What to Look for When Renting an Apartment
Hunting for an apartment? Depending on your circumstances, you may have limited options. But no matter how many apartments you have to choose from, it's important to consider a few things before signing that lease. Here are some of the biggest things you should be looking out for.
Does this apartment fit your budget?
Money and affordability are always the first consideration when apartment shopping. Some options are immediately off the list because they're not in your price range. Others, meanwhile, may seem reasonable, but are actually a larger financial commitment than you can handle.
Ultimately, whether or not an apartment fits your budget goes well beyond the monthly cost of rent.
Make sure you can afford to live on your own
Before you make that leap from your parents’ home to your own place make sure you are financially ready for the responsibility. Do you have a steady source of income?
Your rent payment shouldn't consume more than 30% of your monthly income. You may need to consider getting a roommate to share the cost of rent.
Understand the total cost of the apartment
Rent isn’t the only financial obligations when leasing an apartment. Consider other monthly costs such as utilities, internet, and other fees. Factor in the upfront costs like application fees and security and/or pet deposits. Some apartment complexes require you to pay for services like trash pickup or assigned parking.
Make sure you understand how much you're committing to spend and that you feel confident that you can cover that cost consistently.
Be cautious of incentives and deals
Not every deal turns out to be so great. Sometimes it’s just bait to pull you in. Be wary of signs that read, “One month free rent” or “Special savings.” Often apartment complexes will advertise rent for a certain price, but the rate will increase afterwards.
Does this apartment meet your needs and priorities?
Nice location, but no parking? Plenty of size but way too far from where you work?
There are multiple facets to any potential apartment, both good and bad. To help you find the right place for you, it's helpful to understand what you want and what you prioritize. After all, you may be able to some of what you want, but not all of what you want, so make sure you know what's most important to you.
Location
Is the apartment in a good neighborhood? Is it considered safe or is there a higher risk of crime?
Is it close to important facilities for you? How long is the drive to work or school? Is it close to family or friends? Is it easy to get to shops and stores?
Location can make a huge difference in your experience, but it's rare that you'll find an apartment that's ideal on every front. That's why it's important to understand your priorities and pick the option that best suites your top biggest priorities.
Apartment features
Beyond location, what do you want in an apartment? Where do these features rank for you?
- Size, multiple rooms, or multiple bathrooms
- In-unit washer and dryer
- Designated parking
- Handicap accessibility
- Pool and other communal areas
- Onsite laundry facilities
- Pets allowed
Again, you're unlikely to get everything you want, so you need to understand your priorities. Pet owners, especially those that own large dogs, may need to sacrifice in more areas in order to find a place that's welcoming to your pooch.
Read the lease carefully. Consider the rules and potential penalties for breaking those rules. Is there a chance you may need to move out early? If so, what are the consequences and potential costs for breaking your lease? Is subletting allowed? Are you required to buy renters insurance?
When looking an apartment there are a ton of things to keep in mind, but it's absolutely worth doing the homework to save you from a bad rental situation.
If you're already renting and you're worried about a potential eviction, MMI frees eviction counseling. We can help you understand your rights and connect with your landlord to seek a potential resolution.
