June 18, 2024

5 Steps to Follow When Renting an Apartment

Before you sign a lease, do a walk-through before signing a lease, get a guarantor, understand the lease agreement, and avoid red flags. 

Walk-through before signing a lease

When renting an apartment, knowing precisely what you expect is vital. Unfortunately, many landlords do not provide a walk-through of their properties. First, read the lease carefully and ask questions. Once you’ve received a signed lease, you can move in.

When looking for an apartment for rent Minneapolis, it’s crucial to consider the neighborhood. Make sure the apartment is in a safe community, and ask potential roommates about their experiences. The last thing you want is a noisy, inconsiderate neighbor. Walking around the neighborhood and getting to know the neighbors before you sign the lease is best. You can also ask your friends or family to check out the place.

Get a guarantor

If you are planning to rent an apartment but don’t have enough savings to pay for it, you may need to get a guarantor. Many landlords will require a guarantor in some circumstances. For example, you may be a recent graduate or a college student without a lot of money saved up, and you may not have a stable job. If this is the case, you can ask a parent with a solid financial history and good credit to sign as a guarantor.

You can ask a close friend or relative if you cannot convince your parents to sign as a guarantor. You can also try explaining the competitive rental market and how much you need a guarantor. You can also offer a separate contract to your guarantor. They will have a chance to sign before you do.

Understand the lease agreement

The first step in renting an apartment is to understand the lease agreement. This is a legal document that states the landlord’s expectations and yours. Then, you can negotiate certain items, such as the lease’s length and the rent amount due each month. It is also essential to know how many deposits you will be required to pay, such as the security deposit. Also, you should clarify whether your apartment allows pets, as some rental properties do not allow pit bulls.

You should understand the terms and conditions of the lease agreement before signing. There are many reasons to read the lease before signing, including the rights and responsibilities of each party. Understanding the terms in the contract is essential to protect both your interests and those of the landlord. Once you have understood the terms and conditions, you can move forward with renting an apartment. Ultimately, the lease agreement is a legal document that protects both landlords and tenants.

Avoid red flags

There are a few common red flags to watch out for when renting an apartment. These are things that may be easy to spot but not so obvious that they automatically disqualify a potential tenant. However, these details should be investigated further so the landlord can make a more informed decision. 

In addition, if an applicant leaves important information blank, it may be a red flag to keep an eye on. For instance, if an applicant indicates that they do not have any criminal history on their application, a criminal background check reveals that the applicant has one. This is a red flag because the applicant likely lied about it. Dishonest tenants are undesirable, and if there are discrepancies in the background report, the landlord should move on to the next prospective tenant.

Negotiate a price

Your knowledge of the market is the most potent weapon in negotiating a price when renting an apartment. However, while knowing the market’s general direction is a great start, you need specific numbers to stand on. Otherwise, you’ll be mistakenly asking for an unreasonable price. To avoid making this mistake, view several similar units and apartments. Also, take note of any concessions offered by the property manager, such as the fee for a broker.

You can use this as your bargaining chip if you can commit to living in the apartment for at least two years. Rental rates change daily, so be prepared to present a competitive price. If you have seen a lower rate on an apartment similar to yours, bring that up as a point to negotiate a lower price for your own. Moreover, timing is essential to the landlord. Seasonal trends can cause rental rates to drop by a couple of percents, so timing is crucial.