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Tips for First Time Renters!!!

Dondre D. Roberts

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Dondre D. Roberts
Licensed Real Estate Salesperson

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Tips for First Time Renters!!!

So you're moving out, branching out on your own, and you're seeking to build your first nest. Goodbye mom & dad! Hello to unlimited parties, coming in whenever you want, and bringing over whomever you want. You're prepared to spend whatever it is to get that first taste of freedom.

It is easy to obtain, however, there are certain ways and means to go about getting your first apartment.

First and foremost, make sure you earn 40x the rent. Most landlords in the city will require this. For instance, if the apartment is $1,000, you would need to earn $40,000 annually. If you earn less than $40,000 annually, you have three options:

a. Get a roommmate. Roomming with someone, although it isn't the most desirable option, is quite cost efficient. More money in your pocket to keep! Make sure your yearly incomes combined total 40x the rent.

b. Get a guarantor. A guarantor is someone who guarantees rent payments. Guarantors usually have to make 80x the rent. Guarantors guarantee that if the rent isn't paid, they will be liable for rent payments.

c. Get a nice bank account. If you're able to pay 6-9 months rent up-front, landlords are more willing to accept you.

It's also great to have good credit. Have no credit? Build it! Begin by opening a credit card at your favorite store, if offered. Open a credit card with Macy's, or Forever 21, or wherever you like to shop! Make wise purchases each month, and pay them off in a timely fashion. If a landlord sees that you owe lots of people, what will make him/her inclined to lease you an apartment?

Wise rule of thumb: No more than 30% of your month's income should be spent on rent.

Some landlords might require references letters. This practice isn't as common, but it's an event for which you should be prepared. Get a professor or employer to write the letter for you.

Getting an apartment can be tough, but it doesn't need to be if you prepare yourself beforehand. Take the right steps today to make sure your first apartment dreams can happen!

Thanks for reading!