6 Things To Know Before Renting Your First Apartment

Moving into your first apartment is an exciting life milestone! Although the process might feel intimidating, it can be a stress-free experience with the right knowledge. Here’s your starter kit of information including the costs involved in renting your first home, tips for researching the neighborhood, things to look out for on an apartment tour, a look into the rental application process, and a guide to reading through the lease.

Congratulations on taking this big step!

Understand Your Costs

Here’s a breakdown of the typical fees and costs involved in the rental process:

• Rent: The first (and most important) cost to consider is your monthly rent. Some buildings offer discounts on rent when you move in, such as one month free. If the apartment you’re considering offers a promotion, ensure the correct amount is included in your lease agreement.
• Security Deposit: Many landlords in the U.S. will request a refundable security deposit, while others may only require an application fee or move-in fee. The security deposit is typically equivalent to the first month’s rent (but can be a different amount). It is used to reimburse the landlord for any damage-related costs when you move out.
• First Month’s Rent: The first month’s rent will be paid when signing the lease.
• Last Month’s Rent: In addition to the first month’s rent, some landlords also require the last month’s rent when signing the lease. In some states, it is illegal for the landlord to request both, so check to ensure you aren’t providing more funds upfront than you’re supposed to.
• Application Fees: Application fees are non-refundable and cover the cost of processing your application (whether or not it’s accepted), such as running a credit and/or background check.
• Utilities: Utilities are monthly expenses that can include electricity, gas, water, trash, internet, and cable. Some buildings include certain utilities in your monthly rent. Clarify which utilities are included in your rent and which you’re responsible for when signing the lease.
• Renter’s Insurance: Renter’s insurance protects your belongings in the event of theft, fire, or other natural disasters. It can also cover costs if someone is injured in your apartment. Some buildings require tenants to have renter’s insurance. If your building doesn’t require insurance, you can still opt for it; it typically costs around $15-$25 per month.
• Parking: Inquire about parking costs, availability, and the number of parking spots that are included with your unit when you sign your lease.
• Pet Fees/Rent: Landlords often require a deposit for cats and dogs (and sometimes other pets), and may charge other pet fees or rent as well. A pet deposit is an additional down payment that is refundable if your pet doesn’t damage the apartment. A pet fee is a one-time, non-refundable fee. Pet rent is added to your monthly rent, and typically ranges between $25 – $100 per month.
• Moving Expenses: Movers typically charge an hourly rate. You can also rent a truck or ask friends and family to assist you with the moving process if you don’t have too many things. Some buildings require that you reserve the freight elevator in the building ahead of time when moving large items. Ask your building about the move-in process and if they require your moving company to provide a Certificate of Insurance (COI), which is a document that verifies the moving company is properly insured.

Research the Neighborhood

You’re not just gaining an apartment, you’re gaining a neighborhood! It’s important to make sure you’ll want to live there.

• Safety: Research crime statistics on USA.gov and SpotCrime.com to get a sense of how safe you’ll feel in the area.
• Commute: Try testing your commute to work or school during rush hour, or check traffic patterns on Google Maps to assess the mileage, gas, and time you’ll be spending on the commute.
• Local Stores & Restaurants: After touring an apartment, walk or drive around the neighborhood to pinpoint grocery stores, restaurants, parks, and urgent care centers or other medical facilities nearby.
• Public Transportation: If you don’t have a car, check the accessibility of public transportation, including the routes you’ll need to use to get to common destinations.
• Noise Levels: Is the area quiet and peaceful, or is it close to a highway, train tracks, industrial yard, or other source of noise?

  

Take an Apartment Tour

Take videos and photos of every apartment you tour, even the ones you don’t like. It’s so helpful to sit down after a day of touring and compare what you did and didn’t like about what you saw.

When touring apartments, keep the following in mind:

• Natural Light: If natural light is important to you, request to tour the apartment in the morning or afternoon to assess how much light the apartment gets throughout the day.
• Overall Condition: Beware of signs of damage such as cracks in the walls, leaky faucets, broken air conditioning or heater, and mold in the carpet, ceilings, and walls.
• Closet and Storage Space: Make sure there’s enough room for your belongings.
• Pest Control: Ask about any pest issues and how they are handled. Is there an exterminator onsite?

Check for Amenities

Amenities can significantly improve your living experience. Here are some that might be available:

• Laundry: Is there in-unit laundry or a shared laundry facility? In-unit laundry might make your utility bill higher, since it uses more energy, but it’s extremely convenient to have. If in-unit or on-site laundry isn’t available, is there a laundromat within close proximity?
• Gym/Fitness Center: Does the building have a gym? Does it have the equipment/space you need? Having an on-site fitness center can help you save significantly on gym memberships or workout classes throughout the year.
• Pool/Hot Tub: Are there any recreational facilities you can enjoy?

Submit a Rental Application

When you’ve decided you love an apartment and want to apply, be prepared to provide:

• Personal Information: This may include name, address, phone number, social security number, and other identifying information.
• Employment History: Most buildings will ask you to provide income verification, such as a letter of employment. If you are not currently employed, the building might ask for someone, such as a family member or friend, to co-sign the lease with you. The co-signer is held liable for rent in the event you are unable to make payment.
• Credit Check Authorization: Landlords typically run credit checks to assess your reliability.

Understand and Sign the Lease

Your lease is a legally binding contract. Read it carefully before signing, and ask an experienced family member or friend to review it as well, if possible. Pay attention to:

• The Lease Term: How long is the lease for? Most leases are 12 months, but some are longer/shorter. “Month to month” means that either party can end the lease at any time.
• Rent Amount and Due Date: When is rent due, and how should it be paid (online, mailing in or dropping off a physical check, etc.)?
• Late Fees: What qualifies as late, and what are the penalties for paying rent late?
• Termination Clause: Under what circumstances can you terminate the lease early?

Rent with Draper and Kramer

If you’re in the market for a new home, Draper and Kramer offers luxury properties that are great for first-time renters. Our buildings offer tons of amenities including pools, hot tubs, rooftop lounges, dog runs, pet spas, and so much more. Contact us to begin your home search today!