If you’re a young person getting out on your own for the first time, the idea of renting your first apartment no doubt brings a lot of excitement. Your own apartment means independence, privacy, and autonomy — but there are some things you should be aware of before you sign that lease and start paying rent. We’ve compiled a brief guide to renting your first property and how to make the most of your newfound freedom. It’s All About Location One of the first things you’ll no doubt discover as you start looking for a place: not all locations are created equal. More affluent neighborhoods will be nearer to amenities and entertainment but are also likely to be quite a bit more expensive. By contrast, more run-down areas might be cheaper to live in, but could involve longer commutes, fewer conveniences, or even dealing with crime. In short, the neighborhood you choose to live in could have a big impact on your lifestyle and budget. You’ll have to try to find a balance between your preferences and what you’re capable of financially. Things like proximity to work, amenities, public transportation, and other factors that contribute to your quality of life should all be taken into consideration. The Deposit Dilemma One of the biggest cases of “sticker shock” you ever experience may come with finding out how much you have to pay up front to secure an apartment. Most landlords require a security deposit, usually equal to about one month’s rent, to cover possible damages once you move out. Others may ask for first and last month’s rent, in order to safeguard against vacating without notification or paying your rent. It’s growing ever more common for landlords to ask for both, meaning you could be shelling out three or four month’s […]
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