Start with a Budget

If you haven’t heard of the 50/30/20 budgeting rule, this is a simple way to determine how much rent you can afford to pay and still have enough to cover other expenses. Here are the steps:

• Determine your take-home pay.

This is the amount you get in your paycheck (after the taxes and deductions). If you are self-employed, this amount would be your gross income minus your business expenses and taxes. Those who are self-employed, as well as some hourly employees, might find it a little more challenging to determine their take-home pay. Try calculating the average number of hours you work per week by your hourly rate, then multiply that by 50. (32 hours per week X $25 an hour = $800 X 50 = $40,000). Now, deduct your taxes and any business-related expenses from that amount. The amount left over is your take-home pay.

• Divide that amount up.

It goes like this: 50 percent of the amount determined above should go to needs like rent, your car payment, bills, groceries, and utilities. 30 percent goes to wants. Say you are part of a bowling league and you have to pay monthly dues. That would be included in your “want” section. This portion also includes dinner out with friends, that new video game you’ve been waiting for, those new rims for your car, and so on. The remaining 20 percent should go to your savings.  (For example: if your take-home pay is $40,000 a year, you’ll divide that up to $20,000 on needs, $12,000 on wants, and $8,000 on savings.)

• Go back and look at that 50 percent.

If you are spending $20,000 a year on needs, divide $20,000 by 12 to determine the monthly amount. That roughly $1,660 must cover your car payment, insurance, credit cards, student loans, and anything else you pay every month. Deduct all of those payments from your “needs” amount. What you are left with will cover your monthly rent and utilities.

If you need more help, the Consumer Financial Protection Bureau has a handy worksheet for determining your budget.

Start Saving

You’ll need roughly three times the monthly rent for moving expenses, so you’ll want to save that amount before you start looking. You’ll likely need money for a security deposit, first and last months’ rent, application fees, utility connection costs, movers and/or moving supplies, and other related expenses.

Now is also a good time to check your credit score. Most apartment communities want a score of 600 or above. If yours is below 600, check for any errors on your credit report. (According to federal law, you can check your credit report every year for free. Just be sure to use annualcreditreport.com, the only free source authorized by federal law.)

If you find an error, get it cleared up quickly. The report should tell you where to send a dispute. If you see large balances on your credit cards, pay those down as quickly as you can. It’s not so much what you owe, but how much credit you have. Pay the cards down but don’t close them – this will improve your credit utilization ratio. This ratio is based on your credit cards only (called revolving credit) and not on installment loans (your car payment, for example). You want your total credit utilization ratio to be 30 percent or below. (For example, if you have a credit card with a $5,000 limit, don’t allow your balance to go above $1,500.)

Begin Your Search

When you start searching on Apartment Finder, be sure to fill in the “Price” section with your max rent. Your results will show properties in your area that fit your rent needs. If you’d like to see specials, best value, and apartments with a recent price drop, click on those and the icons will appear on the map. Click on a property and scroll down to the rent calculator. This handy section shows you exactly what it will cost you – the one-time expenses and the monthly expenses. Now all that’s left to do is schedule some tours and find your new home!

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For those who love the traditional trimmings of the holiday season, it just isn’t Christmas without the plastic reindeer and snow globes! But for those who are thinking about trying something different, here are some non-traditional decorating ideas:

1. Be Bold

Ditch the partridge in a pear tree in favor of the peacock: Instead of red, green, and gold think dark purple and vivid blue for your Christmas tree. First, go to the craft store and purchase some peacock feathers. Take one with you when you shop for ornaments and try to find ones with the same vivid shades of blue and purple. (Use a traditional green tree – it creates a beautiful backdrop for the blues and purples.) Use the peacock feathers in the tree – just stick them in here and there all around the tree (save a few for the top of the tree, as well).

For the top of the tree, you can use the traditional gold star surrounded by the peacock feathers, you can look for a peacock-inspired tree topper, or you can make your own. Bunch together some peacock feathers, gold sprays, and some purple and blue ribbon and attach it to the top of your tree. Make a matching wreath for your fireplace – get a foam wreath form and cover it with peacock feathers using hot glue. Attach a wide, satin ribbon in a vivid shade of gold, purple, or blue and hang.

2. Try a Theme

Themed trees can be great fun. A “kitchen” tree with ornaments shaped like food, tiny tea cups, rolling pins and baking sheets, and actual candy canes and popcorn garland will spark interest and conversation with all of your holiday guests.

Live near the shore? A nautical theme works great – seashells, boats, shore birds, and surfboard ornaments, with a color palette straight from the ocean: think blues, sand tones, and sunny yellows.

