The real estate market today has made buying property for some a little less appealing. While this is not good news for people trying to sell their home, it is a boon for landlords. Because so many people are deciding to move into rentals, first-time renters are seeing higher prices and fewer options than ever before.
According to the National Apartment Association, the occupancy rates are the highest they have been in a decade. This might make it pretty hard for recent college grads to move into their first apartment without some financial help from their parents or a really good job. There is no question that today’s rental market is challenging, but there are some tips that you can use to find the perfect first apartment.
- Set a realistic budget. A good rule of thumb is to spend about 30% of what you make a year on rent; however, it really depends on where you move. You might have to budget a little more if you are going to live in an urban area.
- Plan for the extras. You will have to pay rent when you move into your apartment, but what about everything else? Remember to budget for the utilities, cable, and heat. You will also be likely to be required to pay a deposit for utility hook-up if you have never had an account before.
- Get everything in writing. If you are moving into a large apartment complex, the chances are that the management team will have a lease ready for you; however, individual landlords can be a little more relaxed about this. It is in your best interest to get everything in writing.