If you’re planning to rent your first apartment, it’s normal to feel a mix of excitement and nerves. Feeling this way is natural since there’s so much to figure out, from choosing the right place to ensuring it fits your budget and all the details in between.
You can make apartment hunting easier by planning key aspects in advance. By adhering to these straightforward steps now, you’ll be able to find and rent your first apartment with ease.
Determining your rent budget
It’s essential to calculate how much you can afford before starting your apartment search. To achieve this, you should create a monthly budget detailing your income and expenses. After that, you can determine how much rent you can afford.
A good rule to follow is to allocate about 30% of your after-tax income to rent. Compute the exact dollar amount. Now, assess 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. You might consider finding a roommate to share the rent, reducing other expenses, or increasing your income.
Common upfront costs when renting an apartment
Understanding how much rent you can afford each month is an essential first step, but there are other expenses you need to anticipate. In most cases, you’ll need to pay a security deposit along with the first month’s rent upfront. The security deposit amount varies, though it’s often equivalent to one month’s rent.
There may be other deposits and fees, such as credit check fees, utility deposits, and other related costs. Make sure to find out if utilities are part of the rent or if you’ll be responsible for paying them separately.
You’ll need to budget for setting up utilities if they’re not included in the rent. 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
When you’ve got your finances figured out, it’s time to start looking for and applying to 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 a set of documents and information to successfully 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
As you progress through the rental process, carefully reviewing your lease documents, especially the fine print, is crucial. The lease is a binding legal contract, meaning you’ll be held accountable for everything in it once you sign. Knowing your responsibilities, what your landlord is obligated to provide, and how maintenance and repairs are handled will give you peace of mind. Make sure the rental payment, security deposit, and other amounts are correct as well.
Finally, review the lease for any uncommon or unexpected rules or clauses to ensure you’re comfortable complying with them. Consult someone you trust if you have questions about anything in your lease. In fact, the more information you gather about the apartment, neighborhood, and landlord before you rent, the better it will be for you.
Are you in the market for your first rental home in Thousand Oaks or nearby? Get in touch with Real Property Management Limitless 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.
