What to Expect Before Renting an Apartment

There are many variables, views, points and practices that will vary from property to property. However, the following points are ones that we’ve noticed seem to span across most apartment complexes or are beginning to look like a trend.

We’ll update this post from time to time as we learn/notice more points that could be of value, but for now we’ll start with these:

1. Prepare for upfront fees to get started.

This includes application fees (usually per person), apartment deposits and pet deposits.

2. Prepare for multiple monthly charges in addition to your rent.

These additional charges could range from water bills (typically added after rent per month), trash/valet trash monthly fees, pest control fees, renter’s insurance, processing fees and other miscellaneous items that could be regional-specific.

3. Prepare to be asked personal questions.

What do you make? How long have you made that? How long have you made that with your existing company? Prove it. How much is in your checking account? What’s your average balance? What are your assets? List them. Amounts too, please. Would you be willing to give up your first-born child? If not, why? ; )

4. Rental rates fluctuate more often than before.

As in daily with some properties (and the trend continues to spread). If you’re living in a big, or fast-growing, city, this trend of “low price today, gone tomorrow” is more widespread. If you experience this during your search, or in working with a real estate professional, it’s not a prank — it’s as real as inflation.

5. Higher rates seem to be lasting longer.

There used to be a time when one knew that the end of a season meant a drop in rental rates were just around the corner. However, this is becoming harder and harder to pinpoint, or plan around, as “big” cities become bigger, busier and continue struggling with providing affordable housing for new residences (or “tourists” who decide not to return home).

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All in all, there a several variables that may be property or management-company specific but the ones mentioned above seem to be, or are becoming, common across the board.

Will some of these points sway your decision to rent an apartment versus purchasing a home? Perhaps.

But with increasing property taxes year over year and spiking sales prices when purchasing a home, one has to ask: “which option is the frying pan and which is the fire?” We believe it’s subjective — all based on your point of view.

Whichever choice you choose, just remember: the only constant in Life is change. Which option allows you to live your best life with enriched experiences and minimal stress?

There are enough factors in this world that will stress you — where you live shouldn’t be one of them.