The independence of renting your first apartment is exciting, but don’t let your excitement overshadow reason. Being a first time renter is challenging and requires responsibility. Before you start looking at apartments, take some time to define your needs and calculate a budget. Add up all of your monthly income, including financial aid, and multiply this number by 0.3. The resulting value is 30% of your monthly income and approximately the amount you can comfortably spend on rent. Only consider apartments for rent with a cost close to this number. Now, do you have farts? Are you open to a roommate? What amenities do you prefer? Do you have transportation or will you have to walk to class? Ask yourself questions like these and stay within your budget to narrow down your options.
Once you have a clear idea of what you are looking for, start your apartment search. The best place to start is at your college or university. Many schools offer affordable off-campus housing, and most will at least have resources to help you in your search. You can also search for apartments for rent in ads posted on campus, or by using one of the many online services, as well as newspaper classifieds. Make a list of the rentals you are interested in and call each leasing office. Ask about rent, utilities, laundry facilities, activity areas and amenities, and additional fees. This will most likely eliminate some of your options. Once your list is narrowed down to about five properties, you’re ready to start looking.
Viewing apartments can be fun and exciting, but it’s important to focus and pay attention to the unit and complex as a whole. To stay on track, create a checklist of things to look for in each location. If you don’t want to create your own, there are pre-formatted checklists available online. Never rent an apartment before checking that it meets basic safety standards and making sure everything is working properly. Check fire alarms, water heaters, air conditioning units, fireplaces, showers, and faucets. Make sure all appliances work and check floors and walls for scratches or tears. If there are no serious problems and you decide to move, make a note of any faults you have discovered and report them to the property manager. You don’t want to be blamed for something a previous tenant did when you move out.
Once you’ve selected an apartment to apply for, it’s time to start the paperwork. As a first time renter, you will likely need a co-signer to provide credit information. Be prepared to make a down payment equal to two months’ rent plus other expenses. Most apartment complexes require a fee just for submitting an application, whether or not you have been approved. Other additional fees include security deposits and pet fees. The two most important things to remember when searching for apartments for rent are:
1. Take your time! The last thing you want is to rush into a lease and get stuck with an apartment that isn’t right for you.
2. Stay comfortably within your budget! Keep your rent and expenses as low as possible. Do not try to rent an apartment in which you will have to invest all your income. You will need money for transportation, food and also to go out.