What do you need to rent an apartment?

1. Pay stubs. Landlords ask to see your pay stubs to make sure you're employed and are truthful about the amount of money you're making.
2. Bank statements. 
3. Proof of identification. 
4. Recommendations.
5. Vehicle registration and proof of insurance. 
6. Social Security number. 
7. Rental history. 
8. References.

 

1. Determine Your Budget

It’s common for first-time renters to overestimate how much they can spend on rent and other necessities. According to the U.S. Department of Housing and Urban Development, you shouldn’t spend more than 30% of your gross income on renting an apartment. However, because this rule doesn’t always work in expensive cities like New York, Boston, Miami or San Francisco, you should do your best to keep your housing expenses to 30% or under. Teaming up with a roommate or creating an income-generating side hustle can help offset your living expenses when getting your first apartment.
 

2. Choose Your Neighborhood

Narrowing down your dream neighborhood can feel like one of the more daunting things to do before getting an apartment. Some of the best advice for first-time renters comes from narrowing down your choices and considering the following:

• How close am I to work?
• Where do I like to go for fun?
• How far are my family or friends?
   

3. Think About Amenities

• Always prioritize amenities and location as a first-time renter. In some areas, apartment complexes have options like swimming pools, on-site fitness centers, parking, on-site laundry and more.
• If you have a pet, be sure to find a pet friendly property. Some properties may have restrictions on breed or size of pets. .
• The floor you choose in an apartment complex comes with its own pros and cons.
   

4. Consider Which Floor You Want To Live On

• For example, a bottom-floor apartment may prove cheaper than others, with less legwork to get to the main door and amenities. You also don't need to worry about a dog or children running around and disturbing neighborhoods below you. However, the views are usually the worst in the building.
• There’s no right or wrong answer regarding which apartment floor you should live on, as it depends on your preference.
• “How long does it take to find an apartment?” It might take a few months to find the right fit, so start your search early. If there is an association, that could take up to 30 days just for the approval process. 
• If you are planning a move to a new city and don't have time to make a trip to apartment hunt in person, worry not! Nowadays renting an apartment sight unseen is completely possible thanks to virtual and video tours.
• Also, finding an apartment with a pet can make things a little more challenging. 

 

5. Budget For Upfront Costs 

A first-time apartment renter doesn’t always realize the extent of the upfront costs involved. You’ll need to budget for a security deposit first and last months’ rent, and an apartment application fee. If you’re moving in with a pet, you may have to pay a pet deposit or fee, as well as first and last months’ pet rent. Make sure to study your lease to determine how you get your security deposit back and any conditions for reimbursements.

Here are a few additional upfront costs to keep an eye out for:

• Hiring movers
• Renting a PODS container
• Buying a renters insurance policy
• Purchasing new furniture
• Apartment application fee
• Pet rent and fees
   

6. Remember Future Expenses 

• Upfront expenses are only a portion of your apartment rental costs. Other costs may include utilities, parking, repairs, and new furniture.
• Utility costs can vary depending on your location and the season. 
• It’s common for renters to pay for gas, electricity, internet, and cable. You should also factor in any subscriptions, the cost of transportation or gas, food, gym memberships, and other ongoing expenses.
   

7. Gather Your Paperwork 

• Most landlords and property management require specific information from tenants and the rental application. This information may include your credit score, rental history, proof of income (pay stubs and/or W-2), past landlords and personal references, and your social security number. 

Below are some of the most commonly required documents for renting an apartment. Proof of Income (pay stubs, bank statements, tax returns, job offer letter, etc.)

• Completed apartment application
• Identification Documents (driver’s license, state-issued ID, passport, social security card, etc.)
• Rental references
• Proof of vehicle insurance and registration
   

8. Purchase Renters Insurance

Renters Insurance protects renters living in an apartment, condo, or home and typically covers unexpected personal property damage from specific, pre-approved emergencies and mishaps, including:

• Fire
• Wind and hail
• Smoke damage
• Lightning
• Vandalism
• Theft
• Falling objects
• Water damage
• Hail
• Explosions
• Wind damage
• Mold (in some circumstances)

 

9. Read and Understand Your Lease Agreement

When moving into your new apartment few renters are dying to dig deep into their lease agreements. They are hugely important and can make or break your experience. Study your lease to set yourself up for a smooth transition.

Look for essential aspects of your lease agreement as a first-time apartment renter, including:

• Lease length and monthly rent
• Security deposit details
• Pet policy
• Utility costs
• Noise