The U-Haul you are renting smells like old french fries as you are seeing your new neighbor peeking through the window, not understanding who you are. In addition, many communities will limit you to certain hours for moving in or charge you a fee for just being parked in your parking area. Crazy, right? Once you have moved your stuff inside your new apartment, do yourself a favor and introduce yourself to your neighbors above, below, and to your left and right sides. Your apartment walls are like tissue paper and it helps to know your neighbors in the future when you need to complain about a noise in your apartment.
You Are Signing Your Life Away!
You can’t move in until you have signed a lease, which is basically the “rules” of the way you are going to live your entire life in that apartment. It tells you how much rent you owe, when you owe it, how you can move out when you want, and what happens if you use the walls for target practice. Be sure to read it carefully, and if you have questions about the terms of the lease, do not hesitate to speak to your landlord about it. After you read the lease, it will be time to hand over half of your net worth to your landlord—by the way, this will be called the first month’s rent, the last month’s rent, and a security deposit that your landlord can take away if you spill anything on the carpet.
Approval Needed Before Anything Else
Before any lease agreement can happen, you’ll have to apply for an apartment. The application includes things such as proof of income, your credit history (via Social Security Number), and probably a couple of reference letters stating that you are not a crazy person. Plus, an application fee, because there is a cost associated with performing a credit check.
How to Create Your Budget
Before you start searching for apartments, it is important to know how much rent fits into your overall budget. Rent is likely going to be one of your largest monthly bills, and if you overspend on rent, it can derail any future financial goals you may have. The best guideline for renting is to ensure your rent is between 25%-35% of your net income. The percentage may differ from state to state, but if you want to pay off your loan debt, put money into your savings account, and eat real food instead of instant ramen every night, then make sure you keep your rent reasonable.
Now Let’s Discuss Location
Once you have determined what your budget will be, you will need to investigate your potential neighborhoods. Think of your normal commute (to work), school, grocery store, and gym (even if you plan to go very rarely). If you are moving from a distance or are unable to visit your future neighborhood in-person, you can use Google Maps or similar tools to pin those locations on the map. This will help provide a visual representation of how far away from each location your preferred area is.
Next, research available listings on sites such as Zillow and compare the information with your budget and expectations. If you find that your budget and expectations differ from the options available; you will have two options: either expand your search around your current location or find someone to share your costs. Splitting the rent and utilities of an apartment enables you to share arguments about cleaning with someone else. This is a classic example of how to combine the experience of adulthood with being just starting out.
Find Specific Apartments To Visit
Once you have found an area that fits your criteria, make a list of 6-8 prospective complexes. Be sure to include the name of each complex along with the monthly rent (if available) and the address. Next, search on Google (as an internet archaeologist), looking for any 5 or more reviews mentioning reoccurring problems such as the building having bad plumbing or having an extremely loud hallway or unattainable management that comes and goes without notice when problematic situations arise.
Schedule a full day for touring apartments. Be sure to call ahead and make appointments beforehand. Also, make sure you’re visiting the actual unit you’re going to rent—samples of units can look great on social media, but in reality they don’t mean anything. If you won’t buy a used car without visiting it first, you shouldn’t rent an apartment without visiting it either. If the apartment management won’t allow you to do this, that should raise a major red flag to you.
Renting an apartment for the first time is a bit surreal as you suddenly realize that looking for an apartment is not all that exciting—it is just paper work, budgeting, logistics and annoying neighbours with weird taste in music. However, it is your independence, comfort and a place you can call your own, even if temporarily. Apartments, condos and townhomes have their own unique personalities, but they all have a similar process to go through.
