But what does it mean? And how is it different from renting through a property management company? This guide will explain this to you in more A rent concession is a reduction in rent or incentive i. Share via: 1 Share.
Related Articles. Search for:. Property managers perform credit checks, which offer a more comprehensive view of your financial situation. Even with a lower score, you're not doomed. You'll be able to rent. If you have a lower credit score, you can raise your credit score, but there are too many variables at play, which determines how much you can raise it.
Here's a breakdown of some things you can do to improve your chances of renting an apartment with a low credit score :. Raising your credit score may cost you some time, but it can also help put you in a better position to rent your dream apartment.
The right amenities can make or break your apartment experience. Come with a list of priorities from "must-haves'' to "nice-to-haves. Now you've figured out how far in advance to look for an apartment and how much to budget. The next step is coming prepared to apply for an apartment. Applying for an apartment requires:.
Find out everything you need to know about the apartment application process. If you're asking yourself, "when should I start looking for an apartment? In other words, apartment pricing and availability fluctuates. Winter months typically yield lower rents in most parts of the country. Rent prices are more likely to spike during spring and summer. To get a sense of what the average rent prices are in your preferred area, check out our average rent reports and National Rent Report. Trying to figure out how far in advance to look for an apartment?
Start lining up appointments to tour apartments one to two months before your lease ends. Whether you're on a month-to-month lease or annual lease, check your rental terms to confirm how much notice you need to give your landlord to vacate the property.
That way, you can get all of your tours done in a short period of time. Then, you can easily compare and contrast your options. Many apartment complexes don't host tours on weekends.
Availability is usually also limited in the evening. It's also a smart idea to come prepared with a list of questions to ask before renting an apartment.
Common customers Insurent works with are college grads and professionals entering the job market, international students, self-employed millennials who don't have great credit, U. Now there are other ways. Don't miss: Here's how much you have to earn to live comfortably in the 15 largest US cities. Like this story?
Skip Navigation. Jennifer Liu. VIDEO How to deal with roommates trying to cheap out on rent. Young Money. Private island for the price of a one-bedroom New York apartment. For instance, in some places, having a visitor for longer than two weeks isn't technically allowed which means your friend's plan to spend the summer on your couch won't work. It can also impact your ability to have overnight guests for even a short time.
So, make sure you know what's allowed before you make any plans. Say you were between jobs and wanted to go home for a month to see family. You don't want to lose your apartment, so the best thing to do is sublet.
But, is it allowed? Your lease should specify, but don't hesitate to ask an apartment manager or landlord to clarify the situation. Subletting without permission can lead to eviction. There's also the fact that you're still responsible for any damages to your apartment — even if they're not made by you. While you may start your apartment hunt a little earlier than a close friend, you could already know that you'll want to pull him or her into your place to live as roommates. This may mean you'd sign the initial lease on your own, so find out if it's OK to make changes later.
Your property manager may require you and your roommate to come in and sign an updated lease together so both your names are on the document. It may also change how you pay rent. Don't forget to talk about expense sharing, in general, with your roommate before they move in and make sure they understand the apartment rules.
You may even want to establish some of your own for when you're living together. Renters insurance is another thing to think about while apartment hunting. Renters insurance provides coverage for your property in the event of things like a fire, flood or theft. It may also cover injuries that happen within your apartment. This type of coverage tends to cost very little per month, so it's a good idea to add it anyway. While renters insurance is always a good idea, some apartments require it — so it's important to ask while making visits.
You don't want to scramble to get insurance the day before you move in, otherwise, you might not get the keys. Saving up for rent each month isn't the only thing you need to consider. At some point, you've got to get that money into the right hands. Most management companies will offer you a few options when it comes to paying rent. These can include online payments or going through a service. This is the easiest way to make payments since you can often set up an auto-draft, but if you're dealing with an individual property owner, ask about limitations.
Even if you're delivering or sending in a check each month, make sure you have clear information on where it goes, who it's addressed to and by what day it should arrive. It's a good idea to become familiar with the process should have to break your lease.
While that's never the plan, knowing ahead of time what you'd have to do helps you prepare for anything. Especially if you move around a lot for work or anticipate upcoming life changes, signing a year-long lease might be the wrong choice. Make sure you understand the penalties for early termination and ask if it's possible to sign a month-to-month lease instead just make sure you know how early you have to give notice when it's time to go.
Even if everything appears in good working order when you're looking around, questions to ask when touring an apartment should always cover maintenance. Ask how emergency repairs get handled. Now is even a good time to figure out what types of repairs your property manager would rather you handle if any.
Whatever the process, you want to know ahead of time to ensure a speedy conclusion to any emergency or everyday needs. Again, even if you casually meet the people living near the vacant apartment you're considering and they seem nice — it's hard to tell what living with them will be like.
Your lease should break down the process for filing a complaint, but you may want to go over it with your property manager just in case.
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