The last notes of “Pomp and Circumstance” have faded, and that hard-earned cap and gown have been hung up. As you contemplate your future as a full-fledged college graduate, you’re excited about the possibilities ahead, but (be honest!) you’re also a little anxious…or maybe downright terrified…of navigating the “real world.” At the top of your list of worries is one major question: Where am I going to live?
“Finding an apartment may sound simple, but navigating this process—from determining your budget to perusing listings to contacting landlords to signing a lease—can be full of unexpected pitfalls,” says Jonas Bordo, CEO and cofounder of Dwellsy, and coauthor, along with Hannah Hildebolt, of Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster (Matt Holt, August 2023, ISBN: 978-1-6377439-2-8, $21.95). “The more you know up front, the better your chances of finding and locking in an apartment that’s perfect for you.”
If you lived in an apartment in college, this process might be somewhat familiar. But even if it isn’t your first rodeo, Bordo says to take your time and do everything by the book.
“Finding an apartment in a market that doesn’t cater to students is a different process,” he notes. “Assuming it’s the first time you’re 100 percent in charge of paying the rent, you don’t want to sign a lease and find you’re in over your head. You also don’t want to end up hating your location, having every application rejected, getting scammed, or falling prey to other mistakes.”
Bordo’s upcoming book, Everything You Need to Know About Renting But Didn’t Know to Ask (available for purchase on August 1), is exactly what the title says: a comprehensive guide to help people “win” at renting. It covers the entire process from preparing for the rental search to getting your security deposit back after your lease is up. With several decades’ experience as a renter, landlord, property manager, and current CEO of the largest U.S. rental marketplace, Bordo is a trusted authority on all things rental-related—and the book will be an invaluable resource for all new renters.
So, put your study skills to use one more time with this crash course in apartment hunting. Once you’re in your new digs, you’ll be glad you asked yourself these 16 questions:
First things first: Should I rent or buy? You’ve probably heard that owning a home is a great way to build wealth. And maybe you’re one of the unicorns whose post-graduation finances make getting a mortgage possible. Should you do it?
“Owning a home is a great choice for some people, but before you commit, consider that renting tends to be a lot less expensive,” says Bordo. “It also gives you a lot more extra time (no toiling away at home maintenance) and flexibility. Young professionals tend to value all of those things.”
Where should I search for available rentals? Here’s the most important rule: Stay away from anonymous sites like Craigslist, Facebook Marketplace, and unbranded rental listing sites unless you want to get scammed (more on that next). Well-known sites that charge landlords to list properties are safer bets, but because they do charge, the variety of listings can be limited.
“At Dwellsy, we take a different approach,” says Bordo. “We don’t charge landlords to list properties, so we have a pool of over 13 million diverse listings—some of which you won’t find on pay-to-play sites. At the same time, Dwellsy actively works to be a fraud-free space by verifying each listing. Before posting a property, landlords must go through a multi-step authentication process.”
How can I avoid getting scammed? If you aren’t careful, a fraudster can walk away with your first and last month’s rent and security deposit—while you’re left without a place to live. In addition to searching on reputable sites only, always tour the inside of a property before putting down a deposit. If you can’t tour in person, insist on a live video tour. You should also meet or speak with the landlord directly. Scammers love to hide behind text messages.
“There’s one more anti-scam rule you should always follow: Never send your initial payment or deposit via a one-way payment tool like Zelle or Venmo,” says Bordo. “Unlike check or credit card payments, these apps don’t allow transactions to be reversed if you’ve been scammed.” NOTE to EDITOR: See attached tipsheet for more information on avoiding rental scams.
What type of rental is best for me? As you scroll through listings, you’ll see everything from studio apartments to townhouses to single-family home rentals (SFRs). Some properties are part of a large complex, while others are owned by individual landlords. Along with size, location, and price, look at amenities offered, rules and regulations, and any maintenance responsibilities.
“For instance, large complexes might offer gyms and pools, but have stricter rules ranging from quiet hours to bicycle storage,” says Bordo. “Some privately owned rentals might require you to do a larger share of the maintenance, like mowing a townhome’s yard.”
