Precautions for Renting an Apartment
Once you've taken on an apartment lease, you're generally stuck with it for the term you signed up for. If it's going to wipe you out financially, have horrible services or be in a bad neighborhood, you may just have to put up with it. Plus there's the hassle and cost of moving. So it's a good idea to take some precautions before renting an apartment.
Make Sure You Can Afford It
A report by the Joint Center for Housing Studies at Harvard University cited 30 percent as the amount of income that should be spent on housing and utilities. That amount has been increasing in recent decades to up to 50 percent but, someone spending 50 percent of income on housing and utilities is considered "burdened." Find out what the utilities are in an apartment you're interested in and calculate how much of your income it will consume before signing anything.
Check Online Reviews
Websites like Apartment Ratings include reviews by people who have lived in the apartment complex. If the trash never gets picked up, the water pressure is horrible or there's no pest control, you'll know by reading the reviews. Different people have different standards, however, so it's important to read all the reviews you can and possibly check the claim with the leasing office. "Never" picking up the trash may just mean they don't pick it up as often as the reviewer's previous apartment did.
Read the Lease
Try to get a copy of the lease to read at your leisure rather than while sitting there with the leasing representative. If there are terms you don't understand, find out what they mean. Some leases have restrictions about how many guests you can have, for example. Some have automatic renewal clauses that mean if you don't tell the complex within a certain period that you won't renew, then your lease renews automatically. Be sure you know what you're signing.
Check the Neighborhood
Frequently, newspapers run reports on crime statistics in various areas. Check the crime statistics. Also find out whether the apartments have the amenities you need such as a store in walking distance or a safe bus stop for the school. Finally, check out what kinds of people rent in the apartment complex. If it is near a university, chances are there will be a lot of young people and loud, late-night activity. On the other hand, a complex with mostly older people might frown on your throwing a party. Consider these issues.
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