Apartment hunting can be just as challenging (and even competitive) as buying a standalone house, even when working with a real estate agent with a low fee. In 2021, the United States recorded 44 million residential rental units. The demand continues to grow because of the ongoing deficit and high costs of homeownership. It’s reported that property rental demands have been on the uptick since 1975.
As an apartment hunter, it can be challenging to find the right place and the perfect deal for you, as these places tend to get rented out rather swiftly. Some real estate companies with agents who have valid real estate licenses are trying their best to provide more properties without sacrificing comfort and amenities, but the good ones tend to get snatched up by other people looking for their own unit, sometimes within the same day they the unit was advertised as available.
If you’re planning to move to a new apartment, acting fast isn’t the only thing that matters. You also have to know the essential things to consider before signing the lease agreement. Here’s a quick rundown on each of those factors.
Your overall budget
Getting a new apartment may not be as expensive as buying a new home, but that doesn’t mean you shouldn’t think about getting your money’s worth. Before setting out to do some apartment hunting, get your finances in order so you’ll know how much you can realistically afford. You can then find out the average prices for your target sites. You should also be aware of what you actually need in your place — maybe you need an office at home to start your business after you participated in the Great Resignation?
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Speaking of financial considerations, there’s more to consider than just the rental cost. You also have to determine whether you can afford the cost of living in the new place. Apart from the monthly rent, you should research the average prices of bills, food, transportation, and other essentials. Deduct these recurring expenses from your pay and see how much will be left for emergency spending. In light of this, the second point of this article is that you should conduct considerable study of the location before committing to a specific spot.
The apartment location
Location is everything in real estate when you move into your new home or apartment, so the saying goes. In some cases, renters would even consider paying more to get a better view, have a place in the city’s heart, or stay at prime rental properties in areas like The Hamptons.
When transferring to a new flat, location should be one of the most critical priorities if you want to avoid regrets later. When driving around to see a rental prospect, consider the area’s accessibility and the surrounding places from a block away or so. Check whether the apartment you’re checking out is close enough to the subway, restaurants, gym, office, or a hospital.
Upon getting inside the building, don’t forget to check whether the room’s position is good. You’d want to avoid rooms next to the laundry room or maintenance office as these can get noisy and humid even during ungodly hours.
If you have a family, a great school district is something you should look into. Also, the safety and security of the community must be a top priority.
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The building’s structural integrity
Real estate sites tend to use their best photos to sell properties because they want to make the place look as good as possible. Apartment images can be retouched and taken in angles that keep major flaws out of sight. This is why you should visit the apartment before making a shortlist or contacting the property owner online. For example, the toilets should flush properly, but you never know when an issue at the apartment might arise and a plumber is needed.
The apartment tour should be the main deciding factor for choosing a new place. Don’t focus on cosmetic issues too much. Instead, pay attention to significant deal-breakers that might be present, especially issues related to structural instability. Then again, if you are detailed-oriented and are interested in a wall mount faucet, for example, then make sure the building you choose provides what you want.
There are telltale signs of significant structural issues, and you can check these even if you’re not an architect or an engineer. According to Damage Restoration Group, when inspecting your potential new space, it’s recommended to see if there are signs of pest infestation (particularly termites), mold, paint problems, water leaks and damage, heating ventilation and air conditioning (HVAC) malfunctions, loose windows and doors, and electrical hazards.
Conducting an ocular inspection of the facility will give you an idea of the building’s structural integrity, whether it needs upgrades, basement waterproofing, repairs to a flat roof, or anything like that. You can also check for visible cracks and damages.. You can also check for visible cracks and damages. Moreover, the building administrator must be able to provide documents showing that the building adhered to government standards. It would also be advisable to verify its fire compliance certificate and its defined evacuation plan in the event of earthquakes and emergencies. The administration’s attention to these details demonstrates its concern for the tenants’ well-being and security.
