You might be feeling both excitement and nerves if you’re about to rent your first apartment. It’s normal to feel this way, with so much to consider, from finding the right place to making sure it’s within your budget and everything else.
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
It’s essential to calculate how much you can afford before starting your apartment search. To achieve this, you should create a monthly budget detailing your income and expenses. 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. Calculate the precise dollar figure. Next, review 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. These steps could involve finding a roommate to split the rent, cutting back on other expenses, or boosting 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. Usually, you’ll need to provide a security deposit upfront, along with 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, including credit check fees, utility deposits, and other expenses, may also apply. You’ll need to determine whether utilities are included in the rent or if you’ll be responsible for paying them separately.
You’ll need to have funds available to set up utilities if they aren’t covered by the rent. 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. Getting your application materials ready before you start will allow you to act fast when you find a place you like. To rent an apartment, you’ll need to gather a list of documents and information.
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
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. Understanding your obligations, your landlord’s responsibilities, and how maintenance and repairs will be managed will offer you peace of mind. Make sure the rental payment, security deposit, and other amounts are correct as well.
Finally, review the lease for any uncommon or unexpected rules or clauses to ensure you’re comfortable complying with them. 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 Alpharetta or nearby? Get in touch with Real Property Management North Point 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.
