Renting Your First Apartment
What to Look for When Choosing a House or Apartment to Rent
Finding a place to live can be a daunting task. What you need to know before you sign a lease.
Renting your first apartment is right up there with taking your first steps, graduating from high school, and getting a real job. But this milestone is one that you shouldn’t take lightly, especially when it involves signing a lease.
What to Look for When Choosing Your First Apartment:
- Proximity to work. With gas prices hovering on excruciating, you need to find an apartment near your place of employment. In fact, walking distance would be preferable. If that’s not possible, scour the two mile corridor surrounding your employer until you find a nice place in a nice neighborhood that you can afford.
- Size does matter. You don’t want to live in a box, but if you’ve come from say, your parent’s home, a 300 square foot studio might be difficult to adjust to. But if a 2,000 square foot penthouse isn’t in your budget, consider a compromise. Either rent a larger place with a roommate or carefully consider the studio if it’s the right price and you don’t have a lot of stuff. A room will appear larger if you don’t cram it full of furniture.
- Negotiate the rent. So you’ve found your dream apartment but the rent is a little steep. Don’t be afraid to ask the landlord for a lower price. The worst that can happen is that he/she says no. Remember, landlords would rather receive less in rent and take a good tenant, than command a higher monthly payment and accept an iffy resident. If you look professional, carry yourself with confidence, and make a good first impression, you’ll have a better chance at a lower monthly fee.
- Can’t find anything you can afford? Consider moving back home with your parents for a short time (if that’s an option) until you can save enough money for a security deposit and first month’s rent. Also, don’t rule out the basement or spare room in someone’s house. Just make sure you do a thorough background check before you sign a lease.
- Signing a Lease. Read the fine print carefully. Unless you are sure you will stay in the place for the foreseeable future, and the rent is a steal, don’t sign a long-term lease. Try to negotiate for six months. If that’s not possible, sign a year’s lease at the most. Agree to rent month-to-month after that. Read the paperwork carefully and find out exactly what you are responsible for. Who pays the cable, trash, water, alarm, sewer, etc? Budget all your expenses carefully. Look for language in the contract that would protect you in case you lose your job in the middle of the year. If it’s not there, don’t hesitate to write in a clause, initial and date it and keep a signed copy.
Before you sign the dotted line, and this place becomes yours for a year, look around for any damage. If you find something amiss, report it to your landlord so you’re not charged when you move out. And don’t do any damage yourself. If you treat the place like you own it, you’ll not only get your security deposit back, but you’ll also learn how to care for the home you will own someday.
The copyright of the article Renting Your First Apartment in Consumer Education is owned by L. Marie Dubuque. Permission to republish Renting Your First Apartment in print or online must be granted by the author in writing.
