5 Things You Should Know As a Renter

Written by: Cora Gold

So, you're stepping into the exciting world of renting your very own apartment? Congratulations! This is a significant step towards independence and adulthood and it's a path filled with possibilities and adventures.

Whether you're starting this journey fresh out of college, relocating for work or just taking the leap into solo living, renting an apartment is an empowering experience.

1. Location Matters

Choose a location that suits your lifestyle and daily needs. There’s a reason 'location, location, location' is a popular phrase in the market. Here are some things to consider when choosing where to live:

• Commute considerations: If you have a job or other commitments, think about your daily commute. Living closer to work or near reliable public transportation can save you time and money in the long run. A shorter commute also means more time for yourself and less stress.

• Safety and security: Research the safety of the neighborhood. Look up crime rates and talk to locals if possible. Your well-being is important so ensure you feel secure in your chosen area. 

• Amenities and convenience: Check for nearby amenities like grocery stores, pharmacies, hospitals and recreational areas. Having these essentials within reach will make your daily life more convenient.

• Average costs: While a prime location can be enticing, be mindful of your budget. Balance your desire for an ideal location with your financial capabilities. Sometimes, a slightly less central area can offer more affordable rent without sacrificing convenience.

Renting tip: Use online resources like Google Maps to explore the neighborhood virtually or visit the area at different times of the day.

2. Neighbors and Community

Building good relationships with your neighbors can make apartment living more enjoyable. Here’s how you can build a relationship with your neighbors: 

• Introduce yourself: A friendly introduction can go a long way in building a neighborly relationship. Knock on their door or greet them when you cross paths in the hallway. A simple "hello" can set a positive tone.

• Noise etiquette: Noise can be a common source of tension. Be considerate of quiet hours and inform your neighbors beforehand if you're planning a gathering. If you encounter excessive noise from neighbors, approach them politely to discuss a resolution.

• Respect shared spaces: Be mindful of common areas such as laundry rooms, gyms and parking lots. Follow any rules or guidelines set by the building management by using these spaces.

Renting Tip: Attend community events or meetings to connect with neighbors.

3. Budget Like a Pro

Set a realistic budget that covers rent, utilities, groceries and other essentials. Make sure you have enough for rent without compromising your lifestyle. Here are some things to think about when budgeting:

• Emergency fund: While budgeting for daily costs is crucial, remember to allocate some of your income to an emergency fund. Life can throw unexpected expenses your way, like medical bills or car repairs. Having savings set aside will provide peace of mind.

• Hidden costs: Your budget should account for more than just rent. Remember to factor in utilities (water, electricity, internet), transportation costs, groceries and even occasional treats or outings. Knowing where your money goes ensures you can enjoy your new apartment without financial stress.

• Financial goals: Consider your long-term financial goals. Are you saving for a future home, paying off student loans or investing for retirement? Incorporate these goals into your budget to make progress while you rent.

Renting Tip: Consider starting a budget journal where you record your income, expenses and savings goals. This journal will be your financial compass, helping you stay on track and avoid overspending.

4. Read the Lease Thoroughly

Don't just skim through it—read every line of your lease agreement. Understand the terms, conditions and any penalties. Here are some things to watch out for:

• Legal advice: Consider consulting with an attorney or another expert to review your lease agreement. They can help you understand the legal implications of the contract and ensure your rights as a tenant are protected, including compliance with the Fair Housing Act. This important federal law prohibits discrimination in housing based on race, color, religion, sex, national origin, disability and familial status. 

• Lease duration: Pay attention to the lease duration. Are you signing a month-to-month agreement, a one-year lease or something else? Understand the terms for renewing or terminating the lease when it expires.

• Security deposit: Understand the terms regarding your security deposit. Know how much you've paid, how it will be held and the conditions under which it can be deducted for damages.

• Maintenance responsibilities: Clarify who is responsible for maintenance and repairs. Are you responsible for minor fixes or is the landlord? Understanding this can prevent disputes later on.

Renting Tip: Highlight or take notes on important clauses to reference later.

5. Inspect the Apartment

Before moving in, inspect your apartment carefully. Look for any pre-existing damages and take photos for evidence. Here are some tips when inspecting your apartment:

• Document everything: When you first enter the apartment, bring a notepad or your smartphone to document any issues you find. This includes scratches on the floor, chipped paint, loose cabinet handles or malfunctioning appliances. Take clear photos or videos as evidence and date them.

• Focus on safety: Pay special attention to safety features like smoke detectors, carbon monoxide detectors and fire extinguishers. Ensure they are present and functional.

• Check plumbing and electrical: Run faucets and flush toilets to check for water pressure and drainage issues. Test light switches and outlets to make sure they work properly.

• Security: Ensure that locks on doors and windows function correctly. If there are security features like deadbolts, make sure they are operational.

• Ventilation: Check that ventilation systems such as exhaust fans are working in bathrooms and the kitchen. Proper ventilation is essential for preventing mold and maintaining indoor quality.

Renting Tip: Create a checklist to ensure you don't miss anything during the inspection.

Rent with Confidence

Where you live and how you budget matters. Read your lease carefully and consider getting legal advice to protect your rights. Your apartment is more than just a place to live — it's where you'll create memories and build your life. So, rent with confidence and make your apartment truly your own. Happy renting.