1. What Your First Apartment Really Costs
Before you start your search, it’s important to know how much you can spend on rent each month. The common budgeting guideline is to spend no more than 30 percent of your income on monthly rent. If you fall short of this guideline, consider getting a roommate or searching for a smaller apartment. ForRent.com offers a Rent Calculator that can help you estimate how much you may be able to spend on rent based on your monthly income.
In addition to your monthly rent, budget for other recurring and upfront costs. Security deposits, the first month’s rent, and application fees are some of the expenses you may have to pay before you move into your apartment. Other costs may include utilities, electricity, water, trash, parking, and renters insurance. When you’re searching for an apartment, ask the leasing agent for the total monthly price, not just the advertised rent.
2. You Have Negotiating Power
Some apartment communities offer rent concessions to attract renters, especially when vacancies are high. These concessions can be a waived fee, free month of rent, or a reduced security deposit. If you’re looking for a way to reduce your upfront costs, search for apartments with advertised rent concessions.
If you find your dream apartment, but the rent is too expensive or there are no concessions advertised on the website, you may be able to ask the property manager whether any rent specials or flexible lease terms are available. Your ability to negotiate may depend on local rental demand, the number of available units, the time of year, and the property’s leasing rules. Consider these factors before deciding whether to negotiate.
If you do decide to negotiate your rent or ask for a concession, approach your landlord respectfully. While they may not be able to extend a reduced monthly cost or waived fee, some landlords may offer other perks, like lower monthly rent or free parking.
3. Gather Your Paperwork Before Searching
When you apply for an apartment, landlords may ask to see the following documents:
- Government-issued photo ID
- Proof of income (pay stubs, bank statements, offer letter)
- Social Security number or credit check information
- Rental history
- References
Another important part of being approved for an apartment is a credit check. Property management companies may review your credit to look for consistency and ensure you’re a reliable tenant. If you don’t have an established credit history, consider signing with a co-signer or guarantor.
A guarantor is someone who signs the lease and agrees to cover the rent if the renter misses a payment. A guarantor can be a family member, friend, or anyone willing to accept the responsibility. A co-signer is someone who signs the lease and has the right to occupy the unit. While these two titles are similar, the main difference is that a co-signer is allowed to live in the unit and is responsible for immediately paying rent, while a guarantor is only responsible if the tenant misses a payment.
Signing a lease with a guarantor or co-signer can be helpful if you have limited credit history because it reduces the financial risk for the landlord, ultimately improving your approval chances.
4. Be Strategic About Your Apartment Search
Before you begin your apartment search, consider your timeline, budget, and preferred move-in date. If you’re moving to a new city, start your apartment search about 60 to 90 days before you plan to move.
Think about the time of year you’re starting your search. Spring and summer are the busiest moving seasons because many renters have more flexibility and school has stopped. Because of this, moving in the summer may mean more competition for available apartments and fewer chances to negotiate.
If you want to negotiate with your landlord, consider moving during the colder months. Because there are more vacant units to fill, rental markets may have less competition, and landlords are more likely to extend concessions.
5. Ask Questions During Your Tour
When you find an apartment you’re interested in, it’s time to schedule a tour. A tour is a great way to get a feel for the space. During your tour, ask the leasing agent any questions you have. Here are a few important questions to ask during your apartment tour:- What is the total monthly price of the unit?
- Which utilities do I have to set up and pay for? And how much do these cost on average?
- How much is the security deposit for this unit?
- Is there a parking garage or lot, and how much does it cost per month?
- Do you have a pet policy?
- Is the maintenance team responsive?
- What are the noise levels like in the building?
- Do you require renters insurance?
- What lease lengths do you offer?
- Are you currently running any rent specials?
In addition to these questions, test the appliances and fixtures in the apartment. Check the shower, toilet, refrigerator, oven, microwave, light switches, windows, locks, and handles to verify they are working properly. If something isn’t working, alert the leasing agent.
Conducting a thorough apartment inspection before you sign a lease can help you decide whether the unit is the right fit.
6. Read Through Your Lease Before Signing
After you’ve searched for an apartment and toured the units you were interested in, the next step is to review and sign the lease. A lease is a legally binding agreement between a landlord and renter that outlines rental terms, costs, responsibilities, and length of tenure. While a lease may seem straightforward, it can include important clauses to review before signing.
If you and your landlord discussed a move-in date and lease length, verify that the dates listed on the lease are correct. In addition, if any promises were made verbally, such as an unadvertised rent concession or a waived application fee, make sure the agreement is in writing.
Other clauses to review or ask your landlord about include:- Guest limits
- Subletting rules
- Responsibility for repairs
- Late-fee structure
- Lease termination fees
- Conditions that count as a lease violation
Be cautious if you feel pressured to sign before you’ve had an opportunity to review the lease. Do your due diligence before signing a lease and ask about any clauses that seem unclear. Consider seeking legal advice if you have other questions.
7. Renters Insurance is Important
Although some apartment communities don’t require tenants to have renters insurance, this policy can protect you from certain financial losses. The cost of renters insurance varies based on factors such as location, coverage limits, and insurance provider, but ranges between $15 to $20 per month.
While the property manager’s own insurance covers the building, renters insurance protects your belongings as a renter. If there is damage in your unit caused by fire, water, storms, or your belongings get stolen, renters insurance covers the cost of replacement. This type of insurance also provides liability coverage if you accidentally damage someone else’s property or if someone is injured on your property.
Another benefit of renters insurance is additional living expenses coverage. If your apartment becomes uninhabitable due to a natural disaster or weather, your plan may cover the cost of temporary housing.
8. Tips for a Smooth Move-In Day
Depending on the apartment community, there may be specific move-in requirements. For example, some apartment buildings require new renters to unload their belongings at a loading dock, especially if they have large furniture like couches or chairs. If your community has a loading dock, ask the property manager whether you need to reserve it before move-in day.
Once you’re in your apartment, take photos and videos of the space before unloading any belongings. Document the walls, floors, doors, appliances, cabinets, or any areas where there may be existing damage. Keeping a time-stamped record can help show that the damage existed before you moved in.
Some communities also require tenants to complete a move-in inspection checklist. Complete this checklist sooner rather than later so your landlord is aware of any damage.
Finally, set up your gas, electricity, internet, and any other utilities you’re responsible for before your move-in date. Having active services can help you verify that these services are working properly.
9. Protect Your Security Deposit
One of the upfront costs you will have to pay before moving into an apartment is a security deposit. A security deposit is a refundable fee that a landlord may collect to cover unpaid costs or damage beyond normal wear and tear. Any remaining amount may be returned to the renter after move-out according to state law.
To improve your chances of getting your full security deposit back, review your lease before making any permanent changes to your apartment, such as drilling holes in the wall, painting, or changing locks.
Because security deposit limits and return requirements vary by location, review your lease and local laws. Keeping your apartment clean, documenting its condition, and following lease terms may help protect your deposit.
