What is the Process of Renting an Apartment?October 14, 2020

What is the Process of Renting an Apartment?

Looking for a new apartment to rent can be an exciting adventure once you have reached a decision on the three most important factors: the neighborhood, the budget and the size. While renting an apartment is a cheaper and quicker option to buying an apartment, there are a few formalities that you will need to handle first. Here’s a quick guide to make the process of renting a little simpler for you:

Zeroing in on your apartment

While many rentals are advertised online, there are others that are advertised in the papers and on the properties themselves. Since you have decided on the size of the apartment you want and the neighborhood you prefer, it makes it easier for you to choose a rental. Once you locate the apartment of your choice, take a drive around the neighborhood to ensure it fulfills your needs on safety and serenity. Schedule an appointment with the landlord for a walk-through to check that everything is in working order, as well as the amenities and parking facilities available. It’s finally time to reach an agreement.

Landlord’s requirements

The homeowner will need to ensure that he is renting out his apartment to a person of good character and one who is capable of paying his rent diligently every month. For this, he might need to have a reference on your place of work, your bank or salary statements for the last three months and a photo ID.

Lease document

While some landlords might take the time to explain each section in brief, it’s better you go through the long and boring lease document yourself. Ensure that all the terms and clauses are agreeable to you. The document will also let you know if you can keep pets in the apartment and what size of pets. The agreement can also mention which maintenance is your responsibility and which are the landlord’s responsibilities. Most rentals provide a one-year lease that needs to be renewed at the end of the year. Be prepared to have a rent increase year-on-year.

Rent Deposit

Landlords usually ask for a deposit which can be up to 2-3 months’ worth of rent value. It is used to pay rent in case the renter defaults on his payments or to pay for damages to the property caused by the renter. You will need to be ready with this lump sum prior to signing the lease document.

And once you have signed the lease and paid the deposit, you are ready to move into your new home!

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