If you’re planning to rent your first apartment, it’s normal to feel a mix of excitement and nerves. It makes sense to feel this way, with so much to think about, from finding the right place to ensuring it fits your budget, and everything in between.
Simplify your apartment search by planning the essential details ahead of time. By adhering to these straightforward steps now, you’ll be able to find and rent your first apartment with ease.
Determining your rent budget
Before you start looking for an apartment, it’s important to determine how much you can afford. To do this, you need to create a monthly budget that outlines your income and expenses. Once that’s done, you can figure out how much rent you can afford.
A practical guideline is to limit your rent to around 30% of your after-tax income. Determine the exact amount in dollars. Now, review your budget carefully. If there isn’t enough money left after other expenses to cover rent, you might need to take extra steps before beginning your apartment search. These steps could involve finding a roommate to split the rent, cutting back on other expenses, or boosting your income.
Common upfront costs when renting an apartment
Figuring out your monthly rent budget is a vital first step, but you also need to be aware of other costs. Generally, you will be required to pay a security deposit along with the first month’s rent upfront. The security deposit amount can vary, but it’s often equal to one month’s rent.
Additional deposits and fees, such as credit check fees, utility deposits, and other costs, may also be required. Make sure to find out if utilities are part of the rent or if you’ll be responsible for paying them separately.
If utilities aren’t part of the rent, you’ll need to ensure you have enough money to set them up. Simply put, you should aim to have at least 2 – 3 months’ worth of rent saved up to cover your initial expenses when moving into your first apartment.
Prepare for the application process
After you’ve figured out your finances, it’s time to start looking for and applying for your first apartment. Getting your application materials prepared beforehand will allow you to move fast when you find a place you like. You’ll need to have a list of documents and information ready to rent an apartment.
While the list may vary by location, it’s recommended to have the following available:
- 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. The lease is a binding legal contract, meaning you’ll be held accountable for everything in it once you sign. Understanding your obligations, your landlord’s responsibilities, and how maintenance and repairs will be managed will offer you peace of mind. Don’t forget to check that the rental payment, security deposit, and other numbers are correct.
Lastly, look for any unusual or unexpected rules or clauses to make sure you’re comfortable with the lease’s terms. If you have any questions about your lease, ask someone you trust for advice. The better informed you are about the apartment, neighborhood, and landlord before renting, the better off you’ll be.
Are you in the market for your first rental home in Maryland Heights or nearby? Get in touch with Real Property Management Three Bridges 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.
