Lesson Two: How To Find A Rental
Finding a nice rental can be hard in today’s market. Seems like as soon as a great place comes up, it’s already snatched up. And the ones that look nice at first might have some problems hidden under the rug (literally). So what to do?
Be a Good Tenant
It’ll be harder to have your application accepted if you left a trail of busted up walls and weird stains on the ceiling in your past apartments.
Know Your Limits (or Team Up With a Friend)
Figure out 25% – 30% percent of your monthly income. That’s the upper limit of what you should pay in rent. If you can’t find a place within your budget, team up with a potential roommate. Make clear what you’re looking for in a roommate, as well as types of habits you avoid, such as smoking and partying.
Save Up For The Deposit and Two Months’ Rent
Ask how large a deposit you have to make when you first move in and how much cleaning is required to get your deposit back after you move. Some agreements require first and last months’ rent plus a security deposit. Find out if the lease is month-to-month or a 6- or 12-month period.
Your Papers, Please
You want to look as good on paper as possible. Write up your current and most recent addresses and landlord phone numbers, your employer and length of employment, your current salary and other income, personal references, among other information.
Ask Your Grown-Up Friends
If you ask friends about openings in their buildings and neighborhoods, be sure that they are in good standing with their landlords. A recommendation from a good tenant is worth a lot and might give you an early look at unlisted apartments and houses becoming available soon. Look in classifieds, apartment hunter publications, college campus bulletin boards, and online for available units to investigate.
Check Out The Place
Inspect the area carefully. Take pictures, too. If there’s any damage, you don’t want to be blamed for it later. Make sure such problem areas are addressed in a lease, either by your agreeing to live with it, or the landlord agreeing to fix it by a certain date.
Get Covered
You may have found a great place, but not such a great neighborhood. Despite what you may have heard, the owner’s coverage on their property doesn’t cover the renter’s belongings, even as a result of theft. That’s where renter’s insurance is a lifesaver. Renter’s insurance protects an individual (or family) who makes their home in an apartment not owned by them, but that is rented or leased from another person, the property owner. Often, the renter is a college student or other single adult who can’t afford the expenses of a lawsuit, large medical bills, or the loss of valuable electronics. Renter’s insurance reduces or eliminates the worst hit on your wallet.
Sources:
- Conducting search, looking over the property, and negotiating the deal: http://www.ehow.com/how_111189_rent-apartment-house.html
- Tips and Warnings: http://www.ehow.com/how_111189_rent-apartment-house.html
- Importance of renter’s insurance: http://www.rentersinsurance.net/apartment-rental-insurance.html
