Buying a home includes substantial costs, but renting an apartment can be done quite affordably. It will be necessary to pay a security deposit and the first month of rent, but there could be other expenses. If you are looking for somewhere to live but you do not have a substantial amount of money saved, you should go apartment hunting with a strategical approach in mind to find a unit with low upfront costs.
Reduced Security Deposit
The first way that you will want to look for to save money is with the security deposit. Some apartment communities will base the security deposit on the applicant's rental history and credit report. Paying a few hundred dollars off on one of your credit cards can make a difference on your score in as little as a month. If you are living in an apartment, you want to do everything you can to maintain a positive relationship with the landlord as they may be the first person contacted by your potential landlord. Taking care of these two things will maximize your chances of paying the lowest security deposit possible.
Discount on First Month
It is not uncommon for apartment complexes to offer discounts on the first month. This often happens when there are numerous vacancies and it may be in the middle of winter when renting is slow. You can take advantage of this by prioritizing apartments that offer this kind of discount. Some places will also offer a discount when you commit to a one-year lease, so this is another thing you will want to consider.
Pet Rent Over Deposits
If you have pets that you are planning to bring into an apartment, you will likely find places that have pet rent, deposits, and fees. Some apartments require you to pay a nonrefundable fee or a refundable fee, but these are expenses that you will want to avoid as a way to minimize your upfront costs. In this case, you should prioritize apartments without any pet-related fees or only ones with monthly pet rent. It is more manageable to pay a monthly fee for your pets than to spend hundreds of dollars right away. It will prevent you from having to negotiate a several months payment plan for the pet-related costs.
Analyzing these real estate details will help you find an apartment to rent with upfront costs that you can afford without any concerns.Share