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Ask a Realtor

Joseph Ferrante Ferrante & Associates Realty Fall 2020

Guidelines for First-Time Renters

If youve saved some money and have a job you If it looks like your housing costs will exceed 30
can count on, it could be time to think about percent of your income, consider renting with a
renting your first place. You want to start off on roommate. Be sure to select someone
the right foot, which means paying the rent and compatible with you and your lifestyle and set
other expenses on time. A rule of thumb for some ground rules to make living together
most locations is that your rent should not equal easier.
more than 30 percent of your income (Castro).
Housing costs may include utilities (heat, Choosing an Apartment
electricity, and water), Internet, and phone. See Before you start looking at apartments, select
Table 1, which lists typical rental expenses for the neighborhoods that are right for you.
one month.1 Choose those that are close to where you go to
school or work. List the resources you use in a
Table 1: Rental Expenses typical week, such as a grocery store, a gym, and
Expense Description Amount public transportation. Talk to people you know
Rent City center $1120.00 who live in the area and ask for their impressions
and experiences.
Utilities Heat, $150.10
electricity
Internet Cable or ADSL $49.10
Mobile 2-year contract $73.00
phone
Most property owners require at least one
months rent before you move insome require
up to three months rent. In most cases, youll
also have to pay a security deposit equivalent to
one months rent. Add that to moving costs and
expenditures on furniture and dcor, and youll
need a sizable amount to make the big move.

1
Amounts are for an apartment with one bedroom.
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If you are moving to a new city from out of
town, you can do some preliminary research
online. However, dont sign a rental agreement
without physically touring the apartment or
house (Binkowski).
Besides neighborhood must-haves, list what you
need and want in the rental space, whether its
an apartment, a room in a house, a flat, or
another situation. For your first apartment, you
will likely have to make some trade-offs, so
consider what you can live without. For
example, could you handle leaving the building
to do your laundry, or do you require an on-site
laundry? If on-site laundry is a requirement,
what are you willing to give up to have it? Table
2 lists common amenities in a rental space
(Vann). Insert a check mark in the Must Have
column for the facilities and appliances you
require.
Table 2: Apartment Amenities
Item Must Have
Laundry
Dishwasher
Parking
Outdoor area
After you know what youre looking for and how
much you can afford in rent and related
expenses, make appointments to view
apartments. Treat your first visit like an
inspection. For example, turn on all the faucets
to check the water pressure. Make sure the locks
on the doors and windows work properly.
This file created specifically for HERMAN MAYFIELD
Applications and Leases
When you view an apartment, keep in mind that
the landlord or representative is considering
whether you will be a good tenant. Dress
appropriately and come prepared to fill out a
rental application, which may involve paying a
small fee. Bring along a photo ID to prove your
identity and a check stub to prove your income.
If you find the apartment of your dreams, youll
probably be eager to sign the lease as quickly as
possible. Resist that temptation. A lease is a
legal document, and you should read it carefully
to understand your obligations and
responsibilities. You should also be aware of
your rights as a tenant. Most states have tenant
rights documents available online (McPhail).
If you have a roommate, consider signing a co-
tenancy agreement, which spells out the
liabilities and responsibilities of both you and
your roommate, to help prevent legal problems
down the road (Davis 17).
Make sure your lease addresses the following
items:
Pets: Are pets allowed? If so, does having
one increase the security deposit or the
rent?
Roommates: Does the lease restrict the
number of roommates or the number of
tenants per room?
Maintenance: Are you responsible for any
maintenance tasks, such as snow shoveling
and yard work? Can you hang framed
pictures and shelves? Paint the walls?
Lease term: How long does the lease last?
Do you pay a penalty if you move out before
the term is up? If so, how much is the
penalty?
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Works Cited
(n.d.).

Binkowski, Amy. "Everything You Need to Know Before Renting Your First Apartment." Money
Magazine 10 February 2020: 18-20.

Castro, Julian. Renter's Guide: Ten Tips for Tenants. 16 January 2020. <hud.gov>.

Davis, Jennifer. "Leases Made Simple." The New York Times 30 July 2019: 15-18. Print.

McPhail, John. "Tenant's Rights: Know Before You Sign." The Wall Street Journal 6 January 2020: 21.

Vann, Melanie. "Rules for Renters." 2 March 2020. realtor.com. <www.realtor.com>.

This file created specifically for HERMAN MAYFIELD