Advice for first-time apartment renters

Renting your first apartment is an exciting yet nerve-wracking experience. It’s normal to be uneasy when you’re doing something new for the first time, especially renting your first apartment. However, it should be something to look forward to. Your newfound sense of confidence and freedom should be embraced, but you shouldn’t completely let your guard down.

First-time apartment renters can sometimes be viewed as naive, which can be taken advantage of. With that said, you should get advice before renting your first apartment. Terms like monthly rent and security deposit might feel unfamiliar, but with a bit of help, you can find a place to live and avoid rental scams. Here are BrokerLink’s tips for first-time apartment renters.

Tips for first-time apartment renters

Throughout your apartment search, you will encounter several obstacles. With that in mind, there are ways to overcome them. In a competitive rental market, you have to be proactive yet cautious to find a place that suits your needs. To do this, follow our advice below before renting your first apartment to avoid any issues:

Create a list of expenses

Before you move into your apartment, you should create a list of expenses. These costs can be divided into two categories: one-time and recurring expenses. We will cover each topic in detail below:

One-time costs

When you get your first rental unit, there are a couple of upfront costs to deal with. Expect to pay for the following:

• Application fee(s)
• Security deposit
• First and last months’ rent (sometimes)
• Moving expenses
• Furniture if unfurnished

Recurring costs

After you sign your lease agreement and move into your rental unit, there are certain things you will have to pay for each month. Here’s a list of expenses:

• Monthly rent
• Utilities (e.g. electricity, garbage, water, sewage, etc.)
• Internet and phone bills
• Parking spot
• Laundry

Costs can add up quickly when renting your first apartment. That’s why you should be aware of how much things cost before you move out. Misjudging your costs of living can have detrimental consequences. Consider comparing renting vs. buying depending on your financial situation.

Determine your needs

Before you start searching for an apartment, you should determine your wants and needs. The latter is more important, but you should think of everything else as a “nice to have.” In a competitive rental market, you’ll have to make some compromises. Think about the following:

• Having a clean and functional kitchen
• Outdoor living space
• Desirable neighbourhood
• Amount of closets and storage space
• Proximity to work and public transportation, if needed
• Building amenities (e.g. common spaces, laundry, gym, etc.)
• Parking spot(s)
• Pet policy
• Accessibility features (if required)
• Safety and security (e.g. well-lit common areas, secure entry systems, etc.)
• Apartment layout and design choices (open concept, separate rooms, natural light, etc.)
• Terms of conditions of lease (e.g. month-to-month, annual or multi-year leases)
• Noise levels and surrounding area (quiet or lively neighbourhood)

What’s important to you? Ask yourself this question when you’re looking for a rental property. The chances are you won’t find everything you want in one apartment, but you’ll find most things. Understanding what matters to you is essential before making your first rent payment.

Learn as much as you can during your tour

When you tour different apartment buildings, you should ask as many questions as possible. Viewings aren’t just a chance to determine if you like the way the unit looks. They also act as an opportunity to learn more about the rental terms. Here’s what you should find out about:

• Rent costs
• If utilities are included and how much they cost if they aren’t
• The required security deposits
• If a parking fee is required
• If you can have pets and if there is a fee
• Why you might need tenant insurance
• The application process and potential fees
• Duration of the lease
• When rent increases and by how much
• How rent is paid (postdated cheques, etransfer, etc)
• Customizations you make to your apartment
• Apartment maintenance responsibilities
• If a property manager is present
• Amenities in proximity to the building
• Notable rules and policies

Knowing what questions to ask will help you better determine your monthly expenses and get a more favourable lease. Gather each landlord’s contact information when taking tours, and if you’re interested in renting an apartment from them, you can get in touch with them later.

Find a roommate if necessary

Having a roommate is a great way to save money on your living expenses. However, since you’ll be living with this person daily, you’ll want to find someone you’re compatible with. Here are some things to consider when choosing a roommate:

• How clean you want to keep your space
• If you are okay with smoking (if your landlord is okay with smoking)
• If pets are allowed
• How many parking spaces you are allowed
• Potential guests and the duration of their stay
• Who buys furniture and other items for the apartment
• The way bills and shared expenses will be divided
• Daily routines and schedules
• Quiet hours and noise levels
• The duration of the rental agreement

The last thing you want is a nightmare roommate. Be sure to conduct background checks on potential roommates to avoid such issues. Also, interview several people before making a decision. A written agreement can act as a great screening tool.

Get your rental application documents together

Property management companies, managers, and landlords each have their own set of rental application requirements. However, you should keep in mind that the majority will require the following:

• Proof of identity (e.g. driver’s licence or other form of provincial ID)
• Evidence of income like pay stubs or invoices
• Rental history and landlord references if you have one
• Renters insurance
• A co-signer if you don’t have a credit history

Before signing a rental lease agreement, you will need all of these documents. It will prove that you can pay rent and afford the apartment. In some cases, tenants will have to go through a background and credit check. When this is required, additional documentation may be needed.

