Renting an apartment for the first time can be incredibly exciting. It can also be stressful since you’re learning how to rent an apartment. To help you feel confident about renting your first apartment, we’ve put together a list of things you can do before your big move.
Steps to take before renting your first apartment:
- Do your research
- Identify your budget
- Know your credit score
- Understand your lease and renter rights
- Get renter’s insurance
1. Do your research
Whether you’re considering moving out of state or within the same city, do some preliminary research first. Look into the neighborhood where you want to rent your first apartment, check out the city’s local website, and get a feel for where you think you’d feel most at home.
Do you love to try different foods or have a discerning taste in cuisine? Access to good restaurants might make your priority list. If you like running outdoors, access to great running trails and scenery could be the most important thing on your list. Do your research and choose the city, state, and neighborhood where you feel most excited about living.
2. Identify your budget
Renting your first apartment is an exciting milestone, but be mindful of your budget. Before you start apartment hunting, take some time to calculate how much rent you can afford to pay each month. Start by looking at your monthly income and subtracting your expenses, such as food, transportation, utilities, etc.
Once you know how much money you have left each month, you can start looking for apartments that fit within your budget. Keep in mind that you may also need to budget for moving costs, security deposits, and furniture.
We recommend two resources to help you think holistically about your moving and apartment costs. First, our monthly National Rent Report provides up-to-date median rent prices across the nation. Second, Numbeo is a helpful tool to use before you move. It breaks down the average cost of living (utilities, meals, transportation, groceries) in every major city. These averages will give you an idea of how you should budget your money.
3. Know your credit score
Property owners and managers often request that potential renters provide credit reports before starting the rental application process. How can your credit score affect your chances of getting approved for an apartment? Your credit score helps a property manager confirm that you can pay your rent on time, and you’ll want to have a higher score.
Contact a local bank or other reputable institution in your area for information on what scores are typically needed when looking at apartments because not all agencies use the same standards. Most property owners and managers require a credit score of 600 or higher to qualify for an apartment. If you still have some time before you start renting your first apartment, try to improve your credit score. Otherwise, you may have to get a cosigner or look for apartments with less stringent requirements if you have a bad credit score.
4. Understand your lease and renter rights
Read your lease agreement carefully because it’s a legally binding contract between you and the property owner, and you should know what you agree to before signing anything. Pay attention to things like the length of the lease, the amount of rent you’ll be responsible for each month, and what utilities your rent covers. Also, pay attention to what other responsibilities the property owner has, what you can do as a renter, and how to address problems while living in your apartment.
The U.S. Department of Housing and Urban Development (HUD) website is an excellent resource for learning more about your rights and responsibilities as a renter. HUD provides necessary information regarding rental laws and protections by state.
5. Get renter’s insurance
Renters insurance is a type of insurance that covers your personal belongings in case of damage or theft while renting a house or apartment. It also provides liability coverage if someone is hurt while on your property. Property owners and managers don’t typically require renters to have insurance, but you might want to get a policy before you move in.
Consider the different insurance companies and read through their plans. Renters insurance doesn’t cover some things, so read through each insurance plan carefully. Once you’ve chosen a company, see if they offer any bundles, like renters and car insurance, and you can save some money by using the same provider.
When all is said and done, renting your first apartment will certainly come with some freedoms. Get the basics of renting figured out early so you can enjoy all the fun parts of having your own apartment.
Ready for the big move? Search thousands of homes and apartments for rent on Zumper and find your new home.
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