Looking for your first apartment or upgrading to a better one? Take a few minutes to think about what’s important to you in your living space. Identify the things you won’t compromise on. This will help you quickly rule out places that don’t meet your minimum standards. If you can’t find a suitable apartment in your price range, consider sharing a house or apartment with a roommate, or renting a studio or efficiency apartment.
Two to Three Months’ Rent
You’ll need to have two months’ rent saved up before you rent an apartment: one month’s worth for the security deposit, plus the first month’s rent. Some landlords require that you also pay the last month’s rent up front, for a total of three months’ worth of rent.
As a general rule of thumb, allow no more than 30 percent of your gross income for housing. If you’re making $35,000 a year, you shouldn’t pay more than $875 a month for rent. You’d be more comfortable at 25 percent, or $729 a month. If some or all of the utilities are included, you could pay higher rent.
If you’re looking in your own town, you probably know about some of the apartment complexes in your area. It’s more difficult if you’re moving to a new city, especially if you don’t have the luxury of being able to go there to find housing before you move. A number of methods can make it easier.
If you know people in the neighborhood you’re considering, ask them for recommendations. You’ll learn important information that might not be readily apparent when you walk through the building, such as noise levels and the safety of the neighborhood. The local newspapers in most towns and cities advertise apartments for rent. You might even grab independent newspapers that you find in coffee shops and pizza joints for a wider variety of inexpensive places. On the Internet, try www.craigslist.org or special sections of local papers’ websites that have listings not found in the hard-copy editions.
The benefit of using real estate agents is that they’re familiar with where the apartment complexes are and with the neighborhoods they’re in. While you’re searching, keep an eye out for agents who offer relocation packages with information about the city you’re going to be living in. This could be helpful once you move.
Apartment finders or locators are companies that specialize in knowing all the apartment complexes in a given area. They work with apartment property managers to keep up-to-date on apartment availability, and save you the time and hassle of making phone calls to each individual complex to get information. Try to avoid using an apartment-finder service that costs money. Some of them charge an entire month’s rent. You can go online and easily find listings for available apartments in your area. Try sites such as Apartments.com.