If you cannot afford to buy an apartment but need a place to live, then Tim Arel feels leasing is probably your best option. Even if you can afford to buy, sometime renting is the better choice, especially if relocating to a new state or country.  Tim Arel recommends renting for a year if you’ve been recently transferred, so you can better get to know the local towns and decide where you’d like to later purchase a home.  Many people looking to live in a large city find renting is a much easier way to get into an apartment than buying, where purchase prices can be very high. 

No matter what your reason, finding a new condo or apartment is exciting. However, it can sometimes also be an overwhelming process.  You want to make the right choice and know what to consider before making the financial and legal commitment to rent.  To help the selection of a new place easier, Tim Arel has put together 10 tips for renting an apartment. Read these before signing your name to any lease!

1.   Know upfront how much rent you can afford to pay.  A good guide is to make sure your rent is not more than 30% of your monthly take-home income. 

2.   Identify where to search for a new place.  You can use a broker to make this part of the process easier or look in newspaper classified ads, apartment publications, and college campus bulletins. The internet also has many places you can search for rentals.

3.   Narrow the type of area you’d want to be in and visit possible neighborhoods in the day, evening, and on the weekend.

4.   Have ready a renter’s resume with personal references, prior addresses, landlord phone numbers and a copy of your credit report.  Be prepared to share your monthly income information as well.

5.   Ask what’s included in rent, such as: heat, water, electric, and cable or Internet connectivity.  Find out the average monthly utility bills for the unit you are interested in renting.

6.   Read the lease agreement! Many people don’t read their lease carefully and later regret it.  Look for information on: dates, rent, security deposit, reasons a landlord can terminate, penalties for moving out early, maintenance, subletting, renters insurance, guest policies. 

7.   Resolve contract issues before signing the lease.

8.   Inspect the apartment thoroughly and look carefully at: pipes, sinks faucets, shower heads, electricity, appliances, windows, walls. Listen for outdoor and indoor noise. 

9.   Get basic information about the landlord or property management company.

10. Negotiate your lease.  There may be areas you can negotiate and it’s in your best interest to try.