First time renter? Here are our tips to successfully navigate the renting process.
1. Budget Accordingly
Budgeting for your monthly rent is extremely important when looking for your first apartment and we have a super simple way of doing it. Take your total monthly household income and multiply it by .30 (aka 30%). This number will set the bar as the maximum you should spend on your monthly rent. The lower you get from that number, the more money you’ll have in your pocket for other things (like matcha lattes). Want to maximize your monthly budget? Consider a roommate. Roommates aren’t only just built-in buddies (as long as they do their dishes), they can help you make the most of your monthly dollars. Moving your search from a one bedroom to two can dramatically decrease your share of the rent. Or you can look at a slightly upgraded apartment complex and get a bit more bang for your buck. Make sure to choose wisely when it comes to your roommate(s)! While you may love spending bunches of time with your best friend, they may not be the best roommate. Think about things like how clean you like common spaces, noise levels and other expectations. Then choose accordingly.
2. Wants and Needs
What you need from an apartment can go way beyond bedroom and bathroom count (although those are important). Do you have pets? Some apartments have pet and even breed restrictions so make sure to clarify that before applying. Is being able to walk or bike to work a priority for you? Narrow down your apartment search to neighborhoods that fulfill these needs.
Let’s talk about wants. While they may not be top of the list priorities, they are still incredibly important in your apartment hunt. Do you want an on-site gym? Community space? Updated appliances and modern finishes? All possible but may require an increase in your budget. If an apartment you are looking at doesn’t meet all your wants, talk to the leasing manager as they should be able to help you find the perfect fit.
3. Take a Tour
Think you found the one? Make sure to tour it before signing on the dotted line. Getting a feel for not just the unit, but the building is important. Pictures can be deceiving, so a tour is the perfect final step before renting. Most apartment buildings can accommodate your needs when it comes to touring. Whether you want to tour in person or over a socially distanced video call, they should be able to make it happen.
4. What’s Included?
Make sure to check what is and is not included with your rent. Here is a quick list of what to look for:
a. Heating
b. Electricity
c. Water
d. Trash
e. Recycling
f. Wi-Fi
For any of the above utilities that are not included, you will need to set up accounts with the corresponding companies. Some apartment managers will take care of this step for you, so check with them before setting anything up. Some utilities, like Wi-Fi, you may be able to choose from a list of available providers. Others, like electricity, you will need to set up an account with the service provider for the whole apartment complex.
5. Rental Application
Most apartments will have a rental application fee. This covers the cost of a background check and processing for each potential renter. These fees can average around $40 so make sure to plan for that.
The time it takes for your application to be processed and reviewed is typically 1-2 days. If you have any questions about your application, make sure to reach out to the property manager. They are the experts and are there to help!
6. Read the Lease
We know it can look long and boring but being well acquainted with your lease will set you up for success. Do you have lease termination notice requirements? Who do you call if something goes wrong? When’s rent due? All of these are important questions, and the answers lie within your lease! Make sure to ask for a copy of your lease to keep for your records.
7. Furnishing your apartment
Furnishing an entire apartment can get expensive, but here are some tips and tricks to help you save some dough, while not compromising on your personal style.
a. Facebook marketplace is a great place to find gently used home furniture and décor in a wide range of styles for a fraction of what the items would have originally cost. Just make sure to always clean your newfound treasures before bringing them into your apartment!
b. When you think of thrift store, you may think of the places you drop off all your old clothes, but they are so much more than that! If you want to find some unique pieces on a budget, thrift stores are where it’s at. Plus, they are a great place to find vintage dishware and artwork!
c. Want your new furniture shipped directly to you? Check out stores like Target, Wayfair and Ikea for affordable and stylish pieces!
d. Moving in with roommates? Split up the finding and buying of needed furniture and kitchen supplies over everyone.
8. Renters Insurance is Your Friend
You may think “I don’t need renter’s insurance. What could possibly go wrong?” While we hope you’re right and nothing ever goes wrong while you’re renting an apartment (or anytime really), we do strongly suggest adding renter’s insurance. What does renter’s insurance cover you ask? It covers your property and belongings in the case of theft and fire, personal liability if your property was damaged, if someone get’s hurt while staying with you (after your deductible), and if a natural disaster happens and you can no longer stay in your apartment due to it being deemed uninhabitable, renter’s insurance will cover your hotel costs. Whew, no friends’ couches needed.
9. The Move-in Walk Through
You have your lease signed, keys in hand and are ready to move in. But wait! Make sure to always do a move in walk through before settling in. Mark down any damages that are already present in your apartment. This can be stains, scuff marks, chipped cabinets, or anything. Document them and bring a copy to your site office manager. Then when you eventually move out, your deposit won’t be dinged due to any damages caused before you moved in.
10. Set up Mail forwarding
Last but not least, set up mail forwarding! Make sure to forward your mail from your previous address with the United States Post Office. It is a simple and free way to make sure you get your mail even if you haven’t updated your address with everyone (sorry grandma!). Set up your mail forwarding here.
Ready to start looking for an apartment? Find all of our available rentals here
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