Renting your first apartment can make you feel both excited and a bit nervous. It makes sense to feel this way, with so much to think about, from finding the right place to ensuring it fits your budget, and everything in between.
Simplify your apartment search by planning the essential details ahead of time. By following these basic steps now, you could soon find and rent your first apartment like a pro.
Determining your rent budget
You should figure out how much you can afford before starting your apartment search. To achieve this, you should create a monthly budget detailing your income and expenses. Once that’s done, you can figure out how much rent you can afford.
A useful rule of thumb is to keep your rent around 30% of your post-tax income. Calculate the precise dollar figure. Now, go over your budget. If your remaining funds after other expenses aren’t sufficient for rent, you may need to take some extra 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. Generally, you will be required to pay a security deposit along with the first month’s rent upfront. The security deposit may vary in amount, but it is frequently the same as the monthly rent.
Other fees and deposits, including credit check fees, utility deposits, and extra costs, may apply as well. You should check if utilities are included in the rent or if you’ll need to cover them on your own.
If utilities aren’t part of the rent, you’ll need to ensure you have enough money to set them up. To make it easy, plan to save at least 2 – 3 months’ rent to cover your needs when moving into your first apartment.
Prepare for the application process
Once your finances are in order, you can begin searching and applying for your first apartment. If you prepare your application materials beforehand, you’ll be able to act swiftly when you find a place you like. You’ll need a set of documents and information to successfully rent an apartment.
This list can vary from place to place, but it’s smart to have the following on hand:
- 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
While navigating the rental process, it’s essential to thoroughly read your lease documents, including the fine print. 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. Also, ensure the rental payment, security deposit, and other financial details are accurate.
Finally, review the lease for any uncommon or unexpected rules or clauses to ensure you’re comfortable complying with them. If you have any questions about your lease, ask someone you trust for advice. The more you learn 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 Nashville or nearby? Get in touch with Real Property Management Concordia 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.
