Teen Vogue's Twentysomethings Guide is your go-to resource for the more confusing parts of going out on your own.
Moving into your own place is exciting but rarely easy.
I’ve rented in New York, Chicago, Washington, DC, Texas, Utah, and a few other places. Along the way, I’ve learned a lot, like how important it is to check out your new neighborhood at different times of day. My first night drive to a new apartment in Texas was terrifying and I quickly realized the area was full of deer and so new that street lights hadn’t been added yet. I wish I'd known this before signing my lease.
If you’re looking to strike out on your own for the very first time, this guide is for you.
Price vs. perks
The first step to renting your first apartment is figuring out what you want, what you’re willing to give up, and how much you can spend.
You may want a one-bedroom with a washer and dryer, parking, and a pool that’s walking distance from your favorite restaurants and hangout spots, but your budget might require you to move farther out, choose an older unit and/or give up amenities like a pool.
In general, most landlords are looking for applicants to make three times the monthly rent, so you’ll need to earn at least $4,500 a month before taxes to qualify for a $1,500-a-month apartment. This can vary by location, though. In a hot market like New York City, for instance, you generally need to earn 40 times the monthly rent, which is $100,000 to rent a $2,500-a-month apartment. Many New York apartments also charge broker fees, adding several thousand dollars to move-in costs.
Chicago-based real estate agent and YouTuber Caira Button says just because you can spend a certain amount doesn’t mean you should. Not being able to go out to dinner because you spent all your money on rent gets old fast.“You’re going to want to be able to go and do things and live your life,” Button says. “It’s really important to remember your first apartment isn’t going to be your last apartment.”
Providing proof of income
As you’re budgeting, gather the documents you’ll need for your rental application. Most landlords are looking for tenants who have a steady income, pay their rent on time every month, and don’t cause property damage. Acceptable proof of funds can include bank statements, pay stubs, and tax returns. If you’re graduating and were just hired at your first job, you can use an offer letter to prove your future income. It varies based on location and landlord, but a good credit score, usually around 670 and above, is favorable, too. References from a previous landlord may also be required.
Once you’ve found a place you want to rent, you’ll need to provide a government-issued photo ID, like a driver’s license or passport, in addition to your proof of funds. You’ll also need your social security number so potential landlords can run credit and background checks.
If you’re a first-time renter, someone with no established credit, or both, consider asking a relative or another trusted adult to cosign a lease with you, something that would make them as responsible for the rent getting paid as you are. Other options include paying a larger deposit, renting an apartment alongside a roommate, or looking for rentals from private landlords who may be more flexible than a corporation.
At this point in the process, you’ll need to have cash in the bank—enough for application fees, the first month’s rent, security deposits, and any move-in fees. Some landlords may require payment of the last month’s rent up-front, as well.
If you’re in a competitive market like New York, find a few options and be prepared to move quickly once you’ve found a place you like. Never move into an apartment you haven’t seen and do some homework to minimize the chances you'll regret your rental decision.
Signing your lease
Once you’ve found an apartment, applied, and gotten approved, read your lease carefully to be sure you can comply with the terms and the rules of the community you’re moving into. If you have a dog, moving into a pet-free community isn’t going to work. And if you’re a smoker, a smoke-free community might be a drag.
Take note of whether move-in fees are refundable, when you’ll need to give your move-out notice, and whether subletting or lease transfers are allowed, in case you need to move early. Some landlords will let you terminate a lease with a hefty fee, something that’s usually written into lease contracts. Also check on when you need to pay your rent, what your grace period is, and any late fees you’ll be charged if you can’t make a payment in time.
Remember, any verbal promises a landlord makes don’t matter. The written lease governs your relationship with your landlord. Make sure you understand what it requires of you and what rights you have as a tenant in the state where you’re renting.
Before moving in, you’ll want to inspect the apartment unit for bugs, broken appliances, or anything else that may suggest living there could become a nightmare. Check the water pressure and temperature in the shower as well as your cell reception and local public safety stats. Read community reviews online and visit your potential new neighborhood at different times, including at night. And before you officially move in, be sure to take photographs and videos of the apartment. That way you’re not held liable for damage you didn’t create when it’s time to move out. Yes, it may feel weird to be thinking about moving out before you move in, but it’s one of the best things you can do for yourself, whether you’re moving into your first apartment or your fifth.
