Whether you’ve just graduated from college or simply moved out of your parents’ house, at some point, you will engage in the unavoidable rite of passage of adulthood: renting your first apartment. However, finding a new place to live isn’t easy, especially if you haven’t done it before. Where do you search? What is the process?
Where to Look for an Apartment?
So, you already have your dream apartment in your head. You might even have started envisioning the furniture layout, but you may not have paid much attention to where that apartment is located. Fortunately, thanks to the power of the internet, there is no shortage of websites that can help you in your search. Consider looking for apartments on websites like:
- Craigslist.org
- Apartments.com
- HotPads.com
- Rent.com
- Zumper.com
- Padmapper.com
You can search for apartments on these sites within a price range you set and in specific neighborhoods. Of course, always be cautious of potential online scams when searching for anything on the web. Do not provide any personal information before seeing the apartment first.
If you’re unsure where to start your search, begin by asking friends and family. Someone might even know of a particular building you would like that has vacant apartments. Also, make sure to explore the area yourself.
If you get a recommendation for a neighborhood you haven’t spent much time in, drive there and take a stroll. You can get a feel for many neighborhoods quickly, especially when walking. Not only that, but some buildings may not advertise online, and you might find those available apartments posted on the street.
What Should You Consider?
Searching for an apartment might seem like the easy part, but there are many things to consider in this process. Where you live can impact your environment and mood, as well as your finances. Ultimately, you want to find the right apartment for you, so make sure to keep these factors in mind:
- Type of apartment / living arrangement: What type of apartment are you looking for? A studio or a one-bedroom? Will you rent a larger place with roommates, or do you prefer a smaller place you can afford on your own? Be clear about what your ideal apartment looks like, but remain flexible during your search. Learn how to quickly find key information about the apartment, including square footage, amenities, natural light, parking, and public transit options.
- Neighborhood: Every neighborhood has its own personality, and you want to find one that matches your lifestyle and values. Do you prefer something more urban or suburban? Would you like to be close to centers of art and culture, or do you prefer living near parks and nature reserves? Look at the type of neighborhood you want and understand how each area can differ. While your primary concern should be choosing a neighborhood that suits your lifestyle, you should also be aware of how the neighborhood you choose can affect the cost of renters insurance and car insurance.
- Property management: Many apartment complexes have property managers who handle resident issues. In some cases, they may even live on-site. Check online reviews of the property management company and ensure they will act in your best interests.
How to Apply
Once you find the perfect apartment, it’s time to apply. Get an application form from the property management company or landlord and fill it out as soon as possible. Good apartments go quickly, so you’ll want to complete the paperwork promptly.
You will typically need to fill out your basic personal information and provide some documentation as part of your application. This documentation can include:
- Receipts
- Salaries
- Bank statements
- Driver’s license
- Social security card
- Employment record
- Lease record
- References
- Application fees
In the end, these documents can help prove that you are a viable candidate for an apartment. Landlords want to know that you have good character, good credit references, stable employment, and an income that easily covers the rent and a lifestyle that fits with the apartment.
Unfortunately, applying for an apartment doesn’t necessarily mean you will get it. In some cases, you may be denied due to your credit or income. The location may help you overcome these credit and income-related constraints, but be sure not to rent an apartment that exceeds your ability to pay. Make sure you understand the eligibility requirements before paying the non-refundable application fee for an apartment.
Obtaining Approval
After submitting your application with the required documents, you wait. Getting approval for an apartment may take a few business days or more, depending on the requirements. Once approved, the landlord or property management company will typically contact you and inform you.
The next step is to secure the apartment and make it your own by paying a security deposit. The common amount for a security deposit is the value of one month’s rent. However, this figure entirely relies on the property management company, so the exact security deposit amounts vary from one complex to another.
Your security deposit is held in case there is any damage to the property when you move out. If your apartment is in good condition when you leave, you are likely to get it back, but the concept of “good condition” is another factor that varies from one property management company to another. If you want to ensure you get back as much of your security deposit as possible, check online reviews for the company to see what the previous tenants experienced during exit inspections.
In addition to the security deposit, you will also need to pay the first month’s rent, and in some cases, the last month’s rent as well. So if your rent is $800, your total moving costs may look like this:
$800 security deposit + $800 first month’s rent + $800 last month’s rent = $2400
As you can see, moving costs can add up, so it is important to plan ahead. The management company or landlord will expect these costs to be paid in cash upon moving in.
Once the moving costs are covered, you will likely need to sign a lease for the apartment. The lease is an agreement between the landlord (like the owner or landlord) and the tenant (like you). You will also hear about this agreement, known as the rental agreement.
The rental agreement is usually presented after a credit check has been conducted and the property management company has decided they want to accept you as their tenant.
The rental agreement is a document that will outline all the fine details such as:
- Deposit and fees: This section should explain the expected payments, along with the first month’s rent. It will also outline any fees you will incur for credit and background checks, as well as fees for breaching the terms of the contract, such as moving out before the lease ends.
- Occupancy limits: This refers to the number of tenants allowed to reside in the home.
- Maintenance: This section will provide details on any repairs in your unit that will be the responsibility of management, which will be your responsibility.
- Pets: Some buildings do not allow any pets. Some may allow pets of a certain size or weight. This section will explain those regulations and how to gain approval for pets.
- Rent: The monetary amount that must be paid regularly by the tenant and when these payments are expected to be made – typically on the first of the month.
- Rules
The Apartment: Any miscellaneous rules and policies for the apartment complex will be outlined in the lease. These aspects include where tenants are allowed to smoke, when “quiet hours” start each night, and what kinds of items you are allowed to throw in the communal trash bins.
- Terms of Residency: The duration that the tenant is expected to stay and continue paying rent. Terms of residency vary but generally range from one month, six months, or one year.
- Utilities: The contract often describes the utilities included in the rent that you will need to pay for yourself.
It is important to review all terms of the rental agreement so you know where you stand. The rental agreement serves as a legal document to protect both parties. Once you sign the contract, you are legally obligated to adhere to the terms of the contract, including paying the monthly rent.
After signing the contract and paying the deposit, the landlord will provide you with the keys to the apartment and a moving date so you can enjoy your new home.
Conclusion
Renting your first apartment can be an exciting yet overwhelming task, especially if you’ve never done it before. The more prepared you are, the smoother the apartment search process will go. Conduct the necessary research, know what you are looking for, and keep the cash ready to use as soon as you find your dream apartment.
Frequently Asked Questions (FAQs)
What credit score do you need to rent an apartment?
There is no standard credit score required to rent an apartment, but the higher your credit score, the more likely you are to be approved. Landlords assume you are more likely to stay on top of your monthly rent payments if you have good credit. If you have bad credit, you may be able to overcome this by getting a co-signer or paying several months of rent upfront.
Who can help me find an apartment to rent?
An apartment broker is a real estate agent that you can pay to help you find an apartment. They specialize in working with tenants and property owners or management companies. In some areas, working with an apartment broker may be the only way to find an apartment. In other areas, you may be able to
Source: https://www.thebalancemoney.com/how-to-rent-an-apartment-4139766
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