3. Go Natural

Are you eco-friendly? Go ahead – decorate your tree with reused and handmade ornaments or pinecones from your yard and make garland from burlap and twine. Make your own stockings using felt – or upcycle fabric you already have into stockings (blue jean stockings, anyone?) Use pretty fallen branches bunched together for your tree topper (paint them a bright and cheery color or leave them natural). Not only will your home be festive for the holidays, think of all the money you’ll save!

As for the tree, use a real one! A Norfolk Island Pine is an ideal houseplant, but use any indoor tree that appeals to you. Keep your pine in very bright, indirect light or in a spot where it gets morning sun. Water it when it feels dry, and you’ll have this tree to decorate year after year – and you can enjoy it the rest of the year, as well.

4. Fit Your Space

Decorate to fit your space. If your studio apartment is just too small for a traditional tree, a tabletop tree is an ideal solution. If you’d prefer something less traditional, gather some branches from outside and spray paint them (white, green, neon pink …). Put them in a container (a wide vase, a galvanized tub, a bucket) and secure them with floral foam and cover the foam with moss. Hang your favorite ornaments on the branches.

Want something even more unusual? Try an upside-down tree – or make one on your wall using free-floating shelves arranged in a “tree” shape. Set your Christmas ornaments and holiday decor on the shelves for a unique display.

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It’s all about the scents

Find a great holiday candle or invest in a diffuser and try out some seasonal scents like cinnamon or gingerbread. Just this small hint of holiday cheer will get you in the mood to host holiday parties. Even if you don’t have it in your budget to do anything else this year, the scent of pine filling your apartment will make you smile.

Add a nutcracker

If you don’t want to go all out decking your halls, try adding small hints of the season here and there. A bowl of nuts on the side table and a jaunty nutcracker might be all you need to bring a quiet hint of the season into your space. Other great subtle touches include snow globes, snowmen, or a ceramic gingerbread house.

Candy canes and all that’s sweet

Gingerbread, sugar cookies, candy canes, chocolates … the holidays are a time for sweets. Even if you don’t particularly like sweets, a bowl of candy canes on your dining room table will make your whole apartment look festive.

Switch out your throw pillows

Something as simple as picking up a couple of seasonal throw pillows for your couch will set the tone in your small space. If you don’t want reindeer dancing across your pillows, you could always go with the classic red and white or cozy plaid. These can stay on your couch through the winter, cutting down on the amount of items you’ll have to store after the New Year confetti stops falling.

Turn on the music

You probably won’t want to listen to those seasonal classics for too long, but if you are having guests over, it’s a nice way to bring the holidays into your apartment without having to decorate. If you have a fireplace, put it on and crank up the Christmas music. As an alternative, find a nice music box that plays a tune you like and put that on your coffee table.

Add a tree

It can be a ceramic tabletop tree, a houseplant you add some twinkle lights to, a small real tree, a small fake one, an upside-down tree, a skinny tree, or just a drawing of a tree. While it isn’t necessary, it may be all you need to chase away the bah-humbugs and bring a little holiday spirit into your apartment.

The post Holiday Decor: Getting Your Apartment Into The Spirit appeared first on Apartment Finder Blog.

1. Reuse and Repurpose

Just because you want to make your apartment festive, doesn’t necessarily mean you have to buy brand-new decorations. With a little creativity, you can transform your space into a decorative dream. For example, play off of the color scheme you already have in your living room or kitchen, then add pops of red, blue, silver, or gold to create a new look. Rearrange your furniture in a way that complements your Christmas tree or Kwanzaa altar. Once you have decided what you can repurpose, you can begin purchasing what you think you’ll need.

2. Go Thrifting

Hitting up a thrift store is probably one of the best things you can do at any time of the year, especially if you’re on a budget. Donation centers such as Goodwill and Salvation Army will have a lot of hidden gems. These places often have gorgeous china holiday sets and elegant glassware you can use to decorate your dining table. People often donate bulb ornaments as well. If you’re lucky, you can find classic nutcrackers and beautiful dreidels in antique shops. If you’re feeling bold, some places are even willing to haggle prices with you.

3. Feed Your Sweet Tooth

Decorating with candy allows you to beautify your home and give guests a sweet treat to snack on while visiting. Buy candy canes in bulk from the Dollar Store, Target, Walmart, or your nearest convenience store, then tie ribbon around the hooks before hanging them on your Christmas tree. You can also put an assortment of classic holiday treats like caramels, mints, chocolates, and nuts in an ornate container on your coffee table. You can try placing Hanukkah gelt in a beautiful dish as well. You can use a container you already own or purchase one from a thrift store.

