Renting your first apartment can make you feel both excited and a bit nervous. Feeling this way is natural since there’s so much to figure out, from choosing the right place to ensuring it fits your budget and all the details in between.
Plan some important details ahead to make apartment hunting easier. If you follow these simple steps now, you’ll be renting your first apartment like a pro in no time.
Determining your rent budget
Before you start looking for an apartment, it’s important to determine how much you can afford. You’ll need to create a monthly budget that shows your income and expenses to figure this out. After that, you can determine how much rent you can afford.
A helpful rule is to ensure your rent doesn’t exceed 30% of your income after taxes. Work out the exact dollar amount. Now, review your budget carefully. If there isn’t enough money left after other expenses to cover rent, you might need to take extra steps before beginning your apartment search. Possible steps include finding a roommate to share the rent, cutting other expenses, or increasing your income.
Common upfront costs when renting an apartment
Determining how much rent you can afford each month is an important first step, but there are other costs you need to be prepared for. Typically, you’ll need to pay a security deposit upfront, in addition to the first month’s rent. The security deposit amount will vary, but it is commonly the same as the monthly rent.
Additional deposits and fees, such as credit check fees, utility deposits, and other costs, may also be required. You’ll need to determine whether utilities are included in the rent or if you’ll be responsible for paying them separately.
If utilities aren’t included, you’ll need sufficient funds to establish basic services. 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
After sorting out your finances, it’s time to start searching and applying for your first apartment. Having your application materials ready in advance will enable you to act quickly when you find a place you like. A list of documents and information will be necessary to rent an apartment.
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
During the rental process, it’s vital to closely examine your lease documents, including the fine print. As a binding legal contract, a lease holds you responsible for everything in it once signed. Being aware of your responsibilities, what your landlord will provide, and how things like maintenance and repairs are handled, will provide you with reassurance. Don’t forget to check that the rental payment, security deposit, and other numbers are correct.
Finally, check for any unexpected or unusual rules or clauses to ensure you’re comfortable adhering to the lease terms. Consult someone you trust if you have questions about anything in your lease. The more you understand about the apartment, neighborhood, and landlord before signing the lease, the better off you’ll be.
Are you in the market for your first rental home in Eagle or nearby? Get in touch with Real Property Management Boise today! Browse available rentals online for more information and to schedule a viewing.
Originally Published on Feb 26, 2021
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.
