Renting your first apartment can make you feel both excited and a bit nervous. 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.
Ease your apartment hunt by planning some crucial things in advance. Following these easy steps now can help you find and rent your first apartment like a seasoned pro.
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. After that, you can determine how much rent you can afford.
A helpful rule is to ensure your rent doesn’t exceed 30% of your income after taxes. Work out the exact dollar amount. 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 might include finding a roommate to share the rent, lowering other expenses, or boosting your income.
Common upfront costs when renting an apartment
Calculating how much monthly rent you can afford is a crucial first step, but you must also be ready for other expenses. Often, you’ll be expected to pay a security deposit upfront, together with the first month’s rent. 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 included, you’ll need to have enough money to set up the basic services. To put it simply, you’ll want to save up at least 2 – 3 months of rent to make sure you have enough for 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 a set of documents and information to successfully rent an apartment.
Although this list may vary by location, it’s a good idea to have the following items 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
As you move through the rental process, it’s crucial to read your lease documents carefully, paying attention to the fine print. Since a lease is a binding legal contract, signing it makes you accountable for everything it entails. Being aware of your responsibilities, what your landlord will provide, and how things like maintenance and repairs are handled, will provide you with reassurance. 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. Consult someone you trust if you have questions about anything in your lease. The more you understand about the apartment, neighborhood, and landlord before signing the lease, the better off you’ll be.
Are you in the market for your first rental home in White Plains or nearby? Get in touch with Real Property Management DePenn today! Browse available rentals online for more information and to schedule a viewing.
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.