Five Things to Consider When Renting a New Apartment
Whether you’re moving out for the first time, headed to college, relocating, or just single and don’t need or want the expenses or responsibility of owning a home, finding a new apartment to live in can be both a stressful an exciting time in your life.
There are many decisions that need to be thoroughly thought out and some important factors that need to be considered. The following is a list of guidelines in helping you figure out what you need to consider before finding a new apartment to live in.
Cost – Almost always the deciding factor in where you eventually end up living. Creating a realistic budget will help you factor out the places that you cannot afford, and spending 30% of your monthly gross income is typically the safest figure to set aside to spend on your monthly rent + utilities.
Square Footage – How small of place are you willing to squeeze yourself into? Apartments come in various sizes, ranging from the tiny 300 sq. ft. mini-efficiency, to the 3000 sq. ft. luxury suite – and again, the cost is obviously going to fluctuate depending on the size. Are you going to be the only person living in the apartment? How much storage do you need? How much do you want to spend on cleaning during the week? These are considerations that must be taken to determine exactly the size of apartment you will need.
Utilities – Some apartments/landlords will include none, some, or all utilities in your monthly rent. This is a very important consideration as utilities can vary depending on what region you live in, and utility expenses can also vary from month to month and the costs must be budgeted from your gross income as well. Finding an apartment with cheap rent without any utilities may very well end up costing your MORE than an apartment whose rent was slightly more expensive but covered utilities such as water and cable. Also, determine what utilities you will really need. Electricity and water are your basics, but don’t forget that monthly cable/phone/internet bill as well if you just can’t go without your weekly HBO shows and your daily Ebay fix!
Location – Another key element when searching for an apartment is its location. You will want to make sure that the area that your new apartment is located at is in a safe area of town and close to areas that you frequent such as your workplace, shopping, and entertainment. Finding a great apartment at a cheaper price that is located 30 minutes from your workplace may not only be taxing, but also a financial burden as the money you have saved on your rent is now being put right into your gas tank. And with gas prices as high as they are in this economy, you may be spending much more money than you had planned on. You may also consider spending more money for a place that is in a better part of the neighborhood because feeling safe and secure at night when you come home from work or are lying asleep is sometimes worth more than the extra $50 you would have saved in rent.
Features & Amenities – What does the new apartment have to offer? Some things to consider is the amount of parking spots you are allotted, if the home is furnished or not, what appliances are included, what type of pets are allowed, and if smoking is allowed inside? Many complexes also now offer a variety of amenities to help entice new occupants to rent. Typically, the more amenities that the complex has to offer, the higher the monthly rent costs will be. Some common features are pools, hot tubs, gyms, laundry sites, tennis/basketball courts, picnic areas, lakes, trails for walking, and dog parks.
Miscellaneous – There are also some remaining things to consider before searching for a new apartment. Many landlords and complexes will require an application fee as well as a credit check before qualifying you. They also may require a first, last, and security deposit as well as asking you to commit by signing a lease (most are typically for 1 year). If you don’t plan on staying in the area for that long, ask if there are shorter lease options. But be prepared to possibly face higher monthly rent charges, and also keep in mind that many contracts will have some type of penalty for breaking a lease agreement early.
Jeff Orloff writes about insurance related topics for the Consumer Media Network’s renter’s insurance blog.