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
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.
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.