Apartment hunting can often be stressful, and although you might be under pressure to find the next rental, you must protect yourself throughout this process. Remember, all prospective renters must conduct thorough research before they sign a new lease.
Beware that a lease is legally binding, so you must recognize what you’re getting into before appending your signature. This guide highlights common questions renters ask and answers them simultaneously.
1. How Much Will I pay for the Rent?
When considering a rental, one of the things renters should clarify is the monthly rent. Just because the rental cost is listed online doesn’t mean you shouldn’t confirm with the landlord to prevent surprises. It’s equally important that you determine whether the lease comprises language that leaves room for rent increment before your lease ends.
Moreover, you want to determine whether any incentives or discounts are available for new renters that could yield savings on a new rental. Once you identify all the costs involved, you’ll determine whether your budget can accommodate the rent. It’s worth noting that numerous financial professionals advise renters against committing more than 30% of your income to rental costs.
2. How Much Will the Security Deposit Cost?
You want to inquire about the security deposit because it can be a huge sum, so you’ll want to note it down to incorporate it into your budget. This question will help you discuss the likelihood of using security deposit insurance. This type of insurance permits renters to pay the deposit the same way you’d pay your monthly rent.
3. Would You Take me Through the Application Process?
This question should be among the first in renters’ list. Before you look at a rental, you want to inquire about the application process and screening procedure for prospective renters. Recognizing the application process beforehand allows you to come prepared for viewing. Bear in mind that this process varies across rentals and while some landlords expect references and a credit report, others merely expect a security deposit and an application.
Always inquire whether there will be a hard inquiry on your credit report, which affects credit scores, or whether it will be a soft inquiry, which doesn’t affect your score. If you discover the landlord isn’t aware, you want to proceed cautiously. You want to establish whether the screening process is appropriate for you and be skeptical of those seeking personal information.
4. Which Payment Modes Do You Accept?
While it’s important to establish the amount you’ll pay for your rent, it’s equally important that you determine your landlord’s preferred payment mode every month.
Some landlords accept electronic payment modes or other secure online payments while others prefer checks. Regardless of the payment mode, you want to make sure you make timely payments. After all, late payments might result in late fee charges based on your lease’s terms.
5. When Will the Rental be Accessible for Move-in?
As you begin hunting for your next unit, consider syncing up your leases if possible. Inquire about the available date for move-in so you can begin considering timelines. Preferably, renters should move in after thorough cleaning occurs. If you can overlap some days for both leases, this will help you move a bit slower and have sufficient time to clean the other apartment.
Final Thoughts
Finding the right rental can be seemingly daunting for renters. However, if you can ask the right questions, you’ll enjoy a great experience as a renter.
For more information on the common questions renters ask, contact us at Apartment Agents or leave a message.