Financial Help With Getting My First Apartment

Renting your first apartment can be exciting but also expensive. Upfront apartment costs may include application deposits, security deposits and broker's fees. In addition to monthly rent and utilities, the renter will have to pay for groceries and personal items. The first-time renter may also need to budget for furniture and appliance purchases. Most property owners will perform credit checks and will ask for proof of employment. If you are planning to rent an apartment, find a job and ensure your credit score will meet the application requirements.

Roommate

Finding a roommate to share rent, utilities and other expenses will make renting your first apartment more affordable. Meet with potential roommates and discuss house rules to determine compatibility. Ensuring a future roommate is financially responsible and has enough income for his share of the rent is crucial. Also discuss who will be responsible for providing household equipment, such as vacuum cleaners and kitchen essentials.

Utilities

Another financial aspect to consider is utility expenses. Ask about average utility bills when looking for your first apartment. A well-insulated apartment with energy-efficient appliances will save on monthly utility costs. Check with the leasing agent regarding utilities included in the monthly rent. Water and trash service are often included. Eliminate optional monthly costs such as cable television or unnecessary services for your mobile phone. Level monthly billing may also be available from the utility companies that will help avoid extremely high bills during hot or cold months. Government home energy assistance is also available for low-income individuals.

Subsidies

For low-income renters, there are government programs to provide rent subsidies. These subsidies help a tenant rent a privately-owned apartment. HUD, or the Department of Housing and Urban Development, offers programs that pay the property owner directly to assist low-income tenants. HUD also provides tools to locate participating properties. State and local governments may offer additional rental assistance. HUD provides information about these programs as well.

Public Housing

HUD also has public housing programs available. Local HUD housing authorities manage the apartments in the public housing program. Maximum public housing income limits vary for each locale. In addition to income documentation, HUD also requires applicants to provide documents such as birth certificates and proof of employment. Once a tenant moves into public housing, HUD examines the occupant's income periodically to determine if the tenant still qualifies for public housing.

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