How do I know what I can really afford? It’s easy to fixate on an apartment’s monthly price, but especially if you’re a first-time renter, you may not realize that this is only one slice of the financial pie. You’ll need to factor in one-time expenses like the application fee, holding deposit, security deposit, move-in/move-out fees, and first and/or last month’s rent. There will also be recurring expenses like renters insurance, utility costs, pet or parking fees, etc.
“Don’t forget to factor in the cost of transportation, food, professional wardrobe, leisure activities, etc.,” reminds Bordo. “It’s no good having a fancy apartment if you’ll be eating ramen and declining friends’ social invitations for the foreseeable future. Oh, and depending on where you want to live, be prepared for higher prices than you may have experienced during college.”
What documentation should I pull together before starting my search? While every rental application is different, most landlords will want to see a proof of income (such as a pay stub, bank statement, and/or W-2), ID (such as a driver’s license, passport, or green card), and your Social Security number. If you don’t yet have proof of income (after all, you’ve just graduated!), many landlords will accept a job offer letter as proof of future income. If you’re fortunate enough to have some money in the bank, this can also work to put the landlord’s mind at ease. However, some may not be willing to accept anything without a guarantor or cosigner in this situation.
If applicable, landlords may also ask to see your vehicle registration, pet registration, and renters insurance. Have these documents ready to go so you’re not scrambling to find something at the last minute.
“Before applying for an apartment, it’s also a good idea to know what your credit score is and identify people who can write reference letters,” says Bordo. “Spend a little time cleaning up your social media, too. For instance, posts about alcohol, drugs, smoking, and/or parties might cause a landlord to take a hard pass.”
How important are online reviews? If a landlord might Google your name, it’s only fair that you do the same, right? By all means, read online reviews, peruse the property manager’s website, and even talk to current or former tenants to get a sense of the landlord’s reputation.
“Take especially scathing online reviews with a grain of salt,” advises Bordo. “Some reviews may be fake or biased, and others may not be relevant to you. (If someone lambasts a landlord for an ‘exorbitant’ fine over pet damage but you don’t have a pet, no need to worry.) Often, negative reviews reflect a tenant’s one bad day and don’t mention the 364 good days.”
Can I take my time when applying for an apartment? No! Scoring an apartment isn’t like applying to college, where applications are accepted up to a deadline and the “best” candidate is picked. Landlords are likely to respond to inquiries and review applications in the order they’re received and sign a lease with the first approved renter who pays.
“If it’s a hot market, you might have to apply to many rentals before finally scoring one,” says Bordo. “Start scanning the market as early as possible to familiarize yourself with what’s out there and what prices typically look like, but know that many apartments require you to commit that day in order to secure the rental you want. Also, they usually need you to occupy the property in less than 30 days, so make sure you’re within that window when you begin searching.”
What’s the best way to communicate with a potential landlord? Your landlord will want a tenant who’s easy to communicate with, so be polite and courteous. Use professional language and avoid chatspeak (e.g., “u” for “you”) in messages. Keep an eye on your phone and respond to all calls and messages promptly.
“When making an initial inquiry about an apartment, call and email the landlord,” advises Bordo. “Then, book the first available showing. I once lost an apartment to two women with a briefcase full of cash who paid six months’ rent up front, right as I was showing up for a tour. If I’d been there an hour earlier, I would have locked in the place instead.
“Finally, when you’re viewing the apartment, don’t ask questions that have been answered in the listing. It’s a pet peeve for many landlords.”
What should I look for during a showing? If at all possible, visit apartments in person before signing a lease. Don’t rely on online photos and descriptions, which can be very misleading or downright fake. In addition to “obvious” considerations like location, amenities, and size, look for signs that a property is functional, clean, safe, and well-maintained. Even something “small” like a leaky faucet might indicate a lax attitude toward maintenance, for instance.
“Come to the walk-through with a list of questions to ask,” says Bordo. “These should range from ‘How much are utilities?’ to ‘How do I report a maintenance problem?’ to ‘Are there any specific restrictions I should know about?’ to ‘What’s the parking situation?’” Note to Editor: See attached tipsheet for 12 questions new renters should ask before signing a lease.