Review the lease agreement

Since you will have to pay rent to live in your apartment complex, you should read over the terms and conditions thoroughly. It will prevent having to deal with any surprises upon moving in. As a first-time apartment renter, you should look at the following:

• How long the rental agreement lasts
• If pet fees or restrictions exist
• The security deposit amount and when it should be returned
• Rules around sub-letting
• Utility costs you are responsible for
• Maintenance requirements
• Liens or claims to your property in the event of not paying rent

Rental units are great places to live if you’re looking for temporary accommodations or are saving up to buy. If you’re unsure about anything in the rental agreement, your best bet as a first-time apartment renter is to ask a lawyer for help. This can help you make the right decision.

Have a renters insurance policy

A typical renters insurance policy will assist you when renting an apartment. Similar to home insurance, having tenant insurance can help you out in a variety of situations. Although having a policy isn’t mandatory, it is essential to have one. Renters insurance usually covers the following aspects of renting an apartment:

Personal property protection

On top of moving costs, you will often have to pay for appliances, furnishings, and other expenses. In the event that your belongings are damaged, destroyed, or stolen, this policy will help you out. You will be compensated for the value of your stuff with the exception of a deductible.

Personal liability

If someone gets injured in your apartment, you can be subject to a lawsuit. Although terms may vary, this insurance policy will compensate the other person for medical bills and lost wages that come from the result of the injury. It will also assist you with legal fees if required.

Loss of use

Accidents happen, and if you can’t live in your apartment for any reason, you shouldn’t end up on the streets. That’s where an insurance policy can come to the rescue. This type of coverage will pay for the costs of living somewhere else temporarily (e.g. a hotel) until your apartment complex is safe again.

Getting renters insurance is worth it. Living in a rental unit can be unpredictable, and you can’t rely on your property manager to pick up the pieces if something happens. It’s also another reason to understand renters insurance vs. landlord insurance. You need protection when living at rental properties to avoid losing money in the long run.

Know your rights as a renter

When living in a rental unit, you should know your rights. Aside from making monthly rent payments on time, there are a few other things you know about. First-time renters might not be aware of what they are entitled to, but they should know because they could be taken advantage of otherwise. Here's what you need to know:

Living in a safe environment

Your landlord or property manager has to ensure the apartment complexes they own are inhabitable. In other words, there shouldn’t be health hazards, utilities should be working, and the building should be structurally standard. As a first-time renter, you should feel safe and secure in your building.

Getting your security deposit back

When you first move into your apartment, you will have to pay a fee called a security deposit. This fee will cover any damages done to the apartment during the lease term. If you don’t damage the unit, the security deposit will be returned to you at the end of the lease agreement.

Right to privacy

As a first-time renter, you should be aware that the property manager or landlord is not allowed to enter your apartment without reasonable notice. The amount of notice that must be given should be outlined in the rental agreement. The only leeway given is during emergencies.

No discrimination

The Fair Housing Act prevents landlords from discriminating against tenants for a plethora of reasons. Renters cannot be denied based on race, religion, gender and more. Understanding this will help you secure a rental unit without the stress of potential discrimination.

Eviction

Yes, a landlord or property manager can evict a tenant from a unit. However, this is only allowed under certain conditions. There is a legal process that has to be followed for the eviction to go through. You have rights as a tenant to fight an unjustified eviction.

Renters often have different rights depending on where they live. These are important to review because they will ensure fair treatment and allow you to advocate for yourself as a tenant. First-time renters should not overlook such policies to avoid issues in the future.

Be aware of rental scams

Unfortunately, rental scams are becoming more common than ever. First-time renters often fall victim to these scams because they are unaware of how renting works. This is especially true for student renters. You should be on the lookout for these scams when apartment hunting. The following are signs of a rental scam:

• Listings with a price that’s too good to be true
• Fake listings without an address or photos that have an odd email address
• Multiple listings (same apartment, address, photos and descriptions listed with different contact information or at a different price)
• Security deposits that are higher than the first month or two’s rent
• Listings that don’t ask for a tenant screening

Before signing anything and paying the first and last month’s rent, you should be aware of potential scams. They can cause you to lose a lot of money and be without a place to live. Many renters fall for these fake listings, so be very cautious before settling on a new apartment.

There are several precautions to take when it’s time to rent your first apartment. However, you shouldn’t let this deter you from starting your journey to finding a new home. Living in a rental unit is a great option when looking for your first place or temporary accommodations. With that said, you should now have everything you need to start apartment hunting.

Contact BrokerLink today!

When it’s time for you to rent your first apartment, you should be prepared. By following our tips, you will be ready to pay rent and balance your monthly expenses with ease. However, life is often unpredictable, which is why having renters insurance is essential. It will protect you and your personal property if something happens while living in your apartment.

What insurance do you need? Where can you find great renters insurance? You can ask a broker for help to find an insurance company that meets your needs and budget. BrokerLink’s brokers are well-connected with local insurance companies and can help you navigate the process. Contact us today.

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