Are you hunting for an apartment to rent?
You’re not alone. According to industry data, more Americans are now renting than at any point in the last fifty years, and for good reason.
Compared to homeownership, renting offers unparalleled flexibility. You can move to another neighborhood or city whenever you feel like without worrying about your property. And, of course, renting is cheaper, at least in the short-term.
However, if you’ve never rented an apartment before, you might not know how to go about the entire process.
Well, here’s how to rent an apartment the right way.
Know What You Need in an Apartment
Apartments come in all shapes and sizes. They are also don’t stack up equally in terms of structural fittings such as plumbing, heating and cooling, and kitchen appliances.
This is why you need to know what you need in an apartment before you start the search.
To do this, evaluate your lifestyle. If you’re a student, for instance, you likely want a studio apartment that’s near your college. If you’re a working professional with a family, you probably want a two-bedroom apartment with adequate space.
An ideal apartment should also have in-built heating and cooling, ample water supply, television and internet cabling, and dedicated parking spots.
When you have an apartment checklist, it’s easier to zero in on units that will meet your needs.
Set Your Budget
In 2019, the national rental average for a one-bedroom apartment was $1219.
Rental prices have been on an uptrend in recent years and you can expect them to keep going up. As such, it’s crucial to establish a budget before going on an apartment hunt.
This is simple, really. How much can you afford?
If you’re salaried, most experts recommend that your rent shouldn’t be more than 30 percent of your monthly income. So, if you’re pulling in $5,000 a month, you rent shouldn’t cross $1,5000.
That being said, it’s possible to stretch what you spend on rent, especially if you’re cost-sharing with someone. Just ensure your rent isn’t going to be a pain.
Prepare Your Proof of Income
Most landlords conduct tenant screening and credit checks. This is to ensure they’re getting quality tenants who won’t struggle to pay the rent.
Do you have proof of income? If you’re employed, this is easy. Your employer certainly provides you with pay stubs after every salary payment.
What if you’re self-employed? Perhaps you own a small business or you’re an independent contractor.
Don’t fret! You can use this check stub generator with logo to create stubs you can use to prove your income to landlords. It’s also possible to use your bank statement and tax returns as proof of income.
How to Rent an Apartment Made Easy!
To the uninitiated, renting an apartment might sound easy and straightforward. Sure, it’s isn’t the hardest thing, but there can be bumps along the process, especially if you have no proof of income, your credit score is bad or poor, or you have a criminal record.
With this guide, though, you now know how to rent an apartment the right way.
Keep reading our blog for more lifestyle tips and insights.