Your rental history will follow you long after you’ve turned in the keys on your first lease. Make sure you start out on the right foot.
You’ve decided you want a luxurious apartment and are looking for one that suits your needs. It’s a beautiful feeling searching for a new place to call home. It’s certainly fun to find all the amenities you desire!
But in truth, apartment hunting is not all about the bells and whistles.
The most important aspect of looking for an apartment is creating a plan. It’s best not to show up at the complex unprepared.
For instance, you should know ahead of time what your preferred apartment size is. Also, consider your budget and have other pertinent details in the back of your mind.
Of course, there will be some questions that will pop up during your search. But, for the most part, you should know what you’re looking for beforehand.
You have it within your power to make sure the apartment hunting process goes smoothly. Stay focused!
This article will detail some essential things to keep in mind when renting an apartment.
Here are some factors to consider that will help guide you along the way.
1. Questions to ask
When searching for the ideal apartment, you should know ahead of time what type of apartment will fit your needs.
There are a few questions you can ask yourself and the leasing office to find a suitable place to live:
- What’s my budget?
- What are the requirements to rent an apartment?
- Will I need a co-signer?
- How much are rent, a security deposit, and utilities?
- Where will I park my car or is my form of transportation nearby (i.e., such as taking the bus)?
To elaborate further, understanding your budget is essential. It’s important because it will determine how much you can spend on the monthly rent. You should also have enough to cover utilities and other monthly living expenses, from gas to food.
Often a management company will run your credit. If you have excellent credit, that’s a good sign they’ll accept you. If not, find out if they allow co-signers. Otherwise, it may not be a good fit for you.
Think about what to ask at the leasing office and what the perfect apartment looks like for you.
2. Understand the apartment lingo
Do you understand some of the basic apartment terms?
If not, don’t fret. We explain the most common apartment lingo below.
These terms should help guide you as you search for a place to live.
Application Fee
Say you find an apartment you like and want to secure your spot. You’ll not only need to fill out an application, but you’ll also have to pay an application fee. Typically the fees range from $20 to $50.
All Bills Paid
This term refers to utilities included with rent. That’s good news for you! Usually, this means you get to enjoy having water, sewer, gas, trash, and electricity included in your monthly rent.
Prorated rent
If you move in during the middle of monthly rent, prorated rent is a modified rent amount. Say you move in on August 13th, and the rent is due on the first day of the month. You will pay for rent from the 13th through the end of the month, and not the entire month of August.
Guarantor
A rent guarantor is another term for an apartment co-signer. A co-signer agrees to be responsible for making sure apartment rent gets paid. You are in charge of paying rent, but if for some reason you are unable to, your guarantor would be on the hook.
You may need a guarantor if your credit is lacking or you don’t have enough funds in the bank. The leasing office will inform you if that’s the case. Having a guarantor can improve your chances of getting accepted to live there.
Deposit/Security Deposit
When you sign the lease before moving in, a security deposit is the set amount you submit to secure the apartment. The deposit usually covers any damages you make to your apartment.
You’ll find out how much costs are when you move out. Hopefully, if you didn’t damage your apartment, you’ll get most, if not all, of the security deposit back.
Leasing Agent
A leasing agent works in the leasing office with other staff members.
There is usually an apartment manager and leasing consultants. It’s normal for a leasing consultant to show you the apartment and get your lease set up. Depending on how long you live at the complex, they’ll be there to assist you the entire time.
If a leasing consultant can’t answer a question, they may have their manager speak to you. A manager regularly chats with the corporate office and can have more information to relay to you, if needed.
3. Amenities
Every apartment has amenities. The question is whether you know what type of amenities are most important to you.
As a working professional, you may be looking for a lounge or cafe where you can relax in your downtime.
It’s exciting to learn about the facilities at a complex because they go a long way. A few amenities may include a spacious clubroom and courtyard with hammocks. Pretty rad, right?
Or, if you’re into fitness, perhaps a state of the art fitness center or yoga studio is essential to you. Not every apartment may offer these features, so ask before touring a place or find out when you arrive.
