Whether you are looking for your first apartment or you are a seasoned renter, finding and renting the perfect apartment is a large task. It’s not just about being good at searching for your dream apartment. It’s a whole process that can take some time.
Especially if you’re looking for an apartment in a competitive market, stay strong and focused and use this guide to help you sign a lease with ease in that perfect place. However, it’s important to not get discouraged because we’re here to help. Here are the steps to take before renting an apartment.
What you’ll find in this guide to renting an apartment:
1. Searching for your apartment
Finding a new place to rent always starts with a good apartment hunt. Before you begin to look, decide what size apartment you want, pick a few preferred neighborhoods and figure out what you can afford. Then, let the hunt begin.
Budgeting for monthly rent
As a first-time renter, writing out your budget will greatly help with your apartment search. Most experts will advise you to spend no more than a third of your monthly income to pay rent. Because of this, sometimes where you live and what you earn don’t coincide in a way to make this ideal budget work. It is also important to remember that sometimes your monthly rent payments don’t include the price of utilities. Make sure you have enough to pay your security deposit and first month’s rent before you sign any leasing agreements.
Do you need a roommate?
If this is your first apartment and you don’t know if you can afford it all by yourself you could always consider a roommate. These are some of the benefits of having a roommate:
- They can help out with rent payments
- Co-sign on the apartment lease
- Help pay the application fee
- Keep you company
Before you agree to live with any potential roommates make sure you do your due diligence on them. Finding the right person to live with can make all the difference in your day-to-day life.
Searching online
Having enough time to find your next home. Try and make sure to give yourself anywhere from 30 to 60 days before you need to move out.
Searching online gives you access to the most inventory in the shortest amount of time. You can narrow down your search by price and not waste time going to see apartments you can’t afford.
Touring potential apartments
Once you have narrowed down the apartment you want to go see it’s time to start touring in person. Make an appointment with the property manager or owner and arrive on time.
Consider bringing a friend or family member with you on the tour. Having a second set of eyes to look over everything means you’re more likely to identify any issues with an apartment. While you’re on the tour, keep an eye out for any structural issues like cracks in the walls or water stains on the ceiling. First time renters can also use a leasing agent to help them out with their search.
Checking out the surrounding neighborhood
The apartment complex you live in is equally as important as where that complex is located. Decide early on if you’re more into big cities or suburban life. While you are touring in person take a minute to check out the neighborhood you’ll potentially be living in.
2. Filling out a rental application
So, you’ve found your perfect apartment! Now it’s time to start the application process. The application process gives most landlords a chance to get to know you better as a renter.
Complete the application
Filling out the apartment application is your next big step to getting your new home. This is some of the information that might be asked on the form so, it’s important to have them at ready.
- Social security card: The property manager may need a copy for background checks.
- Driver’s license: They’ll most likely want a copy of this, as well.
- Proof of income: Your last few paycheck stubs will work best. They might also ask for your tax returns.
- Rental history: If you’ve rented before, bring addresses and contact information for past property managers.
- Personal references: More often than not most landlords will ask for personal reference letters. This will help them get a better idea of who you are and what type of renter you’ll be. Ask your employer or someone credible to write personal references for you.
- Pet information: Property managers may want to see veterinary records to make sure the pet is up-to-date on vaccinations, and require an extra pet fee upfront.
Paying to apply
Usually, with a rental application, there’s a non-refundable fee. This covers the costs of running a background and credit check or anything else a landlord feels is necessary to vet your application. The average fee to submit a rental application is around $100.
Bringing more money for additional fees
Although you’ve already paid an application fee and maybe got the ball rolling on a few other upfront costs, you’ll still need to make another payment when you sign the lease. This often consists of a security deposit and the first month’s rent. If you’re bringing a pet with you, this is the time when you’ll either pay a pet fee or a pet deposit.
Background checks and credit checks
Credit and background checks are the next steps in the process. The property management company will run a credit report to check your credit history and a background check to see if you have a criminal history and to see if you’ll be a dependable renter. The property management company will need you to agree before they run these checks. It’s a good idea to see if you have good credit or bad credit before starting to look for a rental apartment.
If you have a co signer their credit history will also be checked to make sure they too have a c good credit score.
Waiting for approval
Once you submit your application and pay any fees, the only thing left to do is wait. Typically, it takes one to three days to hear back from the landlord about your application.
