fbpx
May 28, 2021 user

Things to know before renting an apartment

By user

Finding an apartment to rent or sublet can certainly be a challenge. However, it becomes a lot easier to find the ideal place when you do some research and understand your own standards of living and your overall budget.

According to the National Apartment Association, it’s normal not to know it all when it comes to renting your first place “first-time renters often go in blind,”.

Being prepared to begin the search for an apartment or sublet means having a clear understanding of what to know. The following article will help you and clear up a few of your questions or concerns regarding apartment renting. 

Questions to ask when renting your first apartment

Renting an apartment can be overwhelming as there are many things to consider before making a decision. It is important to think of key questions that can help you decide on the best apartment that fulfills your needs. Here are a few questions listed to simplify your decision making process and ensure your apartment is a must-have. 

  • How do you qualify for an apartment? 
  • What is the best month to start renting an apartment?
  • What expenses do you have when renting an apartment? 
  • How much can you comfortably afford?
  • How much space do you need?
  • Is the location of the apartment ideal for you? 
  • Is it easy to commute from the apartment? 
  • Can you easily get to work or school? 
  • Is the apartment close to grocery stores and parks? 
  • Is it a safe neighborhood?
  • Would you prefer a full-service apartment building with on-site management or a smaller building where you can work directly with the property owner?
  • How important is it for your apartment to provide amenities like covered parking, a fitness center, a pool, or a laundry room?
  • Can you commit to a one-year lease term, or do you need the flexibility of going month-to-month

How to rent an apartment for the summer

Moving or finding an apartment in the summertime is not as difficult or complicated as it seems. July 1st is generally considered the moving day of the year. If you decide to find an apartment during the summer, you can easily rent one or even find a sublet to avoid signing or breaking a 12-month lease. There are a few websites that make it easy for you to find a sublet such as.craigslist.org, sublet.com, flip.lease or anyplace.com. Planning to move in between the months of May and Septement will give you the best apartment options as well.  

Minimum credit score required to rent an apartment

It is essential to keep in mind that companies or individual landlords who manage rental will check potential tenant’s credit score and credit history before proceeding with rental lease signing. A landlord will check your credit score and credit rating in order to assess a tenant’s financial situation and responsibility. A negative credit score can equal a higher risk for the landlords or property managers, and this may lead them to reject certain tenant applications.

The landlord will typically accept an individual with a higher credit score and a good credit history. A good credit score ranges from 670 – 739. Typically, the minimum credit score required to rent is 650, but that number can vary based on the market. A higher credit score is equal to greater trustworthiness from the landlord and a faster rental process. 

Financial considerations when renting an apartment

Getting an apartment is a small commitment, but it is still an important financial decision that determines where you will live and for how long you will be renting. There are a few financial considerations to think about before renting or subletting an apartment. Here is a list of all financial considerations:

  • Length of the Lease 
  • Due date of the rent  
  • If utilities are included and what you will need to purchase if they are not
  • If any deposits made are refundable or not. 
  • The amount of time you have to notify the landlord before moving out

Conclusion

Looking for an apartment or sublet can be simple and fun if you are prepared and if you have done your research. You can have a smooth rental process with the information we have provided you above. 

You can embark on your apartment hunt adventure without fear. Just remember to pay attention to all the details, prioritize your needs to transform your apartment into a beautiful home, and make sure to keep track of costs in order not to go over your budget.