If you’re planning to rent your first apartment, it’s normal to feel a mix of excitement and nerves. 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.
Simplify your apartment search by planning the essential details ahead of time. By taking these simple steps now, you can find and rent your first apartment like a pro in no time.
Determining your rent budget
Before beginning your apartment search, you need to determine how much you can afford. To calculate this, you must establish a monthly budget listing your income and expenses. Once that’s done, you can figure out how much rent you can afford.
It’s advisable to keep your rent at approximately 30% of your after-tax income. Determine the exact amount in dollars. Now, go over your budget. If there isn’t enough money left after other expenses to afford rent, you might need to take further steps before starting your apartment search. 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
Knowing how much rent you can afford monthly is a key first step, but you should also be prepared for additional costs. Usually, you’ll need to provide a security deposit upfront, along with the first month’s rent. The security deposit amount can vary, but it’s often equal to one month’s rent.
You may also face other deposits and fees, like credit check fees, utility deposits, and additional expenses. It’s important to find out if utilities are covered by the rent or if you’ll need to pay for them yourself.
If utilities aren’t part of the rent, you’ll need to ensure you have enough money to set them up. To make it easy, plan to save at least 2 – 3 months’ rent to cover your needs when moving into your first apartment.
Prepare for the application process
Once your finances are in order, you can begin searching and applying for your first apartment. If you prepare your application materials beforehand, you’ll be able to act swiftly when you find a place you like. You’ll need to have a list of documents and information ready to 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. A lease is a binding legal agreement, so once you sign it, you’re responsible for everything it contains. Understanding your obligations, your landlord’s responsibilities, and how maintenance and repairs will be managed will offer you peace of mind. Additionally, confirm that the rental payment, security deposit, and other figures are correct.
Lastly, review the lease for any unexpected or unusual rules or clauses to make sure you’re comfortable following them. If you have any questions about your lease, ask someone you trust for advice. The more you know about the apartment, the area, and your landlord before renting, the better off you’ll be.
Are you in the market for your first rental home in Middleton or nearby? Get in touch with Real Property Management Nampa 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.
