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A Comprehensive Guide for First-Time Apartment Hunters

A young woman wearing glasses intently looking at her phone.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.

You can make apartment hunting easier by planning key aspects in advance. By taking these simple steps now, you can find and rent your first apartment like a pro in no time.

Determining your rent budget

It’s essential to calculate how much you can afford before starting your apartment search. To do this, you need to create a monthly budget that outlines your income and expenses. From there, you can calculate the amount of rent you can afford.

A practical guideline is to limit your rent to around 30% of your after-tax income. Figure out the exact dollar amount. Now, go over 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

Figuring out your monthly rent budget is a vital first step, but you also need to be aware of other costs. 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. You’ll need to know if utilities are included in the rent or if you’ll be required to pay for them separately.

If utilities aren’t included, you’ll need sufficient funds to establish basic services. Simply put, you should aim to have at least 2 – 3 months’ worth of rent saved up to cover your initial expenses when moving 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. Renting an apartment requires 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

As you progress through the rental process, carefully reviewing your lease documents, especially the fine print, is crucial. A lease is a binding legal agreement, so once you sign it, you’re responsible for everything it contains. 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.

Lastly, look for any unusual or unexpected rules or clauses to make sure you’re comfortable with the lease’s terms. If you have concerns or questions about your lease, ask someone you trust for help. 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 Palm Bay or nearby? Get in touch with Real Property Management Brevard today! Browse available rentals online for more information and to schedule a viewing.

Originally Published on Feb 26, 2021

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