rent and what actions can lead to eviction. If you don’t agree with something in the lease, discuss it with your property manager.
Should I have a roommate?
Making this decision is often financial. Having someone to split the costs can lessen the burden of renting and make life a little bit easier financially. But living with another person can present an entirely new set of challenges, especially if you don’t particularly like their quirks and habits.
If you do decide to get a roommate, the landlord may want you both on the lease and they will likely check both of your credit histories.
If you decide that having a roommate is in your best interest, consider setting up roommate interviews. Here are some questions to ask potential roommates:
- Are you a smoker?
- Do you have pets? Do you want a pet?
- Do you have any allergies?
- What is your daily schedule?
- Are you a morning person or a night person?
- Do you consider yourself neat or messy?
- How important is it to you to pay your bills on time?
- Have you ever been late on rent?
- What do you like to do on weekends?
- What’s your policy on overnight guests?
- What are your pet peeves?
- What do you consider the most important trait in a roommate?
- Do you mind sharing things or do you prefer to keep everything separate?
Once you’ve decided on roommates, you might want to draft a roommate agreement. This helps to keep disagreements to a minimum, and clearly outlines your responsibilities about paying bills, cleanliness, noise, etc.
Pet or No Pet?
Sometimes, based on the pet policy of the apartment you want to rent, this decision can get made for you. Don’t take the chance of not being able to bring your pet with you.
Make sure your property manager allows pets and your particular breed. Most pet-friendly buildings have a pet deposit or add a pet fee onto your monthly rent, so it is important to know this and budget for it ahead of time.
Storage
Another thing to think about before moving in is storage. Most apartments don’t have huge, walk-in closets and built-in shelving to store your essentials. You will have to strategize on space-saving solutions.
One of the best items to get is under-bed storage bins. They slide neatly under the bed and are a perfect storage solution for off-season clothing. Other options are furniture with storage sections, like an ottoman that opens up for extra space. Bookcases, shelving or decorative bins also come in handy for storage and look nice.
The trick is to avoid making your apartment feel cluttered, so a combination of storage solutions is often the best way to go.
Tips to Know Before Renting My First Apartment
There’s a lot to know and learn about before renting your first apartment. The best advice is to figure out what you can afford and then go through the rental process carefully. If you pay attention to all the details, keep track of costs, and prioritize your needs, you’ll be well on your way to ensuring your first apartment experience is on the right track.
