Quick Tips for Finding the Perfect Apartment!

Hello my friends!

Today's post will offer you some quick tips for hunting for an apartment and what to expect!

FIRST, you should try to plan out as many money-related matters as you can. What's your budget? How much are you willing to spend on rent? Do you have a steady income that is around 2.5-3x your proposed rent? This is typically a requirement to qualify for an apartment. Can you afford utilities, food, gas, deposit and other fees, etc. on top of that? As long as you can pay for your essentials, you should be okay!

SECONDLY, it's a good idea to know where you want to live and why. Definitely look at a few possible neighborhoods and cities and compare the prices. Looks too expensive? Check out the surrounding areas. Do you need to be walking distance from certain areas because you don't have a car? Are you looking to be close to family or friends? Location is super important, and you need to make it work for your personal needs as well as be strategic with how it affects both the overall price and what you might gain living in one area over another. 

THIRD, you'll want to create a list of non-negotiables, preferences (or "nice to haves"), as well as a strong budget and desired lease-length:

- Your non-negotiables are things you MUST have in your apartment, whether that be number of bedrooms, price, location, amenities, etc. 

- Your preferences or "nice to haves" are things that would make one apartment more appealing over another--perhaps it's the fact that they have in-unit laundry versus on-site (which means, you'll be sharing with your neighbors). 

- Your budget is how much you're willing to spend per month, which should be only one-third of your income and ideally include utilities, being roughly 10% of your rent. If your budget for rent is $800, then utilities might be around $80, making it a total budget that should not exceed $880. Different apartment complexes will have different rates that might be fixed or varying--be sure to check that out, too. 

- Your lease length is however many months you plan to be there. Most places will increase rent if you decrease your lease length to be less than 12 months. Shoot for whatever you're truly comfortable with because you must remember you are legally binding yourself an apartment! 

FOURTH, you'll need to write all of this down and start doing your research. Check out Curb.com for a full list of websites to look at: link. Put your info in those quick little forms in the margins of the website for places that you're interested in seeing--a representative will reach out to you via email when you provide it! I recommend NOT putting your phone number. Either way, that person can assist you in finding what you want. Detail your non-negotiables, preferences, and budget. Low ball your budget! Start with the lowest prices possible, and try to work your way to a middle ground. You can typically forgo talking about prices until after you tour the place to really get a great sense on what something is worth. Apartment hunting is a lot of negotiation, so represent your wants and needs well! When in doubt, DON'T sign anything / pay anything.

FIFTH, start touring the places and keep track of all the important information in a spreadsheet. Really take time to write all this information down, take pictures when you tour, and ask as many questions as you can. To save your energy, only tour places that really resonate with you and hit all of your non-negotiables. Keep track of places you like into a spreadsheet, calculating all of the important information such as the apartment name, address, room type, room number, rent, utilities, deposit fee, application fee, administration fee (if they have one), parking fee (if applicable), and any other hidden fees you need to know. By the end, you'll have a comprehensive list of at least 10-15 different apartments (including different room in the same building) that you can negotiate with. Find the cheapest, most promising one and apply!

Here is an example of my personal spreadsheet that I made when I hunted for apartments:

SIXTH, triple and quadruple check that all of your money-related matters are squared away. The worst situation to be in is eviction or making late payments! Make your financial health the priority before signing a lease. Once you do sign--congrats!

Learning to hunt for an apartment is such a rewarding experience that teaches you real life skills. It's extensive, intensive, comprehensive, requires careful research, negotiation skills, double, triple and quadruple checking prices and other must-haves. You're legally bound to something so the stakes are typically higher than if you were living in a campus dorm or at home. So, have some pride in what you can accomplish by hunting for the perfect apartment for you, and just be careful out there!

I hope that this helped!

Madi