So, you're ready to move out of your parent's house but don't know where to start. What do you need? Where should you look? How much does it cost? Here’s everything we wish we'd known about apartment rentals before we started the search for our place, broken down into ten easy tips for anyone looking for their first rental.
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✓ Find the Right Neighborhood
Finding the right neighborhood will be one of your most important decisions. Look for a neighborhood that is safe, close to things you like to do, and quiet (if you’re into that sort of thing). It should also have a variety of restaurants and shops nearby. If you are going to live by yourself, look for apartments near campus or close to where you work.
If you are renting with roommates, it may be best for your group to look for an apartment together in the same neighborhood to ensure everyone can get around quickly and enjoy each other’s company.
✓ Figure Out Your Budget
Once you've decided on a neighborhood and figured out how many roommates you may have, it’s time to create your budget. This will help you find a suitable apartment for your needs. It's essential to ensure you have enough money for rent, utilities, and other expenses.
If you rent with roommates, consider how much each person will contribute each month. You will also need to consider the cost of furniture and other household items and your transportation costs. If you have a car, check what parking will cost in your neighborhood and budget accordingly.
✓ Get Your Credit in Order
Landlords will run credit checks on potential tenants, they want to know if you pay your bills on time or if there are any outstanding debts before renting out their apartments or house.
Your credit score is a critical factors landlords will use to determine whether you'll be a good tenant. That's why it's essential to know your credit score and what you can do to improve it if necessary.
Most landlords want tenants with a credit score of at least 640, but some may require a higher one depending on the property and other factors. In general, the higher your credit score, the more likely you'll get approved for an apartment—and this can save you both time and money in searching for new homes.
✓ Do I Need a Guarantor?
A landlord will only require a guarantor if you have bad credit. If you have good credit, however, they may not need one. However, even if your credit score is excellent, it's still in your best interest to ask landlords what they require before choosing an apartment or house. You don't want to move into a place and then realize it was against their rules for you to live there without a guarantor.
Landlords may also require you to have a guarantor if you are a college student or young professional with no rental history. In some cases, landlords may ask for a guarantor even if you have a strong credit score, such as when you're making payments on your own or when your income isn't high enough to cover rent and deposits.
A guarantor is someone who agrees to pay your rent if you don't. It's usually a parent or family member with a stable job and good credit score. If you don't have a guarantor, it's not the end of the world. You can still get approved for a place to rent. However, some landlords will require you to pay more in deposit or provide other forms of collateral as security instead of using someone else as your guarantor.
✓ Think About Your Must-Haves
Before looking for a place to rent, think about what's important to you. Is it the location? Size of the apartment? What amenities are available? Once you know what's important, you'll be able to narrow down your search and find something that fits your budget.
Think about what you need when it comes to your living space. For example, if you can't stand living without cable TV or Internet access, make sure that's something included in what's being offered by a potential landlord or property manager. If not, consider whether it would be worth paying extra for those services separately.
If you want a spacious place with lots of natural light, find out if any apartments like this are available in the area where you want to live. If not, consider whether it might be worth searching outside those neighborhoods until you find one that meets your needs.
The same goes for safety features (like security cameras) and amenities (like a gym). Do research ahead of time so you know what's available in your area before setting foot inside any apartment complexes or buildings!
✓ Decide How to Look for an Apartment
There are many ways to look for an apartment. You can search online, use a real estate agent, or even go door-to-door in the community where you want to live. No matter how you search for an apartment, it's essential to do your research first to know the options available and which ones fit your budget. The most common way to look for an apartment is by searching online. A variety of websites have listings of available apartments and homes for rent, so it's easy to find what you're looking for in your area. Check out multiple websites before deciding which ones will be the most helpful (and ensure they are reputable).
If you're looking for an apartment in a specific area, search the local real estate listings for that city. You can also find general listings by searching for your desired location on a search engine (such as Google or Yahoo). If you want to live in a particular neighborhood, narrow down your results by using keywords like "apartments near [insert location]" or "rentals near [insert location]."
If visiting a physical building sounds more appealing, then take a walk around town with all the paperwork from our checklist in hand so that landlords can see exactly how serious we are about renting our first home!
✓ Make a List of Questions to Ask
When you finally find a rental that looks promising, it's time to meet the landlord or property manager. If possible, try to schedule an appointment time when no one has to leave work or school if you show up unannounced. Although most people are willing to accommodate your schedule, having some notice will ensure that someone is there when you arrive.
Once you're inside, ask any questions you have, and be sure to listen carefully to the answers. If your potential landlord seems evasive or vague about something, try asking again differently. Friendly persistence will often get you the information you need. If you have time, looking around the unit is a good idea. Ensure that you get all your questions answered and nothing is left out. If you notice anything that needs fixing before moving in, make a note on your rental application.
✓ Get Renters Insurance (And Know What It Covers)
Renters insurance is a good idea for anyone who rents, and it's essential if you live in an apartment building. Renter's insurance can help protect your belongings from damage or theft, but it also covers liability in case someone is injured on your property or happens there (such as in a fire).
This is a crucial step in renting your first apartment. Renters insurance will give you peace of mind and help protect your items from loss, damage, or theft.
It's also essential for landlords to have renters insurance because it protects them against liability if someone gets hurt on their property or if something is stolen from the unit. Most landlords require that prospective tenants bring proof they've purchased a policy before signing a lease.
✓ Get a Roommate if You Can't Handle the Costs Alone or Don't Want to Live Alone After College
Getting a roommate might be the best choice if you're unsure if you can handle your apartment's costs. If it's your first time living away from home, living with someone else will help ease some of that anxiety and give you more confidence. And if it's not just an option but something that makes sense, then get ready to find a roommate.
Finding someone who wants to live with you is never easy and always stressful (the internet has made this process much less painful than it used to be, though). In general, there are three main ways people find roommates: they know them already; they meet them through friends or family; or online service where everyone posts their apartments. These services also allow potential roommates to express what kind of person they'd like as a roommate so other users can see if their requests match up with yours before reaching out.
✓ Read the Lease Carefully Before You Sign It
As you're reading the lease, you should take note of any terms that are unclear or confusing to you. If a word is vague or ambiguous, ask the landlord to clarify it for you before signing. Both parties must understand what they agree to. If anything in the lease doesn't make sense to either of you, the court may not enforce it if there's a dispute later on.
After ensuring every single word and condition has been covered and explained, ask yourself: "Does this sound fair?" If anything sounds unfair or unreasonable (e.g., excessive late fees), make sure your landlord explains why he thinks you should include something in his lease. Then think about whether it makes sense for your particular situation (e.g., do those late fees seem appropriate given how much time passed between when they were due?).
Conclusion
Now that you know the ins and outs of finding your first apartment, it's time to think like a pro, and you will likely end up with the apartment you want. If you follow these steps, you can find the best apartment for your needs.
There are several moving parts to this process, and if you don't get as many of them right on the first go around, things will likely fall apart when it's too late to fix them (or worse yet—you'll end up living in an apartment you hate.)
This is why it's crucial to go over every detail with a fine-toothed comb before you sign the dotted line.
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