If you’re planning to rent your first apartment, it’s normal to feel a mix of excitement and nerves. 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.
Simplify your apartment search by planning the essential details ahead of time. By adhering to these straightforward steps now, you’ll be able to find and rent your first apartment with ease.
Determining your rent budget
Before beginning your apartment search, you need 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. Then, you can work out how much rent fits within your budget.
A good rule to follow is to allocate about 30% of your after-tax income to rent. Figure out the exact dollar amount. 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. Possible steps include finding a roommate to share the rent, cutting other expenses, or increasing your income.
Common upfront costs when renting an apartment
Understanding how much rent you can afford each month is an essential first step, but there are other expenses you need to anticipate. Generally, you will be required to pay a security deposit along with the first month’s rent upfront. The amount of the security deposit can differ, but it’s typically equal to the rent payment.
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 keep it simple, think of it as needing at least 2 – 3 months’ rent saved up to comfortably move 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. Preparing your application materials ahead of time will help you act quickly when you find an apartment 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
While navigating the rental process, it’s essential to thoroughly read your lease documents, including the fine print. The lease is a binding legal contract, meaning you’ll be held accountable for everything in it once you sign. Understanding your duties, what your landlord is responsible for, and how aspects like maintenance and repairs will be managed, will help you feel secure. Additionally, confirm that the rental payment, security deposit, and other figures are correct.
Finally, check for any unexpected or unusual rules or clauses to ensure you’re comfortable adhering to the lease terms. If you’re unsure about anything in your lease, ask someone you trust for guidance. In fact, the more information you gather about the apartment, neighborhood, and landlord before you rent, the better it will be for you.
Are you in the market for your first rental home in Bonaire or nearby? Get in touch with Real Property Management Vesta 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.
