Tips To Rent Your First Apartment

11 September 2020

Renting your first apartment can both excite and terrify you. However, you have nothing to worry about if you go about it the right way. Here are some practical tips to help you rent your first apartment successfully.

Create a Checklist

Create a checklist of what you want in your dream apartment. Include things like:

• Number of bedrooms
• Location
• Number of bathrooms
• Floor
• Square footage

Remember to separate your needs (must-haves) from your wants. That way, even if you find a suitable apartment that doesn't tick everything on your list, you can still confirm whether it meets your needs.

Understand the Inclusions

Once you find a few prospective rentals, understand what each of their rents includes. For example, apartment rent may include:

• Utilities
• Homeowners' association (HOA) fees
• Built-in appliances, such as dishwashers and stoves

Different apartments offer different inclusions. Look for an apartment that offers all or most of the things you need if you want a move-in ready place.

Understand the Lease Agreement

The lease agreement is a legal contract between you and the landlord. The agreement contains things like:

• Monthly rent
• Rental deposit
• Identities of all tenants and landlord
• Tenancy term
• Right of entry
• Restrictions

Scrutinize the lease agreement and understand it before you sign. You don't want to sign an agreement with the hope of getting a subtenant only to find that the lease agreement doesn't allow subleasing. 

Budget Wisely

Create a budget that you will be comfortable with for the duration of the lease. Your budget should include recurring expenses, such as:

• Rent
• Utilities
• Renters insurance

Don't forget one-off expenses, such as:

• Moving costs
• Security deposit
• Appliances (that your rent doesn't include)

Be realistic with your budget. Ideally, your rent shouldn't surpass 25% of your net income.

Consider the Parking Situation

Parking is a real problem in many places, especially in urban centers. However, there are also apartments with reasonable parking spaces. As you evaluate the parking situation, consider:

• Whether the parking spaces are dedicated
• Whether your overnight guests will get parking spaces
• Whether the parking space gets full at specific times of the day
• How safe the parking place is

Understand the parking rules and ensure you can live with them before you sign the lease.

Good apartments are out there. You just need to know where and how to look. Ensure you do due diligence before you sign the lease. Also, you can engage a real estate agent to help you find a suitable place.

For more information about finding a studio apartment, reach out to a real estate agent today.