Apartment renting?

Question

I recently turned 18 and am looking to rent an apartment with a good friend of mine in a couple of months. I know absolutley nothing about renting. A few questions I have is do you need to have alot of money upfront? I was told you need to pay at least 6 months of rent upfront? Anything else that would be helpful for me to know? Thanks!

Answer 1

I can tell you in Boston, you generally need first month's rent, last month's rent, and a security deposit (usually 1/2 month's rent). If you go through an agency, they can charge a fee (another month's rent) Which, at most would put you at 3 1/2 months rent to move in. I've never heard of 6 month's rent... that seems a bit excessive.

Ususally you'll sign a lease for 12 months, but you'll be paying the monthly rent for months 2-11. If you plan to move out, then you don't pay the 12th month's rent (because it's prepaid) and if you're staying for another year, you just pay months 12-23 month by month.

Also (and this is for Boston) the landlord is required to put the security deposit in a separate account that earns interest. And he is required to pay you the interest on an annual basis... but of all the years that I rented, I never had a landlord actually pay me the interest.

I hope this helps a little bit.

Answer 2

You are probably going to need a deposit of some sort which is usually the equivalent of a month or a month and a half rent, sometimes more because you are a first time renter. You will also need to pay the first month rent, and some places also require that you pay the last month rent. Most likely, you will have to pay an application fee as well. You may not need the deposit until you move in, but you will need at least the application fee up front.

Also, keep in mind, since this is your first apartment you may have to pay deposits to the utility companies to get the utilities turned on into your name.

You really need to put some thought into this as well. You are young, and if for some reason you were to fall into hard times with your finances and couldn't afford the rent, this is something that could stop you from renting in the future and it will follow you for a long time. I've been in this business for awhile and seen best friends move in together, and it not work out...so just be careful and have everything in writing. Remember, if for some reason your roommate can't handle the responsibility you will both be held responsible and if they leave you still have to find a way to pay the rent. Good luck!

Answer 3

First, remember that very often friends are best of friends until they move in together. I know. This will not happen with your friend. But... There is always that possibility. With that remote possibility in mind, it would be wonderful if you could find an apartment that either of you could afford on your own if absolutely necessary.

Will you rent month-to-month or sign a lease? Most landlords will require a lease (either 6 month or 12 month) at least initially. Such leases will often revert to a month-to-month tenancy at the end of the lease period. Month-to-month tenants can generally move out with a 30-day notice to the landlord. Leases, unless otherwise provided in the lease, must be honored for the full term of the lease.

You will have to sign a rental agreement or lease document. READ IT CAREFULLY. UNDERSTAND IT. IF UNCERTAIN, ASK QUESTIONS.

If both of your names are on the lease/rental, then you will be jointly and severally liable for the rent. Say you pay your half of the rent but your roommate does not; you are still liable for the balance due. Sometimes its best to put the lease in the name of one only, indicating both occupants, and the roommate can rent from you on a month-to-month. Though that could be a problem when income is checked unless you find an apartment that you could easily afford on your own.

You will have to pay the first month's rent and either the last month's rent or a security deposit (generally equal to one month's rent). First month and security is more typical.

You will be expected to vacate the apartment just as you found it. That means CLEAN. No damage. No excess wear and tear. Any repairs or exessive cleaning that the landlord has to do will come out of your security deposit.

Good luck.

Answer 4

Just a suggestion: use http://www.hubbuzz.com. This site was great when I was looking for an apartment! I was able to search by neighborhoods and (my favorite) price range! Also, because I used that site, it gave me $100 for my first months rent just because I found one through their site! The site started for Colorado but I've heard it's expanding around the country so I guess if it's not in your state, it most likely will be very soon.

Answer 5

I am a leasing agent here in Athens, GA, and we ask for a Security Deposit (same as first month's rent), and an Application Fee ($20). The Security deposit is fully refundable at the end of your lease provided the unit is in the same condtion as when you moved in, and te app. fee covers the cost of us running your credit.

The terms of your lease, or the fees associated with it seem to depend on who you end up renting from.

A few helpful hints....

Pay attention when the agent is going over the terms of your lease!

Be very detailed during your move-in inspection, and plan to be present for your move-out inspection.

Whoevers name is on the lease is who is responsible for the apartment. It pays to know your roomates well!

Good luck!