It’s never been easier on how to find an apartment. It’s also never been more potentially overwhelming.
Marriage, kids and career aside, there aren’t a lot of choices out there that are more important than where to live. Home is where we escape from the stresses of the outside world, so ideally, every renter can find the perfect apartment for their needs.
It takes careful thought, planning and diligence to find the right apartment. There are many factors to consider as you cull through the rental real estate listings, such as neighborhood, rent prices, amenities, lease requirements and other issues. This is all compounded if you’re renting in a new city that is largely unfamiliar!
Fortunately, there’s no shortage of rental real estate for renters to search from. Before kicking off the apartment search, however, it’s important to have a few factors figured out.
1. Figure out monthly rent allowance
The first step in the apartment hunting process is identifying how much you have to spend on rent every month. This is a critical decision that many people don’t give enough thought to.
Everyone wants that penthouse place with an outdoor kitchen, but most renters can’t swing the monthly rent prices. That doesn’t mean that the perfect apartment within your means isn’t out there, though! You just might have to search more carefully through the rental listings, is all.
Here’s how to calculate the ideal monthly rent
Financial experts recommend that renters allocate a maximum of 30 percent of gross income toward rent. So, the tenant who makes $100,000 per year (pre-tax income), should spend no more than $30,000 per year on rent, which comes out to $2,500 per month. Ideally, spend a little less and put that extra cash in savings!
This is a responsible rent amount because experts also suggest putting an additional 20 percent toward living “needs,” like utilities, car, gas, insurance, groceries, etc.
Another 20 percent is best put in savings, and the remaining 30 percent earmarked for entertainment, travel and so on.
Of course, people without a set income, such as a freelance writer, should take extra care in figuring out what they can afford when trying to find apartments. Use this helpful rent calculator to determine the maximum rent you can afford on your pay.
2. Land on a location for your apartment search
One factor that greatly affects the cost of renting is location, location, location. This is probably the first thing most people think about when apartment hunting. However, real estate in swank neighborhoods or near desirable parts of the city cost more than apartments in outlying areas.
Of course, a rental home or apartment that’s close to work offsets some commuting costs, so factor those savings in when going about your apartment hunt. You can probably pay a little more in rent if it means that you don’t have to pay for a car/insurance/gasoline. To that end, find out how close the apartment is to public transportation, just in case that becomes necessary to get around the city.
Once you’ve determined an area or two that suits your budget, it’s time to look at the available rental properties to see how their specific locations stack up against your needs. Some people want to live close to nightlife and dining, while other renters want a quieter, dog-friendly neighborhood with a selection of grocery stores close by.
Figure out what’s most important to you, and narrow the list down to a couple of properties that fit that bill.
3. Define the details
There’s no sense looking at apartments for rent in real estate properties that don’t meet your specific criteria. Renters with roommates obviously need a certain number of bedrooms, so start there. Also, consider where you want to live in the building when finding an apartment. A person with bad knees, for example, might limit searching to bottom-floor apartments.
Now, time for the fun stuff. Some apartments for rent have all of the bells and whistles, like gated entry, fitness center, pool access, laundry center, doggie run, covered parking and so on. Make a list of the amenities you simply can’t do without and those that are optional. Access to these amenities affects rent price, so if you’re searching for a cheap apartment, you may have to move them to your nice-to-have list. Fortunately, it’s easy enough to suss out which properties have which amenities using helpful apartment rental sites.
4. Think about ways to save money
People looking to save money during the apartment hunting process can also consider a few other factors.
Move when it’s cold
The time period between late September and April is the least expensive to move. If possible, schedule your move to happen sometime in that period.
Get a roommate
The right roommate (s) will literally cut expenses in half, or even thirds if there are three of you. Just be sure everyone’s on the same page in terms of cleanliness, noise and frequency of visitors. There’s not much worse than being stuck in a bad roommate situation!
Keep a close eye on rental rates
Rent rates are not static, they can change as often as day-to-day. In the weeks and months leading up to your decision, monitor the rates online to see when the cheapest prices and best move-in deals occur.
Inquire about less popular units
Some apartment units cost more than others. A more budget-conscious renter might opt for a middle-floor unit, as it’s fairly standard that those are less expensive than the bottom or top floors of apartment buildings. Ask landlords if there are price breaks on any less desirable apartments.
5. Tour some apartment rental locations
At this point, the apartment hunting process should start to narrow to a few top contenders in one or two neighborhoods. Contact those property managers and set up a tour to see if the community and neighborhood have everything you need.
Apartment tours are best done in person so that you can get a better idea of the quality of the community and unit in question. It’s easier to see what you’re actually getting this way.
However, these days, virtual tours are usually an option if you live out of town. Make sure they take you all around the specific apartment you’re interested in, as well as pertinent areas of the rest of the property. This brings us to our next point…
6. Ask lots of questions
Before the tour, make a list of important questions for the landlord about the apartment when you’re walking around the property. For example:
Regarding the application process, how much is the application fee? What’s the process like and how long does it take?
Ask for specifics about the unit you’re interested in. What’s the availability of the apartment, and is any work needed before you can move into your new place? Consider taking pictures on move-in day so that you don’t get left holding the bag for existing damage when you move out.
Then, there are lease details. How much notice must you give before vacating the property? What can you possibly be fined for? How much? How do you prevent this from happening?
Also, how are rent and other payments handled? And how do renters file complaints about noise, neighbors, property damage, etc?
You get the picture. Also, don’t be afraid to inquire about any rent specials. Don’t spend more than you really have to for an apartment!
7. Find out about fees
Another extremely important line item to cover when searching is apartment fees in addition to rent. Don’t be surprised by hidden fees!
For example, are there extra fees for pets, parking, utilities, etc? Is there a move-in fee, admin fee or security deposit? If so, how much of each?
Also, make sure to find out about renters insurance. Are you required to purchase it on your own, and if so, what’s the minimum amount? Or, are tenants covered through the apartment community?
There are a lot of tiny details in a typical lease, so make sure you search through it and understand them all during the apartment hunting process.
8. Submit a rental application
Apartment neighborhoods have to keep the non-serious looky-loos away, so it’s typical for a rental application fee to cost an average of $30 to $50. For this reason, it’s fiscally smart to apply to rent only in the neighborhoods you’re really interested in.
What does the application fee cover?
This fee covers the time it takes for the landlord to conduct a background check, credit check, talk to references and so on. Provide all necessary information to ensure the process goes smoothly and quickly, like a copy of your driver’s license, social security number, pay stub, vehicle information and any references or other contacts the landlord needs.
9. Sign the lease and move in!
This is the last step in the apartment search process. Once they approve your application, sign the lease, pack everything up and make all of the necessary arrangements to move into your new place.
Be aware that relocating is an expensive process, especially if moving to a new city. If you’re lucky and moving locally, offer to bribe some friends with free food and beer to help you move. Or, search for discount movers when it’s time to change apartments.
Before making the switch to the new apartment, don’t forget to change your mailing address with the post office and call up important contacts to permanently change the address (credit card company, employer, etc.) Turn off or transfer utilities to your new apartment, and above all else, be ready to roll with the punches. Unforeseeable circumstances will pop up, so be flexible enough to handle them without becoming overly stressed out.
The apartment hunt is done…now what?
Now that you know how to find an apartment and the apartment hunt is over, it’s time to settle in and get to know the property, the unit you’re renting and the city around it. Hopefully, renting this new place will come with some brand-new friends to make it feel extra homey and faster.
Source: apartmentguide.com