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HOW MUCH RENT CAN YOU AFFORD?
Before you start looking for apartments to rent, you need to determine just what you can afford. Your rent should be no more than 35% of your gross (meaning total, pre-tax) income. So if you make $5,000 per month before taxes, you should pay no more than $1,750 per month in rent. That’s the max; ideally you’ll want to pay less than that (so you can start saving up to buy a place to call your own one day, right?). Keep in mind that most landlords require a deposit of first and last month rent.
CONSULT WITH YOUR REAL ESTATE AGENT
Get help from a professional. In most rental markets, you can work with a real estate agent free of charge, since the apartment owner typically pays the agent’s commission.
UNDERSTAND THE APPLICATION PROCESS
Most Landlord requires a standard Rental Application Form that needs to be completed for all potential renters. Once approved by the Landlord, the selected Renter will be required to make the security deposit and fill out the Rental Agreement.
REVIEW THE LEASE CAREFULLY
Subletting
The agreement should state the requirements for subletting. For example, the landlord may require any subletters to submit a rental application and add their name to the lease. Some leases prohibit subletting entirely.
Notice of lease termination
When a lease agreement expires, you typically don’t just pack your bags and leave. A standard lease transitions to month-to-month, a switch that’s often accompanied by a rent increase. Review the lease to see how much advance notice you need to give the landlord if you’re not planning to renew. Thirty to sixty days’ notice is normal.
Miscellaneous fees
Your lease agreement spells out all of the fees (e.g. utilities) that you’re responsible for paying in addition to the base rent. Your real estate agent will have everything properly documented for you to have a clear understanding of the entire process from start to finish and beyond.
Do a thorough walk-through
Scrutinize your apartment for pre-existing damages when you move in. Take photos for documentation and provide copies to your landlord so that he or she can’t deduct the cost of repairs from your security deposit later on.
ALWAYS GET RENTER’S INSURANCE
Many lease agreements require it, but if yours doesn’t, renter’s insurance is still a good idea.