Rent

To find an ideal apartment or rental home – and to make the search go smoother – there are a number of steps you can take to ease the burden and expedite the process.

Tips to Find a New Home to Rent

1. Determine Affordability

The U.S. Census Bureau suggests that your monthly rent should not exceed 20% of your monthly income – 30% at the most

2. Lower Rental Costs

There are several things you can do to find a lower monthly rent:

Look Outside an Urban Area.
Consider Transportation Costs.
Get a Roommate. You can slash
Check for Subsidies. The U.S. Department of Housing and Urban Development (HUD) routinely offers subsidies for those with lower-income jobs who may not be able to afford rent. Search the HUD website to find affordable housing or see if you qualify for subsidies.
Think Small
Negotiate

3. Add Renters Insurance

For some, renter insurance is a choice A landlord insures the building and tenant coverage – about $12 to $15 per month.

4. Run a Credit Check

5. Start Hunting

Don’t leave apartment hunting for the last minute. In a perfect world, it should start around three months before your “must move” date. Many current tenants have to let their landlords know of vacancies in advance – the majority of areas require renters to give at least 30 days’ notice, but plenty give more.

Price.
Transportation.
Convenience.
Safety.

6. Gather Your Down Payment

Many landlords require a down payment, which usually includes the first and last month’s rent, along with a security deposit equal to one month’s rent. Therefore,

7. Prepare Documentation

Landlords take a substantial financial risk if they don’t thoroughly check out each applicant, so in addition to credit and background checks, some may require extra documentation. Gather the following papers and keep them on file in advance of your search:

Letter of Employment.
Pay Stubs.
Tax Returns.
Reference Letters

8. Talk to Tenants

Talk to Tenants the best way to find out if you really want to live in a certain property is to talk to past and current tenants

9. Do a Walk-Through

Don’t sign that lease just yet. After everything checks out and you’re happy with the apartment, location, and landlord, you should go back to verify the property.

10. Read Over and Sign the Lease

Lease agreements vary depending on time frame and contract terms.

Periodic Leases Work Best for Shorter Durations. With a periodic lease, the landlord acknowledges that your situation could change from month to month, allowing you to pay and renew your lease monthly. However, these leases can be more expensive, and because you have to renew each month, the landlord reserves the right to raise the rent at any time. You need to give your landlord 30 days notice before vacating the apartment, so this arrangement is best only if you truly need short-term living space.

A Fixed-Term Lease Is Most Common.