If you’re thinking about renting your first apartment, you might feel both excited and 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.
Ease your apartment hunt by planning some crucial things in advance. Following these easy steps now can help you find and rent your first apartment like a seasoned pro.
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. Afterward, you can calculate how much rent you can reasonably afford.
It’s advisable to keep your rent at approximately 30% of your after-tax income. Determine the exact amount in dollars. Take a moment to examine 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. Possible steps include finding a roommate to share the rent, cutting other expenses, or increasing your income.
Common upfront costs when renting an apartment
Knowing how much rent you can afford monthly is a key first step, but you should also be prepared for additional 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.
Additional deposits and fees, including credit check fees, utility deposits, and other expenses, may also apply. It’s important to find out if utilities are covered by the rent or if you’ll need to pay for them yourself.
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
Once your finances are in order, you can begin searching and applying for your first apartment. Getting your application materials prepared beforehand will allow you to move fast when you find a place you like. Renting an apartment requires a list of documents and information.
Although this list may differ depending on the place, it’s a good idea to have the following prepared:
- 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 move through the rental process, it’s crucial to read your lease documents carefully, paying attention to the fine print. Since a lease is a binding legal contract, signing it makes you accountable for everything it entails. Knowing your responsibilities, what your landlord will cover, and how maintenance and repairs will be dealt with will give you a sense of security. 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. Reach out to someone you trust if you have questions about your lease. The more you know about the apartment, the area, and your landlord before renting, the better off you’ll be.
Are you in the market for your first rental home in Fort Worth or nearby? Get in touch with Real Property Management Trailhead 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.