Do I really need to read the lease? It’s the opposite of exciting, but yes. The lease should clearly cover the cost of rent and other fees, how to pay, and when your obligation begins and ends. Note any other clauses that might affect you, like how many people can live in your place, whether you can have a pet, what the landlord’s right of entry is, and if there are any community rules or banned activities. You want to identify any dealbreakers before singing the document.
“Get everything you and your landlord have agreed to in writing,” stresses Bordo. “A verbal agreement or promise isn’t good enough. This is good advice going forward, too—be sure you have a written record of maintenance requests, fee negotiations, changes to the lease terms, etc.”
Am I allowed to negotiate with my potential landlord? Many tenants—even experienced ones—don’t realize that a lease isn’t set in stone until you sign it. You might be able to negotiate a free parking space, a waived gym fee, paid utilities, or even a lower rent rate.
“One of the best negotiating tools is research,” shares Bordo. “If you can show that comparable rentals in the area offer what you’re asking for, your landlord will be more likely to agree. Some may make concessions if you can move in immediately, as empty units cost landlords a lot of money. With individual landlords especially, you may be able to trade skills or services for better lease terms: for instance, you could help out with yard work in exchange for waived pet fees.”
Should I look for a roommate? This question may seem simple, but be sure you’ve considered the pros and cons. Having a “grown-up” roommate can be a very different experience from living in a dorm or student apartment. Especially if you’re a social person, it can be nice to have a “built-in buddy,” and you’ll also have someone with whom to split the expenses and chores.
“When you share a space with someone, noise levels, messiness, schedules, and guests can quickly become points of contention,” points out Bordo. “Before agreeing to move in with someone else, be sure your living styles are compatible, you can communicate with them effectively, and above all, they can hold up their end of the bargain financially.”
What if I have bad credit or no credit? Large student loans or credit card balances can negatively impact your credit score—or perhaps you’ve never borrowed money at all! Either way, your first step should be mentioning your situation to a prospective landlord in the rental application process. You should also try to line up good references who can vouch for your reliability, like former landlords, employers, supervisors, or banks, if you have them.
“Some landlords allow you to offset your credit by bringing in a roommate with good credit, paying a larger security deposit, or signing a longer lease,” says Bordo. “You could also find someone to cosign (Hello, Mom and Dad!), even if they don’t live with you in the apartment.”
Do I really need renters insurance? Isn’t my landlord required to insure their own property? Well, yes. But the landlord’s insurance protects the building, not your personal property inside it—or the people who might visit your apartment. No matter how careful you are, there’s a lot you can’t control: theft, fires, a drunk and disorderly neighbor, burst pipes, etc.
“Most renters insurance policies cover personal property damage,” says Bordo. “You might also consider a policy with liability coverage, which will protect the property against damage you might cause to it. It can also provide coverage if someone else injures themselves in your rental. And renters insurance tends to be fairly affordable and easy to get. It’s a smart investment.”
What if I have a pet or want to get one? From a landlord’s perspective, pets increase the potential for damage to a rental. They can also cause odor, annoy neighbors, or injure someone. Be prepared to spend extra time looking for a pets-allowed property, and expect to pay a pet deposit, a pet fee, or pet rent. (This could be a one-time or monthly recurring expense.)
“When you do find a pet-friendly listing, dig a little deeper regarding the types of pets your prospective landlord allows,” says Bordo. “Many rentals have species, breed, height, and/or weight restrictions, and most also have animal-specific regulations. These will probably cover issues like noise, leashes, and waste disposal. Make sure you and your pet can live with any fees and rules before signing the lease. You should also consider how the property will affect your lifestyle. For instance, are you okay with taking your dog outside on a leash multiple times a day—from a third-floor walk-up apartment?”
“Yes, there’s a lot to think about—and the process might be more complicated than you’d realized,” concludes Bordo. “But like studying for your college exams, a little preparation goes a long way. Give yourself plenty of time and work through these tips one by one. It will take a little legwork, but your first apartment is out there, just waiting on you to find it and move in.”
If you run into a question or would like more support during your apartment search, check out Dwellsy’s blog. You’ll find dozens of posts on topics ranging from filling out a rental application to avoiding scams to negotiating a lease.
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