4. Embrace DIY

Channel your inner artist, Pinterest blogger, or YouTube lifestyle guru and make some of your decorations yourself. Not only will you save money, but you’ll have fun making decorations unique to your personal style. Simply look up a YouTube tutorial for inspiration and gather all of your materials. Although it may seem intimidating at first, you can create your own wreaths and garlands to hang on your front door or balcony. Visit a craft store to buy artificial pine, evergreen, pinecones, poinsettias, and cranberries to save more money. Purchase a yard of felt and cut out Christmas images like angels to glue onto stockings. For additional savings, sign up for the email list for various craft stores so you can be notified about sales and coupons.

5. Miniaturize

If your space is small or you want a Christmas tree without the price tag, opt for buying a mini version or a smaller tree. You can buy adorable mini, reusable trees along with elegant menorahs and kinaras for under 30 dollars on sites like Etsy and Amazon. Buying a reusable tree is also great for the environment. Regardless of what tree you decide to buy, if you have a pet take precautions to ensure they don’t eat or touch anything on the tree that could harm your furry friend.

6. Paper Decorations

A little craft paper goes a long way. You can use cardstock or any other durable paper to turn your fridge into Frosty the Snowman or Santa Claus. Cut out the Star of David and place it on your window. Practice Kuumba (which means creativity), and weave your own mkeka for your Kwanzaa altar. Take your decorating a step further and use your gifts as decoration. Wrap your gift boxes in ribbon, twine, and sprigs of evergreen or cranberry for a personal touch.

7. Add Some Shine

Adding holiday lights to your apartment will make the space feel cozy instantly. You can buy white LED string lights for under 20 dollars online or in your local hardware store. You can drape these lights in front of a window like a curtain or line the corners of your ceiling. You can also mold string lights in the Star of David using rulers or wooden sticks. And you won’t have to take your Christmas lights down after the 25^th because they’ll look great throughout the whole year.

8. Display a Gallery Wall

Add depth and personality by curating a seasonal gallery wall. Gather old holiday photos and greeting cards and place them inside picture frames painted with holiday colors like gold, silver, red, blue, white, or green. After the season is over, you can switch out the photos and display your favorite art year-round. Before you start, make sure you understand the policy for hanging up decorations in your apartment.

9. Hang a Mistletoe

Add a bit of romance by hanging this classic holiday decoration. You can buy artificial sprigs and ribbon to create your own or purchase a faux mistletoe for under 10 dollars at Target or Walmart. When hanging your mistletoe, be safe and have a spotter if you’re using a ladder or step stool.

10. Prepare for Next Year

After your celebrations are over, be proactive and begin your holiday hunt for next year. Stores will offer tons of great discounts to get rid of holiday inventory. One of the best tricks for saving money for the holidays is to shop year-round for the best deals, and that includes shopping the day after Christmas.

Sometimes it can be stressful to decorate, especially if you don’t have the funds to back up your ultimate vision, but remember what the holidays are truly for: spending time with family and celebrating your culture. Hopefully, these budget decorating tips can help you elevate your apartment into a joyful holiday wonderland so you can focus on making memories with your loved ones.

The post 10 Ways to Decorate Your Apartment for the Holidays on a Budget appeared first on Apartment Finder Blog.

Application Fees

When applying for a rental, you’ll find that the vast majority of landlords and property managers require that all potential tenants pay an application fee. The application fee typically covers the cost of a background and credit check to predict your eligibility as a reliable renter. Your application fee may vary, but they usually start around $20 per applicant and can stretch as high as $50 or more.

Application fees are nonrefundable, so be sure to make note of the requisite fee and factor it into your apartment-hunting budget. These relatively meager renting fees may not sound like much, but if you find yourself applying for more than one apartment, these costs can add up quickly.

Utility Deposits

Unless you have stellar credit, most tenants will have to put down a deposit or start fee on utility services to activate them for a new rental. These payments are meant to insure the company against losses for things like unpaid bills or a sudden vacation from the property.

A typical utility deposit can range from $100 to nearly $300 depending on where you live. In some cases, the cost is calculated from your credit score and past utility history. This process isn’t always instant, so be sure to activate your utilities before your move-in date. You will get this down payment back should you decide to terminate your services (and your standing with the utility company is good), so you get to recoup the cost, but it’s something to keep in mind before moving in.

Renters Insurance

Renters insurance is a must for anyone moving into a new apartment complex or rental home—and it’s probably required by your landlord or property manager. It protects your belongings, but also limits your liability in the event of an emergency, and may even provide for the cost of lodging should your home become unfit to live in.

