The average American moves about 12 times in their lifetime, and if you’re looking to move into your first apartment ever, there are a few things you should know that can really help you. From how to find the best place to how to make sure you make your rent on time, here are some tips for all first-time apartment renters that can help make your move the smoothest possible and keep you on track to keep it without any issues.
1. Be sure to budget the wise way
While you might have your eye on an amazing apartment, you want to make sure you choose one that is well within your budget so that you don’t end up signing a lease for an apartment that you won’t be able to forward with your income. You always want to try and stay within 25%-30% of your monthly income when looking for an apartment. Which means, if you take home $3,000, you don’t want to spend more than $750-$1,000 on monthly rent expenses. Over 50% of the renter respondents in a survey believe that renting is better for those with a budget and promote less financial stress.
2. Think about application fees
When you go to put down your deposit on your apartment, many apartment complexes require an application fee before you even put down the deposit. You have to make sure you are approved to even sign the lease on the apartment and to run that application, it’s going to cost you. These fees can run to about $25-$100 on average, but can also be higher depending on where you look to live. Luxury apartment buildings can charge you application feeds of about $250 or more.
3. Consider your lifestyle
If you’re into health and wellness and take physical activity seriously, you should consider renting an apartment in a building that ha a 24-hour fitness center or basketball courts. A recent Apartment Guide survey found that 60% of property managers cited pools/fitness centers as one of the top three most desired amenities that people who are looking to rent, consider when choosing where they want to live.
If you have children, perhaps consider a building with a playground, and if you have pets, you’ll have to limit your search to pet-friendly apartments. That’s right, not all apartments allow pets, so you’ll have to do your research!
4. Really think about renter’s insurance
For the most part, apartments buildings will require you pay renter’s insurance, which helps to protect you when you suffer some kind of damage to your apartments, like fire or theft. It usually isn’t too much to add (around $10-$20), making it pretty affordable and a really great investment. You might not think you need it, but life is unpredictable, and if you end up losing something very important to you or losing something that was very expensive, you’ll wish you had it. It’s always better to be safe than sorry, so if your building doesn’t require you to have renter’s insurance, you’ll want to look into it.
Moving into your first apartment is exciting, and while you might be super eager to do so, you’ll want to make sure you take all the proper precautions and do it the right way. You don’t want to get yourself in financial trouble, sign a lease you didn’t read, or sign a lease for a place that will not make you happy. Take your time and choose the perfect place, and don’t forget to add renter’s insurance! Happy apartment hunting!
