Having your own apartment makes you feel more independent from your parents, but there is a lot of knowledge you need to obtain before renting one. You need to know everything about the place: the conditions of the apartment, the terms in the lease, if you want a roommate, etc.
People tend to rush into renting an apartment, not taking the time to research their local areas or to ask for help. When you live in a large city, they’re so many different rentaling companies you can choose from.
Justine Elliontt, an agent at Chicago Apartment Finders, said, “When people use apartment finders, they will get better deals when they want rent in trendy areas.”
A lot of renting companies offer free services to customers, like Chicago Apartment Finders, one of the top renting companies in the city. When you are trying to find an apartment, it’s a good idea to use an apartment renting company. You can get better deals on good apartments, and they can explain everything to you about the apartment. Some renting companies even offer services to clients like taking you around to look at different apartments. According to Elliontt, one of the most common mistakes people make when they are renting is “rushing through all the paper work and not really looking at the apartment.”
The first apartment you see, you may like because everything is fine, and you can get a good deal.
“The first apartment I visited is the one I chose,” said Karri Freeman. “As soon as I walked in, I loved it. The kitchen and living room were open and an island separated them. The appliances were all black. I don't cook, but I loved the kitchen, it's what really sold me on renting the place. Also, the apartment complex had only been open for a year and the apartment had only one tenant before me, so everything was clean.”
When you finally find an apartment you like, you will likely have to put up a month of security deposit and sign a lease. Landlords ask tenants to pay a month’s rent for a deposit because once you move out, they can take the money from the deposit to cover any damages to the apartment.
You also have to make sure you read the lease and understand all of the terms. “Tenants sign a lease so there is a good understanding between the tenant and landlord,” Elliontt said.
Some landlords offer a month-to-month lease, meaning you are not renting under a traditional lease.
“When there is no lease involved, the landlord can sell the building, and you may have to move from the building because you don’t have a lease,” Elliontt said. A 12-month lease means the apartment is yours for a year and belongs to you.
With the economy in a bad place, you may have to get a roommate when you first move into an apartment. Having a roommate can be good and bad; the first thing you need to do is make sure every roommate’s name is on the lease.
“It’s mandatory that every roommates signs the lease so there will not be any problems with the landlord,” said Elliontt. So if you have a roommate and he or she does not pay their half of the rent, you still will be responsible because your name is on the lease. Also, if you rent a room from someone, make sure it’s okay with the landlord, because if the landlord finds out you are living there illegally, they can give an eviction notice to the person on the lease. You will also have to move out of the apartment.
Some apartment buildings offer deals to their tenants if you live in the apartment two or three years.
“I received a letter giving me my options and cost for renewing, and the monthly rent had stayed the same, so my rent wasn't going up, but I heard from a friend that they were offering apartments at a lower price,” Freeman said. “So I negotiated with them to get a lower monthly rent since I had been there for so long. I got $41 off the price they quoted me. Granted, if I decide I want to move and break the lease, I have to pay double the standard renting price.”
When your lease is up you can renew for another year or move out of the apartment.
If you decide to move out, you will need to do a walk-through of your apartment with your landlord. Take photos of everything so you can have documents of the apartment the way you left it. This can also prevent your landlord from having a reason to hold on to your security deposit. Your landlord has 45 days to return your deposit once you move out. If they say there is something wrong with the apartment, they need to give you a list. In the list, the landlord needs to say what the damages to the apartment are and how much they will take from your security deposit.
There's a lot to process when you are looking for a new apartment to rent. These tips will help get you started on your way.
*Photography by GMO Photographer, Billy Montgomery.