3. Signing the lease agreement and paying the security deposit
After your rental application gets approved, the next step to renting a new place is to sign the lease.
Understanding lease terms before renting an apartment
Leases usually vary by the landlord but contain some general terms you should know before you sign on the dotted line especially if you’re a new renter.
- Lessee and lessor: You’re the lessee and the property owner is the lessor
- Term of tenancy: The length of time you’re renting
- Grace period: This defines the amount of time you have, if you need it, to make a late rent payment without any penalties
- Eviction: Landlords initiate this process when certain conditions occur, which are also stated in the lease. It’s the process of terminating the lease early without penalty.
- Sublease: If you decide to let someone else live in your home while you’re still on the lease, it’s considered sub-leasing.
You want to make sure your lease also has an abatement clause. This protects you, as the tenant, against having to pay for any damages that are beyond your control and allows you to stop paying rent, should you have to live elsewhere while repairs are made.
Knowing the rules
In addition to general terms and policies, most leases have a separate set of rules specific to the apartment complexes. These are the same for all tenants, so you need to read them carefully to make sure they’ll work for you.
- Guest policies: Your landlord might have limits on how many nights you can have overnight guests in your apartment. Some property managers even make guests sign in at the leasing office.
- Parking: Any rules about your parking spot should be in the lease. There might also be restrictions on where guests can park.
- Visits from landlord: In theory, a landlord hould not come into your apartment without 24 hours notice. Even though they own or manage the apartment, it’s still your home.
- Decorating: Rules in this category can get very specific and include things like whether you can paint the walls, use nails to hang things, the size of the nails, acceptable paint colors, etc.; the list can get long.
- Rent increases and renewals: This section can include information on planned rent increases or a disclaimer that the property owner can raise the rent without notice.
- Noise: The biggest issue in an apartment building is usually noise. These rules can include set quiet hours but also language about maintaining an appropriate noise level that doesn’t disturb other tenants.
- Property use: Landlords may also prohibit you from running a business from the building.
- Pets: Policies for pets are very specific, especially if no pets are allowed.
Having a cosigner or guarantor
Based on your income, credit score and rental history, an additional requirement to signing the lease may include having a co signer or guarantor. While these terms are often used interchangeably by landlords, legally, they mean two different things. Your lease should use the proper legal term to avoid confusion, so you may need to request an update.
- A co-signer is another name for co-tenant, meaning they’re an extra person on the lease who’s paying rent and who can live in the apartment. A roommate or a live-in partner, who signs the lease are considered co signers.
- A guarantor is someone who is willing to be financially responsible for your lease if you’re unable to pay. If you have a low credit score or your monthly income won’t cover the rent you may need someone to co-sign. This person could be a partner, close friend or relative. But they should understand that they will be held legally responsible if you can’t make your payments.
Get set up to pay rent
If you’re someone who is busy and wants one less thing to think of, set up a credit or debit card to pay your rent each month. This way you’ll never forget even one month’s rent.
4. Preparing to move
The paperwork is complete and an actual move-in date is now on the calendar. Time to breathe a sigh of relief, you now have your own place. The last thing to do is move. More than just packing up your stuff and getting it to your new place, preparing to live somewhere different requires extra setup and preparation.
Setting up utilities
In order to make sure you’ve got electricity, heat, air-conditioning and water on the day you move in, you’ll have to set up your utilities beforehand. First, be clear about which utilities are your responsibility. You’ll also want to schedule cable and wi fi installation, if necessary, to align with your move-in date since it can take a while to get on their schedule. Certain utility companies run a credit check, just like your landlord did during your apartment application.
Securing renters insurance
Another thing to consider getting is renters insurance. Some apartments require this type of insurance to sign a lease, but even if it’s not mandatory, you should get it. Renters insurance will help keep all your belongings safe. Without insurance, if you experience theft, fire or water damage, you’re on the hook to replace everything.
Organizing your move
The last step to renting an apartment is moving in and setting up your new home. This means packing up your current place and deciding whether to hire movers.
Successfully renting an apartment
From the initial search to the application process and signing a lease on your ideal apartment, knowing how to navigate the process can save you time and stress. It can also help make sure you’re settling into the perfect place. If you use the covered topics you should be in great shape to start your next move! And if you’re looking to make a move sometime soon, start your search here!
