11 Tips for First-Time Renters

Renting your first apartment is a significant milestone, offering independence and responsibility. Follow these tips to ensure a smooth rental experience:

1. Budget Wisely

• Create an apartment budget to manage expenses and savings.
• Spend no more than 30% of pre-tax income on rent.
• Consider the 50/30/20 rule:
  • 50% on essentials (rent, groceries, transportation)
  • 30% on non-essentials (vacations, hobbies)
  • 20% on savings and retirement
• Factor in all monthly expenses and unexpected costs.
• Consider renting with a roommate to split costs.

2. Determine Your Needs

• Make a checklist of essential needs vs. wants:
  • Needs: parking space, pet-friendly, furnished options.
  • Wants: swimming pool, balcony, amenities.

3. Take a Walking Tour of the Apartment

• Prefer in-person tours to experience the layout and community.
• Ask important questions to property managers:
  • Parking arrangements
  • Mail delivery process
  • Community quiet hours

4. Know What Utilities are Included

• Confirm which utilities are included in rent.
• Discuss with the property manager about utility billing methods.
• Account for one-time initiation fees for setting up utilities.

5. Consider the Parking Situation for You and Guests

• Investigate parking rules and availability:
  • Resident parking arrangements.
  • Visitor parking options.
  • Costs and permits for parking.

6. Know What the Application Process Involves

• Understand the steps: application, credit check, fees.
• Be aware of approval timelines (1-3 days).
• Consider having a guarantor if there is no credit history.

7. Read and Understand the Lease

• Don’t rush into signing; read thoroughly.
• Ensure verbal agreements are documented in the lease.
• Watch out for red flags like rental scams.

8. Get Renters Insurance

• Required by most managers; protects you and belongings.
• Covers property damage, liability, and emergency housing.
• Costs average $14 per month.

9. Walk Through the Apartment

• Conduct a walk-through to document condition and issues.
• Take photos to avoid being charged for pre-existing damages.

10. Befriend Your Neighbors

• Builds community and communication.
• Facilitates neighborly favors and resolves disputes.

11. Decorate Intentionally

• Be mindful of lease restrictions on permanent changes.
• Use art, lighting, and accessories to personalize space.
• Explore budget-friendly decorating options.

Renting your first apartment is a learning experience. With time, you'll manage responsibilities effectively and make your new place feel like home. Always communicate with your property manager for any assistance.