Searching for the right one-bedroom apartment does not have to be a stressful process. As long as you are prepared financially and understand the market, you can get into a great apartment. Here are some tips to help you find the right place to rent and prepare for the process.
Plan for Rental Costs
One of the main factors in looking for a new apartment is the cost. It is a good recommendation to calculate your income and then only look for a rental rate that is no more than one-third of your take-home pay. For example, if you make $4,000 each month, then you may not want to look for an apartment rental cost of over $1,333.
Also, plan for the other costs that will come with a new rental agreement. Most property managers or landlords will require you to pay a deposit for the apartment, which can be as much as the monthly rent. So if you don't have this saved up for your move, you may not be able to afford it along with all the other rental costs. You may be required to pay for the last month's rent in the rental agreement along with your first month's rent to move in. However, at the end of your rental contract, your last month of rent will already be paid for and you can save up that portion of your income for your next month's rent or put it into savings.
Be sure you plan to pay for utility deposits to set up service at your new place, along with any pet fees required by the landlord. If you are bringing a pet, you may need to plan for pet rent each month and also a pet deposit. Then, there is an application fee to apply for tenancy, which will go toward your credit and background check as well as processing your application for approval.
Consider the Time of Year
The time you plan to move can have a big effect on your budget and ability to find the right place. For example, if you plan to move in the spring or summer, chances are pretty high that there will be a lot of other renters looking to move at the same time. This factor can make it more competitive to find a great apartment at a good deal.
However, if you are fine to move in the middle of winter, this can be a good chance to get a great apartment. The demand may be lower during the winter, especially if you live in a northern climate, and you may be able to find a great deal on your rent or a discount on the first month's rental amount, for example.
If you do move during the winter and you have found an apartment that you like, it can't hurt to ask the landlord if they can offer you a move-in deal or discount on the rent, especially if you sign a longer lease. Contact a real estate service for more information regarding one-bedroom apartments.