Being a first-time renter can be exciting and stressful at the same time, especially since the rental market is highly competitive. Although you might be looking forward to the accompanying freedom and having your space, you must keep in mind that you’ll assume certain responsibilities as a renter.
Furthermore, you’ll need a suitable apartment, so you must conduct due diligence. If you aren’t certain about how to find your first rental, consider these tips.
1. Establish Your Budget
The initial step you must take as a first-time renter is establishing your budget for a rental. Besides the monthly rent, you must consider other expenses you’ll incur. For instance, you’ll incur one-time fees such as background check fees and security deposit.
On the other hand, monthly costs include electricity and water. You’ll also want to consider other fees such as cable and internet connection as well as parking fees. From the onset, you must identify the amount you can afford realistically on monthly rent. Beware that some landlords expect renters to make thrice the rent cost. This will help you determine the rentals you’re eligible for.
The key is securing an affordable rental that doesn’t require excess spending on rental-related monthly expenses.
2. In-person Property Tour
Although you’ll find virtual tours on most apartment websites, there’s no substitute for an in-person tour. Websites simply give an idea of what the interior and community look like; you should use this as an initial screen.
However, walking around your prospective apartment and neighborhood provides a better feel for the place. Ensure you don’t restrict the search to only one property. Instead, visit at least two for comparison.
3. Identify the Amenities You Need
It can be overwhelming trying to choose the amenities you need in a rental. Nonetheless, you must determine the amenities you consider important as a renter since you’ll probably live in that unit for a year or more.
Apartment amenities comprise services or features you can use while renting a unit. You can find these amenities in the apartment or access them in the building, for instance, the gym. Pet-friendly rentals might also comprise amenities such as a backyard or pet runs.
Although it’s convenient to rent a unit with a gym and elevator, you need to determine whether you need them. You might want to generate a list of your wants versus needs in an apartment. This will help you categorize the list into negotiable and non-negotiables. This implies that anything you consider negotiable is a want. This list will also help you prioritize the important amenities.
4. Read the Lease Agreement
You must read and understand the lease agreement as a first-time renter before signing it. You’ll want to verify whether the information on the listing aligns with the agreement and determine the landlord’s expectations while residing in the rental property.
Ensure the lease agreement comprises the landlord’s contact details in case you need to contact them. Upon signing the lease agreement, you should store the document in an accessible place to help reference the document in case you have questions on how to pay rent and other matters.
Final Thoughts
Apartment renting shouldn’t be expensive or stressful. These invaluable tips offer insight into the process, leaving you feeling confident and well-prepared.
For more information on how to find a rental as a first-time renter, contact us at Apartment Agents or leave a message.