Renting an apartment

By Ahana Samat - Things to Keep in Mind before renting your first apartment

Basics To Consider

You need to take into account factors such as the location of the apartment, if utilities are include, how far it is from your place of work/ study, if it has parking facilities etc.

Basics to Consider

If you are a college student you may want to consider living on campus (which tends to be more expensive) or living off campus (which may be less expensive but requires you to have additional knowledge about leases, security deposits etc.)


Decide how much space you need. Living with someone else may save you a sizeable amount every month and ensure you are able to save 20% of your income.

Credit Scores and Renting

Credit scores help landlords know that you will pay your rent on time. Having a good credit score may be a requisite to renting an apartment, especially in areas where the cost of living is higher

What is a lease?

Those with a low credit score may need someone to act as a "co-signer" AKA someone who will pay the rent/loan if you cannot.

What is a lease?

This is a contract you may have to sign with your landlord before you move in detailing things like the rent, duration of your stay, pet and roomate policies etc.

What is a lease?

A lease keeps your rent stable for the stipulated period of time. This may not be the case for a rental agreement (which is typically for a shorter period of time).

What is a security Deposit

This is a lump sum that you are required to pay before you move in that is generally equal to about a months rent. In the event that you damage your apartment during the stay there or otherwise brea your lease, you lose your security deposit.

Will I Get My Security Deposit Back?

Yes, if you do not break your lease and you keep your apartment in good shape, the security deposit will be refunded to you upon leaving.

What's Next On Budgeting?

Next Story: Budgeting with Roommates

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