By Alicia Geigel

In the world of looking for an apartment and signing your first lease, it can be easy to be overwhelmed by all of the jargon, the paperwork, and the numbers constantly floating around you. When it comes to signing a lease, there are several different elements to consider, such as the cost of the apartment, as well as renters insurance to name a few.

Are you apartment hunting? Need tips on what to expect when signing a lease? Here is a simple breakdown of what you need to know before signing a lease!

via Pexels

1. Evaluate Your Budget: Before you write your signature on the dotted line of a lease, the most important first step throughout this process is to evaluate your budget. When you begin your search for the right home or apartment, be sure to have an accurate budget to gauge a good price range of what you can and cannot afford. In most apartments, condos, and home rentals, the standard is a rent-to-income ratio, in that your monthly income should be at least three times your rent. Lacy H. of Smart City Locating notes, “The reason properties use this to approve applicants for an apartment is to assume a minimal amount of risk once they take them on as an official tenant.” As you begin your apartment search be aware of the requirements needed for an application as to not set yourself up for disappointment in the future.

2. Read The Lease and Ask Questions: The world has become a busy, busy place and none of us seem to ever have time to read the fine print. You may skip through the terms and conditions of your phone’s latest update, but when it comes to a lease, you want to make sure you thoroughly read the lease. Reading your lease, no matter how grueling it may be, will not only give you better clarity in understanding what the lease entails, but it also will give you the upper hand in case you run into any problems in the future. After reading the lease, ask your property manager or landlord any questions that may not have been answered or clarified in the lease agreement. These questions could involve late fees, roommate living situations, quiet hours, moving out, etc.

3. Determine If You Need a Co-signer: After evaluating your budget to determine the price and kind of home you are looking for, the next step is to determine if you need a co-signer. Why do people need co-signers? A Co-signer helps to secure an apartment or home for a potential renter if their income is inconsistent or insufficient, their credit is bad, etc. If you are in a situation like this, a co-signer is great, but be sure to communicate with the potential co-signer and ensure you have the money for rent each month, or else they will get stuck with the bill.

4. Research Any Seasonal Deals: The spring and summer months are typically the most popular times of the year to move and rent. The warm weather, sunshine, and warm breeze can be a great motivator to finally clear out your home and find a new one. Moving during the chilly fall and winter months of the year is typically not the first choice for any renter, however, in certain cases, landlords and property managers can offer seasonal deals to help you get into their place. Try negotiating with prospective property managers during the fall and winter months, as more spots are vacant and they are most likely looking to fill those spaces, no matter what the cost. Additionally, you can save on more than just rent during the cooler months! Alecia Pirulis of Apartments.com writes, “This is also the best time to get great prices from moving companies since this isn’t the peak moving season. Utility costs tend to be lower and storage facilities offer better rates due to less demand.”

5. Consider Renter’s Insurance: When signing your lease and getting into your apartment, you can expect to have some form of insurance to give you protection. This protection, however, is not typically comprehensive or full coverage and only covers your physical apartment, not any of your belongings that are in it, such as electronics, clothes, sentimental items, etc. Because of this, it is a great move to get renters insurance. Depending on which insurance company you go with, you can expect to pay a small price of approximately $10+ a month, which isn’t too bad in the long run if it means your items are protected!

Signing your first lease and getting an apartment can be one of the most exciting moments in your life! It signifies growth, independence, and embrace of adulthood. When making this leap, be sure to take the proper steps to read and understand your lease, and research along the way to ensure the smoothest transition possible.