The cost of renters insurance is one of the few renting fees on this list that is almost completely up to your discretion. After you take stock of everything in your home and its approximate value, it’s up to you how much coverage you decide on. Basic plans can start from $10 a month, while those who need a bit more coverage or possess some serious valuables can expect their policy to go up from there. Renters insurance is a static, monthly cost to factor into your budget, and one that must be renewed every year.

Moving Costs

Before you even get to your new apartment, you can expect your first major expense to be your move-in costs. Whether you’re moving across the country or simply down the street, the cost of boxes and bins or travel and movers can add up quickly.

If you’re moving yourself, you can expect to pay a couple of friends in food or drinks, or at least take yourself out to eat while your stuff is packed away. Bigger moves might require you to rent a truck for anywhere from $20 to $100 a day, plus gas. And if you’ve elected to hire a moving company, you might be looking at a few hundred dollars to move a smaller sized apartment, to over $2,000 for moving a home’s worth of furnishings long distance. Make sure the moving company you’ve chosen provides valuation for your belongings in the event of damage or explore third-party insurance options for your property in transit should something go wrong.

Laundry Services

Accounting for laundry may seem a bit out of left field, but the way your rental provides laundry services can have a serious impact on your yearly budget and spending. Most rental homes provide in-unit washers and dryers, but make sure you read your own lease before signing. If not, you may be looking at the price of renting or purchasing your own.

Where you’ll find more variation is in apartment living. While in-unit laundry is a big plus for both renter and landlord, you may just as well be dealing with on-site communal facilities, or no laundry service at all.

In either case, you’ll be providing your own detergent and other supplies. If you’re dealing with a communal washing facility, you might be have to deal with someone stealing your clothing or other belongings at worst. If you have to travel somewhere else to have your laundry done, you’re now looking at budgeting for the gas or expenses to get you there, as well as the time spent waiting for your laundry. Each situation can drastically affect how much time and money is spent simply laundering your clothes, and it’s something to keep in mind when looking for a rental.

Parking Fees

The type of rental you choose will present you with its own set of parking problems. Are you renting a house? Do you have a garage, your own driveway, or will you park on the street? Each of these scenarios can drastically change your auto insurance cost and the probability of damage to your car.

If you’re living in an apartment, do they provide parking or do residents pay a monthly fee for a garage? Is the parking structure covered or outdoors? Is it secure? All of these factors can impact your budget, especially in the event of an emergency like a break-in, theft, or accident.

Moving is stressful enough, especially when you’re already considering how much rent you’ll be paying and your new commute to work. However, there’s more to renting than rent and utilities. Don’t let unexpected rental fees break down your budget. With enough preparation, you should be well-equipped to deal with any and all costs, from renters insurance and parking to hiring movers and application fees.

The post The Unexpected Costs of Moving appeared first on Apartment Finder Blog.

What Month Are Most Renters Looking to Rent?

Many people preparing to move (60% in fact) choose to move and look for a new apartment during the summer, typically May through September. These warmer months are a popular time to move and rent an apartment for various reasons. For instance, graduates are looking for their first apartment near their new job and families are moving when their kids have a break from school.

Regardless of the scenario, the rental market follows this trend accordingly, so you can expect the cost of rent to increase during these summer months. Without considering budget, moving during the summer seems like a logical choice, right? It’s a transition period for a lot of people, not to mention it’s easier to move your belongings when it’s warm outside, rather than cold and snowing. But for those of us who are budget-focused, the summer months are probably not your best bet for renting an apartment, considering the cost of moving in the summer is high.

What Is the Best Month for Saving Money on Rent?

If May through September is when rent skyrockets, then you’re left with October through April to find the best deal on an apartment. Out of these months, it’s been shown that winter is actually your best bet for getting more bang for your buck in the rental world. Yes, it’s going to be a chilly moving day, but if you’re striving to save money on your lease, and potentially on your lease renewal (if you choose to renew a year later), then moving during the winter is worth the chattering teeth on moving day.

You likely won’t have as many units to choose from because most people moved in during the summer. But with whatever vacancies the apartment community does have, the property manager is more likely to give you a move-in special, discount, or good deal on rent so that they can get their remaining units occupied. The higher the demand for an apartment, the higher the cost, so if the demand for apartments is lower in December through February, then the cost of rent will also be lower. The amount of renters seeking an apartment moves up gradually through the spring, peaking in summer, so aim to sign a lease for less rent while you can in the winter.

