Did you know two-thirds of young adults rent homes versus own? A majority of these young adults rent apartments which makes sense considering apartments generally cost less than houses. Anyone from a large city, such as NYC, knows the extraordinary pain of trying to find an apartment to rent. Not only are the rents unbelievably high, but apartments sometimes last for only one day on the market before being taken. If you’re in the market to find an apartment, make sure to avoid making these mistakes when searching for your home.
Using a broker:
I can’t begin to tell you how many of my friends have been taken advantage of by brokers. Usually, these brokers will make you sign a contract that obligates you to pay them 8% or more of your entire yearly rent when you sign for a place. I also made the mistake of using a broker and ended up having to pay him thousands for a no-fee apartment. Nowadays, there are so many resources and websites that easily allow you to search for no-fee apartments.
Not signing while you’re still at the apartment:
In large cities like New York City and Chicago, apartments go QUICKLY. You can view a listing in the morning and it can be gone by the late afternoon. The market is so speedy that you have to make decisions on the fly. If you like a place, the biggest mistake you can make is to leave to mull over the apartment for a few hours or a few days. Chances are, by the time you’ve decided that you want it, it’ll already be gone. I know. It happened to me.
Waiting until the last minute:
Your choices might be limited if you’re searching for an apartment last minute. Landlords and management companies usually know their inventory 30 before a vacancy. Signing for your next home weeks in advance will not only guarantee you have a home but will ensure less stress and anxiety!
Not having the right paperwork on-hand:
Whether you have a guarantor or not, make sure to have all the necessary paperwork ready just in case. Usually, landlords or management companies will request a photo ID, multiple pay stubs and/or at least 1-2 checks for a deposit & first month’s rent. Not having these items on-hand could allow someone else to snap up the apartment before you do.
Forgetting to measure:
Whether you’re recycling your old furniture or buying new, it’s extremely important to make sure you know the measurements of the home you’re about to sign for. If you don’t have a tape measure on-hand, make sure to get an exact floor plan with measurements from the landlord. This will ensure you have the information you need and won’t have to come to measure another time.
Limiting your neighbourhood:
Keep an open mind! Only looking at one neighbourhood significantly limits your choices. An apartment a few blocks from where you’re looking can be hundreds of dollars less!
I hope you enjoyed this post and feel free to leave comments or questions below. All resources will be in the shop section.