Renting Basics

No matter what path you take in life, you’re going to need a place to live. Most people rent that place for at least some part of their life, so it is important to know how to find the best rental for your situation.

Before you start looking at places to rent, it helps to get a sense of how much you'll need to pay. The real estate section of local news sites are good places to find the going rental rates. You can also try entering "available apartments" for a particular geographical area in your favorite search engine.

Keep in mind that while rent will probably be your biggest single expense, you don't want to get locked into paying more than you can afford. Ideally you wouldn't spend more than 25% of your take-home pay on housing, but in a lot of high-demand urban areas, you may find yourself having to give up closer to 35% or 40%.

Since prices vary so much, it can be hard to know what cities you’ll be able to afford. This cost of living calculator can be used to compare average differences in rent prices in different locations.

After you find your price range, start searching rental listing websites like Zillow, Rentler, Facebook Marketplace, Realtor.com, and Rent.com (largely geared toward apartments). These will provide information about the property and usually include the price of rent, how many bedrooms and bathrooms, included appliances, and whether they allow pets or not. These listings change frequently, so keep looking until you find a place you’re interested in.

Contact the person renting the property right away for the place you’re considering, because there’s no guarantee that it will be available tomorrow. Try to set up a time to look at the property in person if you can. Get as much information about the property by looking up reviews online.

When you decide you want to rent a property, you’ll usually fill out a rental application. This will include information about yourself including references and a credit check. You’ll likely have to pay a fee to process the application. If you pass the application, you’ll need to fill out a contract that outlines the price for rent each month, when you can move in, how many months you will be renting for, and any other agreements between you and the landlord.

Finally, you’ll pay upfront costs. These are due right away and usually include a security deposit (in case you damage anything), and first and last month's rent. The whole process can take a few days to a few weeks, and you might need to look at and apply to several places before you find the right place.

Sometimes it’s difficult to pay the cost of rent alone. When this happens, it’s a good idea to look into getting a roommate to split the cost with. If you’re looking for people to rent a house or apartment with, using word of mouth can be very useful. If this fails, don’t be afraid to look at websites like Roomster, Roomie Match, or Roomi.

Though social media can be a good place to reach out for roommate candidates, it can also be dangerous. Always be cautious when meeting up with or contacting any potential roomies. Remember to pick your roommate as carefully as you pick your future apartment or house. Having an irresponsible roommate can really impact your life, especially if they tend to eat your food or skip a month's worth of rent.