Things To Prepare In Advance Of Renting Your First Apartment

Posted on: 27 January 2017

The idea of renting your first apartment may have you dreaming of decorating your own space and feeling like you're moving up in the world, but it's important to keep your feet on the ground so that you can be ready when an opportunity comes up. In many cities, the process of renting real estate like an apartment is highly competitive; when an opening is available, it may only be available for a matter of hours before someone else secures a lease. For this reason, once you begin your search, it's a good idea to get a number of important things prepared in advance. Here are some steps to take.

Set Aside Money For Rent In Your Bank

When you visit an apartment and express interest in signing a lease, now isn't the time to begin a quest for the money you'll need for a deposit. It's common to pay the first month and last month of rent up front, so make sure that you have immediate access to these funds. You'll typically have an idea of how much you want to spend per month in rent, so double this amount — and maybe give yourself a little extra just in case — and set it aside in your bank account. This way, the funds will be immediately accessible when it's time to rent the apartment.

Obtain Proof Of Your Employment

You won't likely secure rent without showing the rental company proof of your employment, so take the time to put some things together in this regard. A pay stub that shows how often you're paid and how much you make per year will be important, so hang onto a physical pay stub that you've recently received, or print out a hard copy of a digital pay stub. You may also wish to get a letter from your employer that speaks to your tenure with the company and salary, as this can instill confidence in you.

Gather Some Reference Letters

Many apartment rental companies ask for one or more letters of reference. By getting a couple such documents prepared ahead of time, you won't have to scramble when a rental unit comes available. It's usually ideal to get a letter from your last landlord, but this isn't possible if you're renting your first apartment. Instead, look for letters from people who show you to be responsible and trustworthy. If you volunteer, for example, a letter from the head of the organization can describe what type of person you are.


Saving Money On Real Estate

After I got promoted at work, I realized that there were a few things I wanted to do with all of the extra money. One of the biggest goals that I had was investing in local real estate, because I wanted to experience what it would be like to own multiple properties. It was really overwhelming at first to put in the offers, but after awhile I got really good at saving money on real estate and seeing the rewards. This blog is all about knowing which properties to invest in and focusing more carefully on the art of getting a great deal.