Searching for an apartment can often feel like a race against time and every other renter in the area. When you see that dozens of others have viewed a listing that’s only a few hours old, it can heighten the feelings of anxiety.
There is good news for eager apartment hunters in every city! Streamlining your process into a few key actions can help you check off every box and ensure that your new place feels like home and not a rushed mistake. What differentiates a smart apartment search from a shot in the dark? Read on to learn more about a few non-negotiable apartment hunting steps that can save you major headaches down the line.
Location, Location, Location
Look for a rental opportunity at the intersection of “I want to live here” and “I can afford to live here.” When you’re headed to work on a Monday morning, will you be cursing your long commute? Are there businesses within walking distance that will help meet your wants and needs, like grocery stores and restaurants? Have you checked out the safety statistics for the area that surrounds the property? As the experts at U.S. News & World report advise, choosing an apartment based on its interior and features alone may land you in a distant or otherwise undesirable neighborhood. Ask around about the reputations of various neighborhoods and spend a day walking around to get the lay of the land before you sign a lease.
Make a Budget and Stick to It
If you start touring apartments without a firm budget in mind, there’s a high chance you’ll cave and overspend as soon as convenient amenities like dishwashers, walk-in closets, sunny picture windows, or in-building gyms come into play. No matter how nice a new abode is, you don’t want to agonize over the rent check every month. Sit down well ahead of time and come up with a realistic working budget that includes utilities, transportation costs, miscellaneous fees, food expenses, and the set rent. Of course, you can give yourself wiggle room by coming up with a range, but make sure you know your limits so you won’t get carried away when you fall in love with a space.
Check Out the Management
Landlords and property managers will undoubtedly run a background check on you when you apply. But screening is a two-way street, and you should perform your due diligence before signing on the dotted line to work with any given business. Do a little digging online to see if scorned—or pleased— past tenants have left any insights, and try to talk to someone who lives in the building if possible. When it’s time to take a tour of the apartment, specifically ask about the occupancy and turnover rates for the building. Trulia points out that anything over 50 percent is considered high and may be a red flag regarding the tenant experience.
It’s worthwhile to consider how hands-on you want management to be. A fragmented or otherwise disorganized process will require more out of you in terms of following up and initiating interactions. If you have a question about a policy in your building, do you know who to contact and how quickly they’ll return your call or email? When your sink starts leaking at 11 p.m., will your building send someone ASAP or will you be waking up every two hours to empty the buckets in an attempt to minimize damage? When property management companies utilize a central online hub, information is more accessible for both parties which can cut down on lag time between correspondences.
Represent Yourself Well
In addition to asking questions and keeping written notes from your apartment tours, how can you prepare to vouch for yourself and have all the resources ready to move quickly on the apartment of your dreams? Set aside money for a down payment (usually first and last month’s rent) and a security deposit (usually one month’s rent). Different properties have different payment requirements, but having ample savings ready to go in your bank account will ensure that you’re prepared to nab a great apartment while it’s on the market.
Another way renters can demonstrate their level of responsibility and commitment is to have documentation all lined up before crunch time. Money Crashers recommends compiling:
-An official letter of employment that includes company and pay information
-Pay stubs to back up what the employment letter details
-Tax returns (for those who are self-employed or work multiple non-salaried jobs)
-Reference letters from previous landlords or managers, or character references from a non-family member
Be sure to incorporate these smart tips next time you’re searching for an apartment. Use common sense, and remember that there’s no such thing as too much preparation. Good luck!
