In the US, 35% of Americans rent and don’t own property. If you’re just starting out in life as an adult, or you’ve had a tough time and haven’t saved up much, that can be the only option.
Is it your first time renting an apartment, and you don’t know much about the process? Then it can be a major source of stress.
But luckily, you can learn about it beforehand. That way, you won’t be taken advantage of, and you can rent with confidence.
Read on to find out four things to know about apartment rentals.
1. You Need to Prove You Can Pay
You can’t just rent an apartment without money, and we’re not just talking about a few months’ rent. The eviction process is lengthy and arduous, so landlords want tenants who are responsible and reliable.
Typically, they’ll want to see that you have steady paychecks, which you’ll prove with the last three months’ paystubs. If you’re renting short-term, then sufficient funds in your bank account (proven through bank statements) will suffice. Otherwise, landlords usually want to see an income that’s 2.5 times the rent.
If you’re not currently employed and/or don’t have much money in the bank, some places allow you to have co-signers.
2. Think About Long-Term Costs
Some apartments may have attractive upfront prices, but look carefully at the details. If it’s for the rent only, then you have to think about other long-term costs, such as:
- Utilities (gas, water, electric)
- Cable TV
If you’ve never paid for these things before, then research how much they cost on average, then add that on top of the rent price. This will give you a more accurate picture when comparing apartments.
3. You Should Get Insurance
Your landlord will cover repairs to the apartment should anything happen. However, they won’t be responsible for your possessions, so you want to make sure you’re compensated fairly should they get stolen, damaged, or lost.
The good news is, renter’s insurance isn’t expensive, so you can get peace of mind without draining your wallet. Read this webpage to find out more.
4. Read the Contract Carefully
Every property has different rules, so even if you’re an experienced tenant, you still need to read the contract carefully. If not, you may lose your entire security deposit upon moving out, or in the worst-case scenario, you might get kicked out.
For example, if you hang up a painting, you might get dinged on your deposit if the contract says you can’t nail things into the wall. Or if you have visitors over for five days, but the contract says the max is two days, then it can be grounds for eviction.
Good Luck Finding and Renting an Apartment
Renting an apartment can be a fun yet stressful activity. But when you know more about what to expect, you can focus on being excited rather than anxious.
Also, with our tips, you’ll be prepared for the process, which can impress landlords. Before you know it, you’ll be planning a move to your dream apartment!
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