Due to the crushing weight of student loans and inflation within the real estate market, many Millennials haven’t been able to become homeowners. However, there’s still hope. If you’re a Millennial who is looking for ways to be independent and live on your own, renting is still a viable option. As you become a first-time renter, there are a few factors you’ll want to remember as you move forward.
1. Distance and Access
If you’re currently a graduate student or a working professional, it’s wise to rent an apartment that’s not far from your job. Granted, your budget will also be a determining factor when you’re figuring out how close you’ll be to your job. Think about your morning and evening commutes. Then, find a place that will lessen the amount of time you’ll have to spend in traffic. This one step will be so beneficial for your wallet and your overall quality of life. No one wants to spend hours in traffic every day.
2. Transportation & Flexibility
If you’re someone who doesn’t use a car, make sure your apartment is close to the local transportation system. Whether you prefer to ride the bus or the train, it’s always wise to keep transportation as a main factor you consider. If you use a taxi service, that’s a different story. However, always be mindful of how far local transportation systems are from where you live.
3. Crime Rate
Crime is a major factor you must consider when you’re moving to a new apartment. Once you have the address of the community you’re considering, do a thorough search to find out more about what the crime rate is. Learn about how frequent break-ins tend to be. Consider whether or not people have been murdered, raped or assaulted in the area. A good Internet search will help you to discover these details. It’s also wise to consider how far away you are from the nearest police precinct and the firehouse. If you’re in a bind, help needs to be close by.
4. Proximity to Healthcare
Your proximity to healthcare facilities is just as essential as your proximity to a police precinct. If you’re ever suffering from a medical emergency, time is truly of the essence. If you need an ambulance or for a friend to take you to the closest hospital, you shouldn’t need to drive thirty minutes to get there.
5. Financial Commitment
Before you sign the actual lease agreement, you’ll need to provide pay stubs, a credit report and security deposits. Typically, the security deposit includes the first month and last month’s rent payment upfront. Get a money order online or in person to take care of the transaction. It’s good to have a paper trail of documentation to prove that you’ve paid such a large amount.
As you begin the renting process, you’ll learn so much about how to manage and maintain a household. Even if your ultimate desire is to purchase a home one day, don’t despise small beginnings. Use the renting experience as a way to learn the ropes of paying bills on time, paying off debt and improving your credit score. Before you know it, your first year as a renter will be over, and you’ll be in a better financial position than you were when you started.