Key Takeaways
- First-time renters need to understand the entire rental process, including budgeting, apartment features, and lease terms, to ensure a smooth experience.
- It’s crucial to work out a realistic budget that includes monthly rent, security deposits, and other up-front costs, aiming for no more than 30% of your gross income toward rent.
- Always schedule an in-person walkthrough to assess the apartment’s condition and ensure everything meets your expectations before committing.
- Renter's insurance is a must, offering protection for your belongings and peace of mind, even if it’s not required by your landlord.
What Does a First Time Renter Need to Know?
Renting an apartment for the first time is a huge milestone. It’s exciting to have a space of your own for the first time, whether you’re moving out of your parents’ house or leaving a college dorm, but it can also be scary and overwhelming to go through the process of finding and moving into a unit. First-time apartment renters face unique challenges and need to navigate the search process carefully to make the best choice. Renting an apartment is a big responsibility that shouldn’t be taken lightly, so it’s important to make sure you’re prepared every step of the way to ensure things go smoothly.First Time Renter Tips
There are many intricacies to renting a rental property, and while you don’t need to be an expert on all of them to rent, you should still understand the process so you know what you’re signing and agreeing to. This includes understanding the lease agreement and apartment community thoroughly, as both can greatly impact your living experience. Below, we’ve compiled a list of five first time renter tips to help you feel ready to take on the responsibility of renting a property, stress-free.1. Work Out Your Budget
Before you begin looking for rentals in your area, you need to calculate your budget, including the first month’s rent and security deposit, which you’ll pay up-front. This doesn’t just include monthly rent, either — consider application fees, screening report fees, moving services, and other one-time charges that will need to be factored in when you decide to move into a rental. Budgeting for each month’s rent and other upfront costs is essential to avoid financial strain. It’s crucial, however, that you’re looking at rental units that you can afford. A good rule of thumb is to budget no more than 30% of your gross (pre-tax) income toward rent. For example, if you’re making $60,000 a year, $18,000 of it can be allotted for rent, meaning you can afford to spend $1,500 a month. Of course, that percentage can be flexible depending on your unique situation, but 30% is a good number to stick to so you can use the other 70% for the rest of your bills and monthly expenses. To save money, consider creating a detailed budget and exploring less popular locations, but be mindful of potential commute costs.2. Consider Your Apartment Needs
It’s helpful when apartment hunting to make a list of non-negotiable amenities or features you’re searching for. This list will look different for everyone, but consider your specific needs: Will you need access to a parking garage or lot at the apartment complex? Do you need a pet-friendly apartment? How many bedrooms or bathrooms are you looking for? Can you afford the application fees associated with a credit check and rental application? Building this list and sticking to it will help you to narrow down your search, making the process of sifting through listings less daunting.3. Schedule an In-Person Walkthrough
In the age of the internet, looking at apartments is easier than ever. You don’t even need to leave your couch to see pictures of every angle of a listing or even do a 3D virtual tour of a property; however, it’s a good idea to use these photos as a baseline for interest in an apartment and then schedule an in-person walkthrough of the property before moving further in the rental process. How does it make a difference compared to viewing an online listing? For one, you’ll be able to picture yourself in the space when you’re standing in it, but you can also better evaluate the quality of the unit in person than through edited, carefully picked photos of the apartment online. This is also a way to make note of any flaws that could be a problem later, like loud neighbors, a long commute to work, or spotty cell service. You can also ask the leasing agent or property manager about valuable information like utility bills, lease agreements, and any issues you may encounter during the move-in process. An extra note: When walking through a potential rental, feel free to take your own photos of the space. This serves multiple purposes since it can help keep your memory of the apartment fresh but can also serve as evidence of existing damages when you move in. Broken blind cords, spots that need repainting, scratches on the floor, and wear and tear on shower rods are good areas to check to ensure that you’re not charged for these damages when you move out. Documenting the apartment’s condition is crucial for the return of your security deposit when you move out.4. Read Your Lease Thoroughly
It may sound like common sense, but one of the most important things you can do as a first time renter is read your lease agreement thoroughly. By reading through your landlord’s terms, you’ll be able to understand the policies you’ll be obligated to follow when living in the unit and avoid agreeing to terms that violate your rights or are different from what you communicated with your landlord. It’s your responsibility to check that the information you agreed upon with your landlord is correct on the lease. Make sure your lease term and rent amount are accurate and look for your landlord’s terms and conditions on subletting, rent increases, lease termination, and other fees. It’s crucial that you know what you’re signing before you put pen to paper (or computer mouse to digital signature box). If the information is incorrect, ask the landlord to revise and resend the lease, and once everything looks right, sign and store a copy of the lease somewhere you can access easily for later reference. Another tip: Making rent payments securely online is an essential feature, as it allows you to track past payments and manage your monthly rent obligations efficiently. If it’s not stated in the lease, ask your leasing agent whether you can pay rent online and how it’s done.5. Always Get Renter’s Insurance
Many landlords will require renter’s insurance when you move into their unit, but even if they don’t, we highly recommend you purchase it anyway. Renter’s insurance protects your belongings in the case of property damage and is generally affordable — according to NerdWallet, the 2024 national average cost is $12 a month, though it varies by several dollars from state to state and depends on the level of coverage. A typical renter’s insurance policy will outline the instances when you can file a claim and which belongings are covered. If you have a pet, it may also be helpful to investigate purchasing a pet policy for extra protection during the term of your rental. If you’re looking for a place to get started with renter’s insurance, try getting your policy through Innago. When you’re searching for your first apartment, you can get an affordable policy with us even if your landlord doesn’t use our software.Becoming a First Time Apartment Renter
When you’re looking for your first rental, it’s vital that you prepare and have a plan of action. Becoming a first time apartment renter may seem like a big step into the next chapter of your life — and it definitely is — but it doesn’t have to be confusing. With these tips, you’ll be better equipped to find (and get approved for) your dream apartment.
