Renting an apartment can be an overwhelming task that can consume a vast amount of time and energy. Done the wrong way, a renter can waste a lot of money on application fees and administration charges.
Whether you’ve decided to move out of your parents house, or you are moving out of the dorms, renting your place doesn’t have to be a hard task. A renter should have a checklist in hand before they tour their first apartment complex. This ensures you get what you want, and won’t be left out in the cold with a hard rejection.
With the right documentation in hand, and a form of payment, you can increase your chances of successfully applying and getting approved for your next place in a jiffy.
Let’s start!
Calculate Your Budget. Probably the most important tip in any apartment search is to understand what you can afford to pay. Miscalculating your budget as a first time renter is one of the biggest mistakes you can make. But don’t worry, many renters have the same pitfall. It is estimated that no more than 30% of your gross income should be used to pay for your next apartment. Some apartment complexes will require that you make at least 3.5 times the monthly rent. So if you make 5k a month, you wouldn’t be able to qualify for a place that rents for over $1750 per month. Remember though, you don’t have to max out the rent you can afford. If you want to buy a house in the future, you want to be able to put something away. If you don’t make the income maybe you can opt for a side hustle to get your income up!
Filling out the Application: Many renters don’t get the application part of the process right. If you don’t have all of your personal information with you, then you will have to come back to finish the application process. In a tight rental market, you might just lose the unit to the next renter.
Make sure you have a form of identification with you. This is usually a driver’s license. But it also could be a Passport or other valid form. Be sure and ask your leasing agent what qualifies. Other important items of information you will need include proof of income, and your social security number. Some landlords will want a copy of this later document.
An application fee is between $30-$65 depending on what type of community and part of the country you are in.
Understand What’s in the Lease: Make sure you read the lease before you actually sign on the dotted line. This is the most crucial document in the apartment leasing process. This will tell you everything you need to know about the rules of renting your new apartment. From subletting, to understanding how much notice you must give before actually moving out, to late fees, be sure and put this document in a safe place. Once you sign the lease, it becomes a legally binding agreement.
Choosing the right floor: Sometimes choosing the location of the apartment is one of the most crucial aspects of a renter’s search. Maybe you don’t like walking up and down steps to access your new home. It’s one reason why the ground floor units are so popular. Also think about moving your belongings in and out of your place. It’s a much more intense project when you have to walk up and down stairs. You are good to go with an apartment on the ground floor for this purpose. But some renters prefer the top floors. They don’t want anyone living above them. Sometimes noisy neighbors living above you can wreck the rental experience.
Choosing a Suitable Neighbourhood: Where you choose to rent your new place, and how far it is from your job, school, or wherever you frequent, is of paramount importance. A great neighborhood is also close to attractions, restaurants, groceries, restaurants, and nightlife. It would behoove you to do a little research regarding crime as well. All cities and neighborhoods have crime, but some are worse than others. A knowledgeable renter will do a little research, starting by Googling the zip code!
Look for a Particular Time to Move: İf your moving date is on a flexible schedule, then you might look for an apartment when it is more convenient and less expensive. Apartment rents will vary by season. Generally, winter is the season considered the best for rates. Apartment managers like to run specials and other types of deals to generate leases.
We’ve packed this article up with some of the most necessary and convenient checklist tips when renting an apartment. Not only are these great for first time renters, seasoned vets can learn a thing or two as well. We wish you good luck on finding the most suitable apartment for yourself!
