Renting an Apartment

Home is more than a place to hang your hat. Choosing the right place to live can go a long way toward making you happy.

Renting your first apartment is an exciting prospect, but don't rush into a decision you might regret. Research your options carefully, and know your rights and responsibilities before making a commitment.

Choosing the Right Place

To locate apartments to rent, look through the real estate section of a newspaper, search the Internet, read community bulletin boards, or use the services of a realtor. Keep in mind that realtors will charge you a fee for finding you an apartment, often half a month's rent or more. Find several listings that seem attractive to you. Make appointments with the landlords or their representatives to view the apartments.

Rent and Other Costs

A good rule of thumb is to have one month's rent and utility payments equal no more than one week's take-home pay. Estimate your utility bills by asking the landlord or a previous tenant what the average monthly heating and electricity costs were for the apartment during the previous year.

Keep in mind that you will probably need a large supply of cash up front. Many landlords require in advance the first and last month's rent. Some also ask for a security deposit, a sum of money that you pay the landlord to ensure that you will leave the apartment in the same condition you found it in. The security deposit is usually equal to a full month's rent. After you give up the apartment, the landlord will inspect it. If you have damaged the property, the landlord will use money from your security deposit to make repairs and will return any unused portion to you. If the apartment is undamaged, you will get back your entire deposit, sometimes with interest.

Signing the Lease

Finding an apartment you like is half the battle. The other half is convincing the landlord that you'll be a responsible tenant.

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