Decide ahead of time whether a missing amenity at a complex would be a deal-breaker. Having covered parking or a pet-friendly policy may be a necessity. If so, call ahead of time to find out if the apartment offers this amenity.
Remember why we recommended asking what type of amenities are most important to you? Before looking for an apartment; you should have a list either written down or in your mind. It will help you decide which apartment complex is the best fit.
Not every apartment will have everything on your wishlist. Number the desired amenities on your list from least to most important to help you decide.
4. Make a good impression
Apartment hunting is a serious business (no, seriously). Even if you don’t move forward with an apartment, it’s always essential to make a good impression.
You’ll have better luck at securing the apartment you want if you make a good impression on the leasing agent. So when you’re ready to take the next steps, come prepared with everything you need.
You can always check with the apartment manager ahead of time. Inquire about what you’ll need to bring when it’s time to sign the lease.
There are a few ways to make a good impression, such as showing proof of income and having enough money in the bank.
Proof of income
When you do find an apartment that you like and decide to move forward with it, have proof of income.
An easy way to show proof of employment and income is by bringing your most recent pay stub. Most pay stubs show how much you make during a pay period as well as the year-to-date payroll.
Besides having proof of income, you should have at least one bank account, preferably two, such as checking and savings. If the majority of your money is in one central account, don’t worry about providing info on a second account.
If you have a savings account with extra income, it can improve your odds of being accepted. A complex wants to see that you have enough money to pay rent, so the more money in the bank you have, the better.
Money in your account
And don’t forget that you need to show you’re financially responsible. The leasing office should see that you have enough money in your account.
The money in your account should cover the first three months of rent. If it doesn’t, it’ll reflect poorly on you.
Your bank balance should show financial responsibility — that not only do you have enough for rent, but for other living expenses as well.
Bring a co-signer
If you don’t qualify due to having a low income, contact the leasing office to find out whether they’d allow you to have a co-signer.
If you have a friend or family member who agrees to become a co-signer, bring them along to complete the paperwork. They’ll need to be there to sign the lease right along with you.
5. Roommate concerns
If you plan to share an apartment with a roommate, there are a few things to work out.
Did you do your research about their living habits and financial situation?
If not, take the time NOW to make sure you’re both on the same page.
For starters, you’ll need to agree on who is paying for what. What you both pay includes not only rent but also utilities.
Plus, you should also have some “rules” in place regarding guests, clean up duty, and other areas of concern.
Living with a roommate isn’t easy. That’s why it’s best to plan ahead of time. Understand your differences, and you should be able to overcome anything.
Talk to the leasing office before signing the lease. It’s always a good idea to know what to do if either one of you needs to break it.
For example, this may require finding a new person to take over the lease or pay a fee to break it early.
Great job for learning more about the apartment hunt! Now you should understand ahead of time everything the search entails.
Continue to arm yourself with vital information. Know precisely what you’re looking for, and the process will be much easier.
If you think of new questions as you’re going through the process, don’t be afraid to ask them. Maybe you’ll want to ask about a maintenance team’s availability or what the apartment’s guest policy is. Another question to ask is how far in advance you need to give notice before moving out. You’re not expected to know everything, but you should learn all that you can.
Get excited to find a place that fits your qualifications! You deserve to live in a modern and luxurious place that feels like home.
So do your research ahead of time; you’ll be glad you took the time to do it.
Who knew searching and finding the apartment of your dreams could be this easy!
Author bio
Julie Contos is the Director of Marketing for J Malden Center. She has 20+ years of experience creating and executing top notch marketing campaigns for multi-family, commercial, and retail real estate developments. Her capabilities include a deep bench strength in brand development, brand management, multi-channel media plans, digital marketing, social media, communications, and public relations in the real estate industry. Her professional achievements include recognition by the National Association of Home Builders (NAHB) as the Marketing Manager of the Year in the 2015 Multifamily Pillars of the Industry Awards.