Looking For An Apartment? 3 Things To Consider

Real Estate Blog

If you are living in an area where there are a lot of renters, finding the right apartment can be a challenge. Often in these locations, attractive rentals are quickly taken. It can be difficult to find a new place to live that suits your needs. Often urban centers with low inventory are the most competitive rental markets. Finding an apartment in your budget in these locations can also be a huge challenge. If you are looking at apartments for rent, here are three things to keep in mind.

Your Budget

The first thing to consider when it comes to an apartment rental is your budget. Are you looking at luxury apartments or do you want something more basic? Having a set budget is key since it will help you narrow down your search. It's also important to consider utilities and other fees that may come along with a rental. Try to get a look at what the total cost will be before signing a lease. The traditional rule of thumb is to spend no more than 30 percent of your gross monthly income on rent, however, in high cost of living areas this may be a challenge.

A Real Estate Agent Can Help

When it comes to real estate agents, you may only consider hiring one if you are looking to buy or sell a property. However, real estate agents can also help you find the right rental for your needs that's within your budget. Real estate agents are especially handy in high cost of living areas where rentals go fast. They are able to do the legwork for you and find properties that you may be interested in. Fees can vary but many real estate agents will charge between 25 and 50 percent of the cost of one month's rent for their services. 

Being Ready Will Increase Your Odds

Another thing to consider when looking for an apartment to rent is that being ready will increase your odds of getting a lease. In order to rent an apartment you will typically need a photo ID, your previous addresses, a copy of your tax return, proof of employment, proof of residency, and your banking information on hand. Gathering this information and anything else that may be relevant and having it on hand when looking can greatly increase your chances of signing a lease quickly.

If you are looking for an apartment, there are a few things to consider. First, knowing how much you can afford is key. Sticking with your budget is a must. If you are having trouble finding an apartment, a real estate agent can help. Being ready with all of the relevant information about your finances will also be helpful if you are looking to sign a lease quickly. 

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7 September 2019

Sarah's Renting Tips

Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.