How to rent your first apartment

You might not be able to afford everything you want, so it’s important to know what you’re willing to compromise on before beginning your search.

Having an apartment that is close to your job or great restaurants may initially be important to you but it will often cost more money than something farther away. So, you have to ask yourself: Is it worth the extra cost? Can you afford the extra cost? Or, do you realistically need to look at something farther away that is more affordable?

While DuPonty was willing to extend his budget to get an apartment closer to NYU, he opted out when he found out a friend was looking to sublet a room in Washington Heights, in Manhattan, which would mean a longer commute, but no fees to join a lease.

And, sometimes you have to compromise on amenities.

“I also did look for apartments with laundry, but the apartment I will be living in does not,” DuPonty said. “But there’s a laundromat across the street.”

Having roommates can help cut costs — not just on the rent but on sharing utilities such as Wi-Fi, plus groceries and other household supplies. But, living with other people is a lot different than living alone or with family. You need to choose a roommate who you can trust — not only to pay their share of the rent and other expenses but to be respectful.

“I think the biggest thing with considering roommates is having a list of your expectations and having a list of their expectations and having good communication about that from the very beginning,” Williams said. 

Even if you find places that fit your budget and preferences, it’s important to account for extra costs that come with renting an apartment.

You might be asked to pay first and last month’s rent upfront, plus a security deposit in case there is any damage while you are renting the apartment. And, sometimes there is a broker’s fee or other one-time costs. Then, there are monthly fees that might be in addition to rent for things like parking or an in-house gym. All of these can add up to a lot of money, which is why you should be prepared — and start saving for your apartment as soon as possible.

In his sophomore year at Northwestern University, Savir Maskara was caught by surprise when signing the lease for an off-campus house that required a nonrefundable $600 fee per person.

“I was not super psyched about that, but there was nothing I could do,” Maskara said.

Williams recommends looking online at the place that you’re considering renting for the average cost of moving in or asking directly when doing apartment tours, especially to find out if there are any extra fees to use the building’s amenities and services.

“I usually recommend that people save 50 bucks a month to prepare for upcoming moving expenses and make sure that you’re not really struggling at the time, because sometimes landlords require the first month of rent and security deposit,” Williams said.

You should account for the utilities, Williams said. It’s important to break down how much each one is. If a place is offering $600 of rent with nothing included, the real cost may wind up being $900 when you factor in things like gas, water, electricity and internet. Watch out!

You should also consider one-time costs such as buying furniture and hiring movers.

“It would help to be proactive before you get that job in that city to know how much it is to buy a mattress, all this stuff, you’re gonna have to get an idea of what that all costs and start to save for that,” said Doug Boneparth, a financial advisor and president of Bone Fide Wealth.

It might be tempting to go with all new furniture, but you can save a lot of money if you get it second hand. Local Facebook groups and Marketplace are good places to find deals. Also check if there are any social media accounts in your city that show where to pick up furniture left on the curbside. There are some good finds out there — and for free! And, once again, put the word out with family and friends — you never know when an aunt is getting rid of a couch or a cousin is moving in with someone and now has two sets of pots and pans — and is looking to get rid of one. You’ll get free stuff and you’ll be doing them a favor by helping them get unwanted items out of their house.

If you are buying anything new, try to wait for a sale. Stores in your area might have them around holidays like Presidents Day, Memorial Day, Fourth of July and Labor Day.

Before signing on for an apartment you will also have to consider filling up the requirements that often involve a minimum credit score or monthly income.

It’s never a bad idea to start building credit in college. And there are ways to do it. Get a credit card and start using it responsibly (paying the balance each month) or start using payments apps such as Karma and Experian that report to credit bureaus.

Williams also recommends adding additional details about you when applying for the lease if you don’t meet their traditional requirements.

“You can say ‘I’m a student, but here’s my scholarship letter or here’s the grant letter. Here’s a budget I made for how I’m going to properly allocate my student loans and make sure that my rent is paid on time each month,'” Williams said. “Showing them that you have a plan will make you more likely to be approved for that place.”

If you don’t make a lot of money, have a bad credit score or don’t have a long credit history, which most college students don’t, you might be asked to get a guarantor to co-sign for your lease — meaning, someone (such as a parent) who will be responsible for paying the rent if you can’t. There are also companies that provide this service, but you have to account for an extra cost when planning to rent a place — it can be around 10% of your annual rent.