Since 2008, the number of households that are renting in the United States has increased by over 25%. Roughly 42.9 million people now rent their homes, up from 34.6 million before the Great Recession.
If this trend continues, renting will become the new norm for American households.
As renting becomes more popular, it’s important to be aware of what you should consider before renting an apartment. Here are ten things you need to think about:
1. Consider Upfront Costs
When renting an apartment like apartments in Bee Cave, you will likely be responsible for paying a security deposit and the first month’s rent upfront. Make sure you have enough money saved up to cover these costs.
You should also ask the landlord if there are any other fees you will need to pay, such as application or credit check fees. Be prepared to pay these costs before signing a lease.
2. Location, Location, Location
Think about what you need and want in a neighborhood.
Do you need easy access to public transportation? Are you looking for a quiet apartment for rent or one with plenty of nightlife options? Consider your lifestyle and needs when choosing a location.
You should also research the crime rate in the neighborhoods you are considering. You don’t want to live in a dangerous area.
3. Size of the Apartment
When apartment hunting, take into consideration how much space you will need.
Do you have a lot of furniture? Are you a light packer? Will you be sharing the apartment with others?
Make sure to visit the apartments you are considering and measure the square footage. You don’t want to be surprised when you move in and find out that the apartment is much smaller than you thought it was.
Also, keep in mind that many apartments come with additional fees for things like parking or storage units. Be prepared to pay extra for these amenities if they are important to you.
4. Future Plans
Ask yourself if you plan on remaining in the apartment for a while.
If so, it is probably best to sign a long-term lease that locks you into living there for an extended period. For example, some apartment complexes require residents to sign leases lasting one year or more. If your plans change and you need to move before then, this could be problematic.
On the other hand, if you think you may move within the next year, it might be a better idea to sign a shorter lease. This will give you some flexibility if your plans change.
5. Amenities
When apartment hunting, take a look at the amenities offered by each complex.
Do they have a pool? A fitness center? A rooftop deck?
Think about what is important to you and make sure the apartment complex you choose has the amenities you want. And remember, just because an apartment complex has amazing amenities doesn’t mean the apartments themselves will be luxurious. Make sure to visit the units and see for yourself.
Many complexes also charge additional fees for things like parking or using the gym. Be prepared to pay extra if these are important to you.
6. Current Residents
If you are apartment hunting in a building with other residents, take the time to meet them. Ask current tenants about their experience living at the apartment complex and how well they get along with management. Make sure that if there have been any problems, they haven’t negatively affected their quality of life.
Talking to current residents will give you an accurate picture of what apartment living is like at that particular complex. You don’t want to be surprised when the move-in day rolls around!
Make sure to check online reviews for more information on previous residents’ experiences with apartment living at each complex under consideration.
7. Renters Insurance
Renters insurance is a must-have for anyone who lives in an apartment.
The landlord’s insurance policy does not cover your belongings, so it is important to have your own policy in place. Renters insurance will help cover the cost of replacing your belongings if they are damaged, stolen, or destroyed.
While insurance may be expensive (there is no denying that), it can save you a lot of money if something happens to your apartment and its contents. The cost of replacing everything will quickly add up, so make sure you have renters insurance before signing the lease.
Click here to find the “best renters insurance near me” in Chicago.
8. Legal Agreements
When apartment hunting, you will likely be asked to sign legal agreements.
These legal documents detail all of the rules and regulations put in place by the landlord or property management company. Make sure that you read through everything carefully before signing anything.
There should also be a clause stating what your rent payment is and when it’s due. Be clear about which utilities are covered under your rent as well; otherwise, you could end up with some unexpected expenses.
9. Pet Policy
If you have a pet, be sure to ask about the property’s pet policy.
Many complexes do not allow pets, or they have restrictions on the type and size of pets that are allowed. If you have a furry friend who is part of your family, be sure to find an apartment complex that will welcome them with open arms!
On the other hand, you might be able to get a pet deposit waived if you have no history of owning pets. This can help reduce your upfront costs when renting an apartment.
Since every complex has different rules and regulations, make sure that you ask about the legal status of your furry friend before moving into a new place!
10. Roommates
If you’re not living by yourself, it’s crucial to find an apartment complex that is welcoming to roommates.
Not all complexes allow more than one tenant per unit, and some have restrictions on the age or gender of your roommates. Be sure to ask about this before signing anything!
Living with roommates can be a great way to save money on rent, but only if you live in a complex that allows it. Otherwise, you could be out of luck.
Renting an Apartment Made Easy
There are a lot of things to consider when renting an apartment. By taking the time to ask questions and do your research, you can be sure that you’re making the best decision for yourself and your family.
Make sure to check out our other blog posts for more information on renting an apartment.