Renting your first apartment can be both exciting and overwhelming. While the idea of having your own place is something you’ve dreamed about for years, there’s a lot involved when it comes down to finally signing that lease. So, once you’ve found that perfect apartment, you should keep in mind these crucial facts about renting:
Your rent can increase
Say your budget for rent is $750 per month, and the apartment you’ve decided to rent is $745 per month. While this is great for the time being, you need to keep in mind that rent prices can increase.
Once your one-year lease agreement is up, your landlord has the ability to increase the rent for the next year, and if you still can’t afford more than $750 per month, you may be in trouble.
Instead, you should aim for your rent to be slightly below your maximum budget just in case your landlord decides to raise prices in the future.
A good apartment requires good credit history
While not all apartment complexes check your credit history, many do, and if you have poor credit history, they’ll be less likely to accept your application.
Before renting, you should first check to see what your credit score is, and then take steps to improve it if necessary.
A landlord's insurance policy will not cover personal property
Many renters mistakenly assume that a landlord’s insurance policy will cover any damage that occurs to their personal property. This, however, couldn’t be further from the truth.
Instead, you’ll need to get renters’ insurance (it’s typically $15 or less a month), something that’s already required by many landlords in order to rent in the first place.
You're not always required to rent for the full year
While most lease agreements last for a year, some landlords are more flexible, offering nine-month, six-month, and even month-to-month lease agreements. This is ideal for people who would a bit of trial period before committing to an apartment.
Keep in mind, though, that signing longer contracts can be advantageous, as landlords often give discounts to people who do.
Your lease can automatically renew
Some landlords want renters to alert them if they plan to renew, others just let the lease automatically renew. Make sure which policy your landlord uses before your lease ends in order to prevent yourself from being dealt hefty fines.
Once you’ve ensured that you’re ready to rent, it’s time to find that apartment you’ve been dreaming of. At Sinatra & Company Real Estate, we offer high-quality, multifamily apartments in New York, Illinois, Indiana, and Texas. So, take a look at our current listings or contact us for more information today.