The United States is gradually becoming a nation of renters. About 44 million households live in rental housing, compared to 79.36 million owner-occupied homes.
Renting comes with a number of benefits. There are no property taxes and maintenance bills to worry about, you get great flexibility as to where to live, and the insurance and utility costs are lower.
If you’re currently looking to rent an apartment, you’ve made a smart move. There’s one thing left, though: finding the perfect apartment for your needs.
We’ve prepared an apartment renter’s checklist that will enable you to zero in on an ideal apartment.
Read on for expert guidance.
Cost of Renting
The average monthly cost of renting an apartment in the U.S. is $1,098, but the rent can range from about $500 for a studio unit to over $10,000 for a luxury apartment.
As such, the first step to finding the best apartment is to establish your budget. How much can you afford to pay while meeting your other financial obligations and objectives?
If you’re not sure how to determine what you can afford, experts recommend sticking to the 30 percent rule. So, if your monthly gross income is $3,000, you shouldn’t spend more than $900 on rent.
Don’t just consider the rental charge only. If there are any additional fees charged by your landlord, add them to the monthly rent. Be sure to ask landlords about any hidden charges before signing the lease. You don’t want to be surprised with an extra bill after moving in.
Location
Although renting offers great flexibility (you can relocate whenever you want), relocating because of bad location choice is avoidable. Relocating costs time and money.
There are factors that will determine your choice of location. For instance, if you’re working in a certain area, your search will naturally be restricted to neighborhoods around your place of work.
If there aren’t factors limiting your location choice, you still have to be cautious. Consider access to amenities, security, communication and transport networks, as well as the cost of living. Generally, higher-end locations will have pricey rents and a high cost of living.
The Apartment Complex’s Policies and Amenities
Ultimately, your search will come down to a certain apartment complex.
Besides ensuring that your apartment has everything that you need, evaluate the complex’s tenant policies and the amenities it offers. Does it offer a swimming pool and fitness centers, for instance? If yes, is there an additional charge for using these amenities?
Scrutinize the complex’s policies, especially regarding pets. Landlords have the discretion to ban or permit pets, so if you’re a pet owner, you must choose an apartment complex with pet-friendly policies and amenities.
Some landlords also require tenants to purchase renters’ insurance. In case you’re choosing an apartment whose landlord doesn’t make insurance mandatory, it’s still important to get insured. You can get affordable coverage easily.
Use This Apartment Renter’s Checklist
There are thousands of vacant apartments in your area. They aren’t built equal. As a renter, it’s your task to find an apartment that suits your needs. Ensure you have this apartment renter’s checklist at your fingertips when you go out hunting for one.
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