You’ll need to find answers to a number of common questions before renting your first apartment. How much should you spend? Do you want luxury apartments for rent? What kind of neighborhood do you want to live in? What type of paperwork do you need to handle? Fortunately, these frequently asked questions are easy to answer, and here are five tips for making the process easier and more successful.
Tip #1: Figure Out What You Can Afford When You Rent Your First Apartment
When trying to figure out how to rent an apartment for the first time, review your finances to see what you can afford to pay in monthly rent. Calculate all costs associated with renting, including utilities, deposits, moving expenses, and other fees. Ideally, you should not spend more than 30% of your gross monthly income on rent and utilities combined. For instance, if your take-home income is $2,000, your housing expenses should be at most $600.
Of course, it’s not always possible to hit 30% or less in today’s economy, but it gives you a rule of thumb on how much to pay. For instance, it’s an ideal that’s hard to reach if you’re moving from a smaller community to a more densely populated metropolitan area. You can expect to pay a higher rent and cover a higher cost of living.
Tip #2: Research Neighborhoods
Researching neighborhoods will make you aware of local amenities, safety measures, and crime rates. If you’re moving for work, look for communities close to major highways, employment centers, or other locations.
Also, look for communities that have convenient access to public transportation. Find out about the area by visiting the place in person, checking out local news sources, asking friends and colleagues for recommendations, and searching online.
Tip #3: Carefully Read the Lease
You will avoid conflicts with your landlord if you read your lease carefully before signing it. It will spell out your rights and responsibilities. You and your landlord are legally bound by your lease, and it will tell you how long you will stay in the apartment and what your monthly rent will be.
Besides the rent, you may have to pay utility bills, parking fees, security deposits, and other costs. Pet owners may also have to pay a pet deposit. The lease should also detail the date you will move into your apartment.
Tip #4: Before Signing, Ask Questions
By asking questions, you’ll feel more confident about your new living situation and protect yourself from surprises. For instance, ask if your rent will change based on how long you stay. And if you’re not sure how long you plan to rent, ask how to renew your lease. The amount of your rent typically increases as you renew, just how much can be limited in your lease renewal terms. You can typically receive and balance remaining from your security deposit back about 45 to 70 days after the lease ends. However, confirm all these common assumptions with the landlord.
Tip #5: Move In, Begin Decorating
Consider how you could decorate your new apartment to suit your lifestyle when you walk in. For example, wall art, like retro or vintage prints, might be an excellent way to add vibrant color to your apartment. Canvas prints are perfect for apartments because you can hang them with adhesive pads or nails and remove them without damaging your walls.
It’s Easy to Find Your First Apartment When You Know How
When you follow these tips carefully, you’ll avoid surprises and get what you expect from your new apartment. Figure out what you can afford, research neighborhoods, read the lease before signing it, ask questions to ensure you understand all the details, and consider your lifestyle choices when decorating. Look no further than Globe Property Management to assist you in the search for your dream Winnipeg apartment, where exceptional living spaces and unparalleled service converge to make your ideal home a reality.
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