If you’re planning to rent your first apartment, it’s normal to feel a mix of excitement and nerves. It’s normal to feel this way, with so much to consider, from finding the right place to making sure it’s within your budget and everything else.
Make your apartment search smoother by preparing the essential steps beforehand. By following these basic steps now, you could soon find and rent your first apartment like a pro.
Determining your rent budget
Before you start your apartment search, you need to figure out how much you can afford. To determine this, you must draft a monthly budget that includes your income and expenses. Afterward, you can calculate how much rent you can reasonably afford.
A practical guideline is to limit your rent to around 30% of your after-tax income. Calculate the precise dollar figure. Next, review your budget. If your budget doesn’t leave enough money for rent after other expenses, you may need to take further steps before apartment hunting. These options might include finding a roommate to share the rent, cutting down on other expenses, or finding ways to increase 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. Typically, you’ll need to pay a security deposit upfront, in addition to the first month’s rent. 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. You’ll need to know if utilities are included in the rent or if you’ll be required to pay for them separately.
You’ll need to have funds available to set up utilities if they aren’t covered by the rent. In simple terms, you should have at least 2 – 3 months’ rent saved to ensure you’re prepared to move into 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. Having your application materials ready in advance will enable you to act quickly when you find a place you like. To rent an apartment, you’ll need to gather a list of documents and information.
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
It’s important to carefully read your lease documents, including the fine print, as you go through the rental process. A lease is a binding contract, and signing it commits you to everything it includes. Understanding your obligations, your landlord’s responsibilities, and how maintenance and repairs will be managed will offer you peace of mind. Be sure to verify that the rental payment, security deposit, and other amounts are accurate.
Lastly, check for any unusual or surprising rules or clauses to be sure you’re okay with following the lease terms. Reach out to someone you trust if you have questions about your lease. The better informed you are about the apartment, neighborhood, and landlord before renting, the better off you’ll be.
Are you in the market for your first rental home in St Petersburg or nearby? Get in touch with Real Property Management Catalyst 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.
