Renter's Guide
Whether you’re leaving your family home for the first time or looking to replace your current rental home with another, it’s a big and exciting step. While most people associate real estate agents with buying and selling homes, Keller Williams agents have expertise in all areas of real estate, including the rental market. With this quick guide and a KW agent by your side, you can make a better informed decision about your next rental home.1
Setting your budget
You’ve probably heard that you should spend 25% to 30% of your income on rent, but that rule of thumb may not meet every renter’s circumstances. How much you”ll spend depends on your other expenses and your local rental market. In high-cost housing markets, it’s not unusual for people to spend as much as 50% of their income on rent, even though that may not be ideal.
2
Partnering with an agent
Finding a rental home that fits your budget, whether it’s an apartment, a condo or a single-family home, takes local knowledge of neighborhoods and transportation options that match your priorities. A real estate agent can help you narrow your choice of neighborhood and suggest a variety of options that you can consider.
3
Your Search
Online portals for rentals, including KW.com, can provide an overwhelming number of options, particularly if you’re not sure what neighborhood you want to live in or the type of rental property you prefer. The combination of an online search and in-person visits to a narrowed-down list of potential rentals with a Keller Williams agent can streamline your search and help you find a rental that matches your wallet as well as your preferences.
4
Searching for renters insurance
While you’re searching for a place to live, you should also line up renters insurance for your future home. Comparison shopping can yield a good rate and help you decide how much coverage you need.
5
Asking the questions, understanding terms and policies
An important part of your search is making sure you understand the rules and policies of your potential landlord. Depending on what you find out, you may even decide to choose one rental home over another. Questions you should be sure to ask when touring or when talking to a landlord include:
6
Submit your application, get approved
When you’ve found the apartment you want, it’s time to apply. Your landlord wants to know that you’ll be a responsible tenant and that you can afford to pay the rent, so the application will require several steps.
7
Signing the lease/paying the security deposit(s)
It’s exciting to be approved for a new rental home, but before you sign the lease, make sure you read it and contact the landlord with questions. Hopefully, most of your questions about things like lease renewals and subletting were answered before. If not, be sure to ask now.
8
Scheduling your moving day
As soon as the paperwork is complete and you know your move-in date, decide whether you want to move yourself or schedule a moving company. If you hire a moving company, get several estimates and check reviews and references – the cheapest may not always be careful or professional enough.
Next, start packing. This would be a good time to sort your belongings and decide if you want to donate or sell some items rather than move them. Starting fresh in a new place is easier if you only bring what you will really use and want to keep.
Find out if you need to set up the utilities or if they’ll be running when you arrive.