The amenities
It’s also vital to check the amenities available inside and outside your apartment. If you’re working from home, you’d need reliable power and a stable internet connection. If you have a dog, outside space may be a non negotiable. Or perhaps a balcony or small deck would suffice where you could add patio furniture to create the ideal setting for your remote work oasis. You have to find out if frequent power cuts are a problem in the area, as well as check whether the building has working power generators for emergencies. For internet, you have to know which internet service providers are available in the area.
In case of an emergency, it’s a good idea to find out how often and whether there will be a disruption in water and electricity service.
You should also check whether the property management has the necessary amenities covered. Check if the apartment has laundromats, a gym, and a common area for tenants, to name a few. If an amenity is missing, see if you can find an alternative just a short walk away from the apartment. If you have a car, see if there is a parking spot available and ask about the payment terms. Visit the parking space to know whether it’s secure and covered.
Additionally, it’s important to pay attention to accessibility at the complex. For example, if you’re in need of a stairlift, it’s important to check on that before singing any sort of lease especially if you are a person living with disability.
Security and neighborhood
Speaking of parking areas, confirm whether the property has security cameras, guards, and passive and active security measures. This is especially true if you’re not sure about the neighborhood in the new site. Ask the local police for an overview of the crime rates or security profile. Doing so gives you an idea of whether the security is manageable in the area or if you need to look for another property elsewhere with perhaps more fencing outside or extra garage door security for safety purposes. You can inquire at your local police station about the frequency of minor offenses. This way, you’ll have a peek of the safety of your family in the vicinity.
The lease terms
Before signing a rental contract, don’t forget to read and understand the lease terms. For example, if you’re looking for a place in Mesa, AZ, make sure you consult with a Mesa real estate agent to help you out. If you have money to spare, hire a lawyer to ensure you’re not getting the shorter end of the stick. Each state has its tenant rights law, so it may be good to ask the local government about the applicable terms in your area. A lease agreement must not oblige you or other tenants to pay unreasonable penalty charges or sign contracts that contain unlawful clauses.
Apart from legitimacy, read the fine print about the rental period, due dates, and costs. For example, in some areas, property owners were forced to offer net or discounted rent to attract tenants amid the pandemic. With the transition to the new normal, rental properties have likely returned to their regular prices. Ask for the actual price and have everything in print. More importantly, look for policies about pet ownership, taking visitors or roommates, usage of common areas, repair and maintenance works, and many others.
*Note: if you are moving somewhere with pets, make sure you have pet friendly plants and other pet friendly items to ensure no damage to other areas of the new place.
Your landlord or property manager
Many renters don’t bother putting much thought into this, but your property manager or landlord’s personality will also have an influence on your overall rental experience. A landlord or manager with an attitude will make negotiations and requests more difficult than they should be.
Suppose the landlord is unresponsive or takes a long time to answer your inquiries in the first stages of apartment hunting. In that case, it might indicate communication problems in the future. The same applies if they provide unclear or inconsistent information about policies such as rent payments, maintenance requests, or property rules.
Be cautious if the landlord requests unusually high security deposits, non-refundable fees, or excessive upfront payments. The amounts requested should be in line with local laws and regulations. If they are unwilling to show you the apartment in person or insist on renting it without allowing you to view it first, that’s a big red flag. This behavior could hide major property issues that significantly affect tenant relationships.
The same applies if the landlord insists on entering the rental unit without proper notice or disregards your privacy rights.
It’s helpful to trust your instincts and thoroughly research the landlord and the property before signing a lease agreement. It may be wise to reconsider if you encounter odd or questionable stuff.
A problematic landlord can also get back at you for many things apart from missing your payment due. For your peace of mind, it’s best to establish a good relationship with the person in charge of the apartment building, especially so you know who to call when you need regular maintenance. The same holds if you have roommates or next-door neighbors.
In conclusion
Before deciding to get a new place, there are a few essential considerations you have to keep in mind—most of which are discussed in this article. Now that you know what should be included in your apartment-hunting checklist, we hope you find an apartment that best suits your needs and your budget.
