5 Tips for Renting the Perfect Apartment

Renting an apartment involves a lot many processes; from finalizing your budget to zeroing on the location. The following post provides five tips for renting an apartment. Read on to know more!

Introduction

Renting apartments might not be an easy task because there are many things to consider getting an apartment of your choice. A new city, a new job and new people can leave you totally dazed. This article will deal with things to look out for when apartment for rentin a step by step manner, whether you are a bachelor or a family looking for apartments on rent, you will find these tips useful.

Most buyers invest in property and then let it out on rent for a steady income. So the problem is not of getting an apartment of your choice, here there is a problem of plenty. However, if you look closer, getting an apartment close to the place of work and yet having all amenities that you desire may prove to be difficult. When you set out to look for an apartment, make sure you consider the following tips:

Apartment for Rent

Look up the internet for brokerage free rentals

If you are reading this post, chances are that you are internet friendly. Many websites host rental property free of cost for owners and the tenant can get in touch with the owner directly, circumventing the agent. However, this can be a long process since calling each owner yourself and ascertaining whether or not the property in question suits you or not is entirely up to you.

You will also have to deal with negotiations with respect to deposit and rental per month yourself. If you do not want to go through this, you could proceed to the next step.

Hiring a real estate agent

Hiring a real estate agent is a good idea because they will be able to give you a pretty good idea about the ways you can benefit from a real estate agents are – you save on your time; agents give a better idea about the rental market; they can showcase you maximum number of properties. You also end up benefitting from their networking. Since they have a good understanding of the market, you can be sure of being getting to see better rental properties.

Finalise the Budget and Location

Finalize the location, depending upon your budget; once you have chalked out your budget, it will help you focus on your location. It is advisable that you choose a location wisely such as – how far is it from your work or your children’s school. Make a proper survey before arriving at a conclusion.

How the deposit and rental equation works

When you looking for apartments for rent, you need to familiarise yourself with how the owner thinks in terms of his income from the property. Firstly, the owner charges a deposit from you which can be anything ranging from 3 months’ rent to 11 months’ rent (this depends on a variety of factors like location, if the apartment is furnished or not, etc). This deposit secures him against any non-payment from the tenants’ side and also loss or damage to property during the tenancy. He will earn a yearly interest from this sum. Apart from that, the owner will receive a monthly rent from you.

These 2 factors form an equation. If you wish to negotiate for a lower monthly rental, chances are you will be asked to shell out more for the deposit. If you can’t afford to pay a high deposit, you may be asked to pay a higher monthly rental. Either way, the owner tries to maximise his gain and minimise his risk. If you have opted for an estate agent, he should help you in this type of negotiation. However, depending upon the locations, these terms can be altered.

Check the Rental Property before Finalizing the Deal

Perform the usual checks of water availability, connectivity to main roads and markets proximity to railways and airport and safety are done without any fail. If possible speak to previous tenants to see if there are any major problems with the apartment.

rental agreement

Once you are satisfied, you could make a token payment to the owner to secure the apartment. After receiving this token, the owner can’t show the apartment to other prospective tenants. Secure the deal legally by notarising an agreement between you and the owner. This agreement is usually made for 11 months.

Discuss the payment schedule with the owner and the possibility of further increase in the rent in case the agreement is renewed after 11 months. Chances are he will try to be non-committal, but if he is open about it, try to include it in the formal agreement to safeguard yourself against any sporadic rise in rent.

Erin Emanuel

7 Comments

  1. I’m going to be renting my first apartment over the summer, so I’m happy that I found your post! I like what you mentioned about hiring a real estate agent to help me search. I work every day, which leaves me with very little time to search for an apartment on my own. I’ll be sure to hire a real estate agent to help me as soon as possible! Thank you for the help!

  2. You make a great point about how deciding on a location can be essential for which apartment you will want to rent. Your commute, services in the area, attractions, and schools are big factors that will determine your daily routine and quality of life. It is also important to remember that while you are trying to negotiate your lease that the owner wants to minimize risk. This can help you with your strategy at the bargaining table.

  3. I loved your suggestion to get a budget before looking for an apartment. If you know your budget, that will help you focus on a location like you mentioned. If you are working with an agent, letting them know your budget would be a good way to not go over.

  4. I liked the fact that agents give a better idea about the rental market. I remember when I got married 3 years ago and my husband did all the apartment hunting while I was working. I could find anything for 7 months and had to stay at his parent’s house. Next time to use our time better we will be sure to use an agent for better results!

  5. Thanks for sharing all of these tips! There are so many places out there in the real estate market, so it can be hard to make the right choice.

  6. I appreciate the suggestion to hire an agent in order to benefit from their knowledge of the market and see better properties than you can find on your own. I am thinking of looking for an apartment, but I’m not really familiar with the options in my area, and I want to find the best possible. Consulting an agent would be a good way to find the apartment that suits you best.

  7. I like how you mentioned that when searching for an apartment, you should make sure that you really take location into consideration, and make sure it is not too far away from work or your children’s school. My husband and I have been living with my parents, but now we are looking into moving into our first apartment, but don’t know what to look for. I will definitely keep your great tips and information in mind when looking for the perfect apartment for my husband and I.

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