1. Finding your First Apartment

2. Getting Started - Finances Have your money ready upfront First and last month’s rent and a security deposit Example: for an $800 per month apartment, you might need $2,400 down to sign the lease Rule of thumb: monthly rent shouldn’t exceed 20-30% of monthly income In other words: if you bring home $4,000 each month, your max. rent is around $1,200. Plan out your budget before you start hunting Also expect your prospective landlord to run a credit check on you/your family before signing the lease

3. Cutting Costs Check out the suburbs – city center/urban apartments are much more expensive in general But…consider transportation time/costs – research bus/MAX routes as well as potential places of work Get a Roommate. Check for Subsidies. The U.S. Department of Housing and Urban Development (HUD) offers subsidies for lower-income jobs who may not be able to afford rent. Search the HUD website to find affordable housing or see if you qualify for subsidies. Think Small. Square footage comes at a premium in an apartment. Going for a studio or one-bedroom may mean missing out on some space, but you make up for it with big month-to-month savings. Negotiate. Compare the rent to nearby/similar apartments and try to bargain if you can. The worst that can happen is that the landlord says ‘no.’ You can also offer to pay rent for a longer chunk at a time or choose to sign a longer lease to score a better deal overall.

4. Consider Renter’s Insurance Can be required by a landlord Generally covers losses in case you suffer a break-in or there’s property damage Rates vary but are usually around $500 per year on $25,000 worth of coverage – about $12 to $15 per month.

5. Start hunting In theory, try to start looking around three months before your ‘move in’ date. Current tenants usually have to give at least 30 days’ notice, but plenty give more. This means that advertised apartments might not be available right away. If you’re planning on getting an apartment in Portland or Seattle, things can get crazy Use websites to help (more on this later) If you’re going to live in an apartment next year, you should start looking before the end of this school year Research neighborhood amenities (ie: supermarket, cafes, cheap restaurants, etc…) and public transport

6. Get your paperwork in order Have all of this on file in case your prospective landlord needs it: Letter of Employment– a landlord might want to know if you’re gainfully employed and able to pay your rent. Pay Stubs - These corroborate the information in the letter of employment. Parent Tax Returns. – or some kind of proof of your parents’ savings and/or income if their name is on the lease Talk to your parents about who is going to sign the lease and how they want you to pay – make sure that you make everything clear Reference Letters. – this is optional, but it might help if you’ve never rented before.

7. Do a walk-through Before you sign the lease, check for the following: 1.Turn on lights and faucets, and flush the toilet/s 2.Check for rodent or insect infestation, particularly in cupboards and storage spaces. Chew marks or droppings are a major red flag. 3.Bring along a cell phone charger and plug it into the outlets to make sure they all work. 4.Check smoke alarms and look for fire safety equipment, such as an extinguisher in the kitchen. 5.Open and close and lock and unlock doors and windows. 6.Turn on all included appliances to make sure they’re working. 7.Examine floors and walls for any type of damage. Carpet, hardwood, linoleum, drywall, and tiles should all be inspected. 8.Take pictures of any problem areas with a digital camera and show them to the landlord. Save the file so if there are any discrepancies with maintenance or problems getting your security deposit back when you move, you have evidence to prove you didn’t cause the damage. 9.Bring another person with you who you trust to notice stuff

8. Types of Leases Periodic Leases. With a periodic lease, the landlord acknowledges that your situation could change from month to month, allowing you to pay and renew your lease monthly. However, these leases can be more expensive, and because you have to renew each month, the landlord reserves the right to raise the rent at any time. A Fixed-Term Lease Is Most Common. Contract with your landlord to stay in the apartment for a specific period of time – three months, six months, a year, even two years. In many cases, if you choose to move out, you’re still responsible to pay for the time left on your lease, whether you live in the apartment or not. Occasionally, landlords let renters out of their lease if a penalty is paid, so be sure to discuss contingencies before you sign. Subleases Are Three-Party Lease Agreements. They often occur when a renter needs to vacate an apartment, but is still in a lease with the landlord and responsible for the rent. With a sublease, the original renter finds another resident to take over lease payments until the term is up. The renter then pays the landlord for the duration of the contract. Subleases must be approved by the landlord, so if someone offers you a great deal on the down-low, it could be suspect.

9. Accept Compromise No apartment is going to be perfect, especially on your budget Figure out what is most important: living in a cool neighborhood, access to campus/work, public transportation, having your own room, etc… Find out what is negotiable and non-negotiable for you