As of 2021, nearly 44 million households were renters in the US. 

Whether you're leaving your mom and dad's house or your dormitory room behind, renting an apartment for the first time is a rite of passage. Of course, learning how to rent an apartment entails new responsibilities and tasks, like selecting the ideal location.

Even the most determined and well-prepared first-time apartment renters can become overwhelmed by the process. Apartment hunting, budgeting, applications, packing, fees, and all the logistics of moving are all stressful. 

To ensure that the transition is as smooth as possible, here's what you need to know before renting an apartment for the first time.

Budgeting  

Before choosing apartments, create a budget with your monthly expenditure and income. This budget helps you determine how much rent you can afford to pay. 

Another way to determine how much rent you can afford is by designating a percentage of your income towards rent. 

Most personal finance experts recommend that you don't spend more than 30% of your income on rent. But, depending on your financial situation, this rule does not apply to everyone.

Some people choose to rent a luxury apartment with 30 percent of their income. Choose a range you can afford to pay based on your financial situation.

You May Need a Roommate 

Sometimes, your dream apartment may be too costly for you to afford the rent alone. If you are unwilling to let the apartment go, consider getting a roommate. 

You may have to make a few compromises if you decide to take up a roommate. A roommate agreement comes in handy when setting boundaries for people living together. 

If you like your space or are generally not a people person, you may be better off living alone. In this case, consider renting a smaller space to reduce your costs. 

Location 

Considering the location of your desired neighborhood helps you narrow down your scope. The following factors determine which location is most suitable: 

• Proximity to your school or workplace
• Public transport options near you
• Security 
• Amenities like hospitals, supermarkets, and recreation centers

If you want to cut on transport costs, a neighborhood near your school or job is ideal. But, if you like an apartment that's farther away, ensure you have access to transport.

Know the Rules

There are rules that come with apartment living. Before you pick a place, ask about their rules. 

Some apartments do not allow pets and have parking rules for guests. Others have quiet hours. Make sure you are comfortable with the rules before moving in. 

You Need Renter's Insurance

Renter's insurance covers you in case of property loss due to theft or fire. So in the event of a burglary or housefire, the policy compensates you. The insurance policy also provides temporary housing if your apartment is deemed inhabitable. 

You Now Know the Tips for Renting an Apartment

There's a lot to learn before renting an apartment for the first time. The best advice is to determine how much you can afford and carefully review the rental process.

Are you trying to look for luxury apartments for rent in Preston Hollow?

The Fountains is a charming 80-unit luxury apartment community in the beautiful Preston Hollow neighborhood. The upscale, quaint community is developed for easy access to the neighborhood and quiet nights at home.

Contact us today to schedule a meeting to see all our luxury amenities.