Unless you happen to be really well off, you will have to rent an apartment before being able to buy your own place. There are some really great deals around though, and you can stay in places and live with people that you would not otherwise be able to. If you will be renting an apartment in the future, then keeping the following points in mind is advisable...
Who to rent from? - There are pros and cons to renting from either a private landlord or a property management company but, for the most part, you are better off dealing with the latter. The reason being that you are more likely to get a better quality of service, as property management companies have a reputation to build and maintain, whereas as private landlords do not.
Cost - It may sound like an obvious point, but you should never go over your budget. The question is though, how do you know how much you can afford? Well, a good rule of thumb is that you should not be paying more than a third of your gross income. So, if you make $3,000 per month before taxes, you should not rent somewhere that costs more than $1,000.
Your lease - You will have to sign a contract (referred to as a lease) when you rent an apartment. Your lease is legally binding on both you and your landlord, and you both must adhere to the terms, conditions, roles and responsibilities set out in it. It is therefore very important that you carefully read the document in full before signing it. You should get a friend or family member to read through it too if you do not completely understand it yourself.
Damage assessment - You need to check your new apartment for damage on the day that you move in and let your landlord know immediately if anything is not as it should be. If you do not let them know about existing problems, then you may find yourself being held accountable for them when you leave. If you want to totally cover yourself, then take some photos to use as evidence should a dispute arise.
Electricity, water, etc. - Check which, if any, utilities are included as part of your monthly rent. Sometimes landlords will pay the water and heating bills for you, and sometimes they will not. This is something that you should find out before signing a contract, so that you can accurately estimate your monthly budget. It is better to pay for utilities yourself if you have the option, as then the landlord cannot mark-up the price to boost their own profits.
Who to rent from? - There are pros and cons to renting from either a private landlord or a property management company but, for the most part, you are better off dealing with the latter. The reason being that you are more likely to get a better quality of service, as property management companies have a reputation to build and maintain, whereas as private landlords do not.
Cost - It may sound like an obvious point, but you should never go over your budget. The question is though, how do you know how much you can afford? Well, a good rule of thumb is that you should not be paying more than a third of your gross income. So, if you make $3,000 per month before taxes, you should not rent somewhere that costs more than $1,000.
Your lease - You will have to sign a contract (referred to as a lease) when you rent an apartment. Your lease is legally binding on both you and your landlord, and you both must adhere to the terms, conditions, roles and responsibilities set out in it. It is therefore very important that you carefully read the document in full before signing it. You should get a friend or family member to read through it too if you do not completely understand it yourself.
Damage assessment - You need to check your new apartment for damage on the day that you move in and let your landlord know immediately if anything is not as it should be. If you do not let them know about existing problems, then you may find yourself being held accountable for them when you leave. If you want to totally cover yourself, then take some photos to use as evidence should a dispute arise.
Electricity, water, etc. - Check which, if any, utilities are included as part of your monthly rent. Sometimes landlords will pay the water and heating bills for you, and sometimes they will not. This is something that you should find out before signing a contract, so that you can accurately estimate your monthly budget. It is better to pay for utilities yourself if you have the option, as then the landlord cannot mark-up the price to boost their own profits.
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