Renting an apartment for the first time is an exciting and stressful process to handle on your own, especially in a competitive rental market. But there are ways to prepare for your first apartment search to ensure you find a great rental that fits your budget and meets your needs.
Keep reading to get expert tips on renting an apartment to help you navigate the process on your own.
10 Tips for Renting an Apartment for the First Time
To help you along the way, we outlined ten helpful first-time renter tips to keep in mind as you search for listings online and secure your first rental.
1. Determine How Much to Budget for Rent
First, determine how much you need to budget for rent and other renting-related expenses like utilities, parking fees, or pet fees. There are two widely accepted rules when it comes to budgeting for rent, including the 30 percent rule and the 50-30-20 model.
The 30 percent rule advises renters to avoid paying more than 30% of their monthly adjusted income in rent to have money left over for other expenses. While this model is still practiced, it’s sometimes considered an outdated way of budgeting for rent. That’s why it may make more sense to use the 50-30-20 model, which means 50% goes towards fixed expenses like your monthly bills, 30%is used for miscellaneous expenses, and 20% goes to a savings account.
Some landlords require renters to make at least three times the rent price, so this can also be a way to determine which rentals you qualify for. The key is finding a rental that you can afford and doesn’t require spending too much on rental-related expenses each month.
2. Identify What Amenities You Need
It’s important to determine what amenities you want in a rental since you’ll likely be living in the unit for 12 months or more. Apartment amenities consist of features or services that renters can use while occupying the unit. Amenities can be in the apartment itself or accessible in the building, like a gym or parking garage. Rentals that allow pets may also include pet-friendly amenities, such as pet runs or a backyard.
3. Create a Renter Profile
Many renters can agree that the home search can quickly add up with multiple application fees and credit checks from various landlords. To avoid that from happening, you can create a renter profile that includes all the information landlords typically request on a rental application and certain screening reports for a one-time fee.
An Avail Renter Profile is easy to create — once you create an account, you’ll be asked to add your residence history, work history, income verification, standard application questions, and screening report authorization. You can also add a credit check, background check, and eviction report for a one-time fee.
Once your profile is complete, you can share it through a link or email it to a landlord. Not all states require landlords to accept renter profiles, so it’s important to check your state rental laws to confirm before creating a profile of your own.
4. Visit Apartment Hunting Websites to Find Rentals
There are multiple apps for apartment hunting that offer rental listings with current information on each unit and allow you to filter listings by price, property type, bed and baths, your desired move-in date, pet-friendly rentals, and more. Some apps will also let you know if certain rentals are no longer accepting applications or available to rent.
5. Schedule In-Person Property Showings
Apartment hunting websites now make it easier to virtually explore properties through 3D tours and virtual property showings. But it’s important to schedule in-person property showings with the landlord to get a closer look at the quality of the rental and explore the neighborhood it’s located in.
In-person property showings also present a great opportunity to ask the landlord your questions about the property, their rental application process, their rules on decorating the apartment, and how deliveries are handled.
6. Research Your Renters’ Rights
All renters should be well-informed on renters’ rights to know what landlords are allowed (and not allowed) to do. Examples of rights you have as a renter are the Right to Fair Housing (established by the Fair Housing Act of 1968), rights on how security deposits should be handled, and the right to privacy, just to name a few.
States also have additional laws regulated at the state level, so the more informed you are, the less likely your rights will be violated without your knowledge.
7. Read Through the Entire Lease Agreement
As a first-time renter, it’s important that you read and understand your lease agreement before signing the document. You’ll want to ensure the information on the rental listing aligns with the lease agreement and what the expectations are when living in the rental property. The lease agreement should also include the landlord’s contact information in case you need to reach out to them at any point.
Once you’ve signed the lease, storing the document in an easily accessible place can help you reference the lease when having questions on how to escalate maintenance, pay rent, and other renting issues.
8. Get Renters’ Insurance
Many landlords require renters’ insurance to protect your belongings in case the property is damaged or destroyed. The typical renters’ insurance policy defines under what events your belongings are covered and which belongings are covered.
Most insurance providers also suggest adding a pet policy if you own one or more pets, as this can provide additional protection during the lease term.
9. Take Pictures of the Rental Before Moving In
Before moving into the apartment, take pictures of each room in the rental. Ideally, renters are advised to take photos once getting the keys to the rental and before moving in their belongings.
If you find issues with the flooring, the doors, or any other parts before moving in, then taking pictures can act as proof that you did not cause the damage while living in the unit.
10. Report Rent Payments to a Credit Bureau
Rent will most likely become your biggest expense, and thanks to platforms like Avail, you can now report on-time rent payments to TransUnion for $3.95/per reported month with CreditBoost*. You can contribute to your FICO 9, FICO XD, and VantageScore with CreditBoost, making it easier to build your credit while renting your first apartment.
You’ll need to invite your landlord to collect rent with Avail, but this is easy to set up and provides tons of benefits they’ll love. States like California also require landlords to allow renters to report rent payments to a credit bureau, so using Avail offers benefits to both parties.
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