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Common Sense Approach to Renting an Apartment

In 2010, the National Apartment Association announced that 76 percent of people think that renting an apartment is smarter than buying a home. If you're in the market for an apartment to rent, several common sense rental tips and search strategies can help ensure you make the smartest move possible.

Tour It First

    With the ubiquitous nature of the Internet and online rental agencies, you may think that an extensive photo gallery or a virtual tour can provide you with enough insight into the property. However, such tours can't give you a true feel of the apartment's space. Always tour an apartment in person before making a decision. Don't just inspect the exterior and interior during your tour. Also take a walk around the property and drive or walk around the community.

Expand Your Options

    The more apartments you investigate, the better. As you explore your options, you can gain a better sense of what the area offers in terms of rental properties, and you might also notice things you want or don't want that didn't come to mind at first. If you're rushed for time, at least aim to investigate a minimum of two different apartments.

Prepare for the First Month's Fees

    The cost of renting an apartment begins with a relatively significant startup cost. Make sure you're ready to handle that first month of fees. Common first-time costs include rental application fees, security or damage deposits and utility deposits. The Motley Fool reports that the average apartment's startup costs can average out to a whopping $4,000.

Document the Apartment's Condition

    If you find the apartment of your dreams and sign that rental agreement, document any faults in the apartment's condition on the day that you move in. If possible, document potential problems, such as chipped paint or a loose door hinge, with photographs or recorded video. This protects you from being charged for such faults and damages when you move out.

Get Renter's Insurance

    The average renter's insurance policy can cost you anywhere from $12 to $21 a month, reports "Kiplinger" financial magazine. Consider this an investment into your peace of mind. Such insurance protects you from damage, theft and fire in your apartment.


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