Whether you’re moving out of your parent’s house or leaving the dorm life behind, becoming a first-time apartment renter is a big and exciting step. However, if you don’t know the ins and outs of the rental process, the task can seem overwhelming. Luckily, we’ve put together a list of 8 key tips to help first-time renters find their perfect apartment and make the transition as smooth as possible.
1. Your budget needs to cover more than just rent
If you’re a first-time apartment renter, knowing how to budget for your apartment is crucial. Your monthly rent will, of course, be the most considerable expense you need to account for, but there are other one-time and ongoing fees that you should be able to pay. Let’s take a look at these costs more closely.
Initial, one-time costs
Before moving into your new apartment, you should save enough money to pay for the following upfront costs:
- Application fee(s)
- Security deposit
- First and last months’ rent (if required)
- Moving costs
- Furnishings, if needed
Recurring costs
Once you’ve moved into your new place, there are several ongoing expenses you’ll need to cover every month:
- Rent
- Utilities, such as electricity, garbage, water, sewage, etc.
- Internet and phone
- Parking
- Laundry
As a first-time apartment renter, this might be the first time you’re responsible for these types of expenses. The last thing you want to do is misjudge what you can afford because you forgot to factor in fees for parking or a security deposit.
2. Make a list of needs, then prioritize them
Start with your dream apartment – what is your ultimate living situation? While you may not end up with everything on your list, it’s essential to understand what you value in your home. Some common needs for first-time apartment renters are:
- Functional kitchen
- Balcony, patio, or other private outdoor space
- Closet and storage space
- Proximity to work, nightlife, dog parks, or other amenities
- Natural light and direction of…