The day has arrived when you finally move out and embrace independence. For many young adults and college graduates, apartments are the go-to choice for accommodation. They tend to be more affordable than houses, can be shared with friends, and often come with perks like a fitness center, pool, or trash removal services included in the rent.
Renting your first apartment is thrilling, but it’s crucial to understand what it entails. Here’s what you need to consider before signing the lease.
**Setting Up Your Budget**
Before you start searching for the perfect apartment, it’s important to know what you can afford. Are you looking for sublets in NYC or just someone who needs a roommate? If you plan to share the apartment, make sure you agree with your roommate beforehand, especially if you can’t cover the rent on your own. Generally, it’s wise to keep your rent to about 30% of your income.
Remember, rent isn’t the only expense. You’ll also need to budget for utilities like electricity, internet, cable, trash, gas, and water if they’re not included in the rent. Apps like Personal Capital can help you add these costs to your monthly budget.
**Securing a Lease Without Credit or Rental History**
Usually, renting an apartment requires good credit or rental history. If this is your first time renting, you might not have that yet. Be ready to show proof of income and get a professional reference.
You can check your credit for free on platforms like Credit Sesame. It’s also a good idea to have bank statements that show you can cover the rent for at least three months. You might need a co-signer, so if your parents are willing, don’t hesitate to ask them for help.
**Before Committing to the Lease**
If you qualify for the lease, congratulations! The lease is a formal agreement between you and the landlord, protecting both parties. Don’t be afraid to ask the landlord any questions before signing. If you’re unsure about lease details, consult with your parents or a lawyer. It’s important to be fully informed.
Also, be prepared for upfront fees. These usually include a fee for the credit check, a security deposit, possibly a pet deposit/fee, and a utilities deposit.
**Your Roommate**
Having a roommate can make financial sense, but it’s important to take precautions, even if you’re moving in with your best friend. Make sure your roommates sign a co-tenancy agreement that outlines everyone’s responsibilities and liabilities. This can help avoid legal issues down the line.
**Before You Move In**
Once you have the keys, don’t rush to move in your furniture. First, take detailed pictures of the empty apartment, documenting any pre-existing damage. If the carpets are dirty, consider hiring a carpet cleaning service.
If you notice any issues, inform your landlord before moving in. Keep all communications about repairs or complaints in writing and maintain a file of these exchanges. Proper documentation can help resolve any future legal disputes.
Welcome to apartment living! Your first apartment, with all its quirks and limited space, will be an unforgettable experience.
What was your first apartment rental experience like?