Welcome, Neighbor! 5 Things to Know About Leasing Your First Apartment

More than 100 million Americans choose to rent their home, apartment, or condo. And every one of those individuals started with their first apartment.

If you’re new to the renting game and preparing to get your very own place, there are a few things you need to know.

Keep reading to learn 5 things every renter should know about leasing their first apartment.

1. You Need To Protect Your Investment

It doesn’t matter if you’re moving into the cheapest space you can find or a beautiful luxury apartment; you need to protect your investment.

After all, you are moving all or at least most of your worldly possessions into your new home. This might include things like family heirlooms, investments in material goods you’ve bought, or even the laptop that you use to earn a living.

You’re also tying up a portion of your income in your rent.

Renters insurance is a must, regardless of the type of apartment or the value of your belongings.

2. Read the Lease

Before you ever sign anything, it’s important to make sure that you are reading leases thoroughly.

Leases can contain many hidden details, like the cost of breaking your lease or your maintenance responsibilities. You need to know what you’re getting yourself into so that you can make an informed decision about whether a property is right for you.

3. Amenities Add Up Fast

Apartments are rarely all-inclusive. When you’re considering the price of an apartment, one mistake many renters make is comparing prices based solely on the rent amount.

But the cost of amenities and utilities add up fast and may vary from one property to the next.

When you’re checking out a property, you also need to look into the average cost of utilities, available cable or internet packages in that area, and any other extras you think you’ll want to pay for. That way you can better compare the actual cost of an apartment.

4. You’ll Have to Get Approved

First-time apartment hunters are sometimes surprised at how complicated and in-depth rental applications are. The landlord or management is going to want to know that you’re dependable, with a clean background, and of course, that you can afford your rent.

Not only will you need to fill out lengthy applications, but you also need to be prepared to provide a variety of documentation. For instance, if you aren’t a U.S. citizen, you may need to provide Visa information. You’ll also need to provide proof of income, often through a pay stub.

If you don’t already have one from your employer because you are self-employed or your pay is direct-deposited, you’ll need to create a pay stub.

5. Rethink Your References

Going along with the theme of applications, don’t make up your references.

While it may seem odd, many apartment complexes and landlords check references. After all, they are deciding whether or not to trust someone with their own property investment.

Choose your references wisely, and let those individuals know that they may be getting a call.