General Questions About Moving Out/Renting (apartment, lease, renters, deposits)
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Wasn't sure exactly which part of the forum to post this in, but I thought I'd start here.
Long story short, I currently live with my parents, and I really really want to move out. (I've posted more about this in another thread). However, I'm not very close with my parents, and I don't really have anyone to learn from right now, so I'm hoping to get some advice on what I should be working on to prepare for this.
Any advice and input is appreciated. I would likely need a roommate initially, so advice on how to find one would be especially welcome.
Not sure I understand what you want from people here. Are you working? In school? Do you have enough income to move out?
If you want to move out, you'll need to work out a monthly budget...how much money you'll need to spend every month (to keep yourself fed, maintain/use your car, insurance, pay for your phone, credit cards, student loans, healthcare, etc). That will give you some idea what sort of rent you can afford. Then start looking around for rentals in an area that would be convenient for you. If you find a place with rent you can afford, don't forget that you'll probably need to put up deposits in addition to first and last month's rent. Find out what utilities you will also need to pay for at each place. Go see affordable places in person. You may or may not find that you can afford to move out on your own. Do you have any friends or co-workers who rent? They may know the local area, what places to avoid, or know of someone who needs a roommate.
Hi Nicholas, not sure where you’re from, but in my area (Chicago, Illinois) it’s common for landlords to require you to be making at least 3 times the monthly rent in income - so if rent is $800, they’ll want to see you earning at least 2400/month. With a roommate situation they usually look at total household income (you plus your roommate), but keep in mind if the roommate moves out, you’ll be on the hook to pay the whole amount until finding someone to take their spot.
Most landlords will also do a credit check to make sure you have good credit. If you don’t have any credit, start building that now. Capital one is known for giving new credit holders a card with a very low limit initially. Buy a few small things (gas, food, whatever) every month with it and pay the bill off completely as soon as it comes. This will get you on track to establishing good credit so you’ll have that ready when you go to apply.
Are you on Facebook? Many areas have local groups set up specifically for renters and renting - to find places, roommates, etc. As a first time renter it may be easiest to find a roommate / roommates who already have a place and are just looking to fill a bedroom...
Knowing nothing about your age, career, location etc it’s hard to give more specific advice. Feel free to reach out!
It is really hard to give specific advice without knowing your situation. Salary 3x rent (gross) is typically the minimum landlords look for in terms of income. If you don’t have that, they typically require a cosigner, but cosigner requirements are normally higher- think 5-6x rent.
Deposits can vary. Larger complexes often don’t require huge deposits. It is often a set fee that won’t necessarily equal one month’s rent. Most will also have a separate application fee regardless of deposit amount. Finally, a lot of places also have a hold fee, which may be converted into part of your deposit if you move in. I think it is safe to say that you should be prepared with about 3 months rent ahead of time to cover basic fees and a deposit, because small places do often require first and last up front and may also have other fees.
You also need to have decent credit. The number varies, but 600 tends to be a good minimum going up from there. Many also run a criminal background check.
If you are looking to stay in your immediate vicinity, you can often ask for advice on Nextdoor. What you see will be based on your current address and you can post to anything from your immediate neighborhood to a variety surrounding your neighborhood. If you are moving to a completely different part of town, this probably won’t be helpful.
Regarding application fees: they will mount up, and are generally non-refundable. So you only want to actually apply if you are sure you want to live there. Ask in advance about their selection criteria, and if you don’t meet their requirements, save your money and don’t apply.
To add it can be hard to find a roommate you are compatible with. And if it is someone you dont already know.
Most have problems even with someone the know.
What happens if you dont get along. If one moves out both have signed the lease and are responsible till the end of lease.
You maybe better finding someone that already has a place and is looking for a roommate. And you sublet a room from them and not on the lease. Easier if things go wrong. To get out of without messing up your credit.
Location: Stuck on the East Coast, hoping to head West
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Generally speaking, you'll need gross income of 3x the rent, but my son was able to qualify with savings + excellent credit score.
As far as roommates go, I had my best roommate situation with a stranger. We had a roommate agreement drawn up and it worked far, far better than my situations where I'd move in with a friend.
My sons have roommates and they had everything agreed upon in advance. They rented an apartment together and are able to go online and submit payment individually as opposed to collecting money and then 1 person making the rent payment (if that makes sense).
Look for a roommate either in your classes at school or at your job. Become friendly first while you talk about the possibility of sharing a rental. As others have said you will need income. But I agree with you renting a room in someone else’s place first if you can. Even if you rent from a retired person it will give you time to adjust to the new way of living while looking for compatible friends your age to share with.
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