Best Time of the Month to Search and Sign a Lease

Ideally, you should begin to look for an apartment 30 to 60 days before you plan to move. If you want to move in February, then the best time to begin your apartment search is in December or January. You want to give yourself enough time to find an apartment, while still searching at the most strategic time. You’ve got the cheapest months down pat (December through February), but now you need to rent an apartment at the best time of the month.  

Because most renters’ leases expire at the end or beginning of the month, you’ll likely have the most options to choose from if you sign a lease accordingly, right after the previous tenant has moved out and the apartment has been cleaned and prepped for the next tenant. Getting first pick is definitely a plus. However, you may find apartment communities that have units available throughout the entire month, offering prorated rent if you move in any time other than the first or last of the month, which is a common time to move in. It just depends on the apartment management at that specific community.

Renting an Apartment in the Winter Months

So you’ve discovered that renting an apartment during the winter months is how you’re going to secure the lowest rental rate. But did you consider the drawbacks of this decision? From Thanksgiving to New Year’s Eve, you’re likely going to be busy during the winter months cooking holiday meals, hosting family get-togethers, or traveling to loved one’s homes for the holidays. So if know you’ll be too busy to move during prime winter season, think about pushing your move until February when things have died down a bit.

There are going to be perks and drawbacks to every season, but renting an apartment is what you make of it! Do your research, be strategic about seasonality, compare rental rates between apartment communities, and choose the apartment you think is right for you when you’re ready to sign a lease. And if all goes well, you’ll be settled in your new apartment in no time. 

The post When Is the Best Time to Rent an Apartment? appeared first on Apartment Finder Blog.

Your credit score and financial history can impact your approval for an apartment. During a credit check, a credit inquiry is pulled and can potentially lower your score. What are hard and soft credit inquiries, and which one do property managers pull during a credit check? Let’s find out. 

What Are the Differences Between Hard and Soft Credit Inquiries?

In addition to checking the apartment applicant’s past rental history, debt, and employment, a property manager will pull either a hard or soft credit inquiry as part of a tenant screening report. If you have credit that needs improvement or no credit at all, you might be asked to lease with a guarantor who can promise that your rent will be paid on the day it’s due (should you default). 

Hard Credit Inquiry

A hard credit inquiry is a standard credit check that lenders and credit issuers use to review applicants’ FICO scores for making financial decisions. For example, if you’ve applied for a student loan with a bank because you were accepted into graduate school, then the bank has likely done a hard credit inquiry on you as part of the loan application process to get you approved. 

Hard credit inquiries also go by another name: hard credit pulls. Hard credit pulls are authorized by the applicant (you) and can affect your credit score by a couple of points. An inquiry can stay on a person’s credit report for up to two years but only affects the scores for approximately 12 months. 

Soft Credit Inquiry

Unlike a hard credit inquiry, a soft credit inquiry won’t affect your FICO score. This kind of credit check is also referred to as a “soft credit pull” and is often associated with apartment applicants that are getting pre-approved for the rental. Think of soft credit inquiries as a quick reference for property managers. 

Do Property Managers Do a Hard or Soft Credit Inquiry?

The truth of the matter is that property managers do both hard and soft credit inquiries. It depends on their established lease process, such as if they’re subscribed to any credit check-based services. If this is the case, ask the property manager about what type of credit inquiry they pull. Whether you have a good or bad credit score on your report, knowing your FICO score will allow you to track changes made to your report and take note of any areas needing improvement. 

When You’re Applying for Multiple Apartments

Sometimes you may find a handful of apartments that catch your eye. Depending on location, you may have to apply for multiple rentals just to snag one, especially when the demand for apartments is greater than the inventory available. 

You’ll be happy to know that your credit score won’t be hit with numerous hard credit inquiries when you authorize property managers to do a credit check. Instead, your FICO score will only be hit as a single inquiry as long as each is within a certain period – generally 45 days. If you step outside this grace period between applications, you could see your credit score drop additional points. Apply for apartments within the given window to maintain your credit score. 

How to Check Your Credit Score

Did you know that you can check your credit score for free without lowering it? Every year you’re entitled to one free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) but you can use AnnualCreditReport.com to get a free copy, as well. Free financial reporting websites also allow you to monitor your debt activity and credit score throughout the year. 

Checking your credit score allows you to observe your open lines of credit, loans, and see where you stand financially. Most apartment communities want to see a credit score above 600, and fortunately, because of these credit monitoring tools, you can know your score before applying.

Closing Thoughts on an Apartment Credit Check…

Waiting for a credit report to be run can be daunting for a renter, especially if the information on the report is the gateway to your dream apartment. Your credit score is used to justify your ability to pay the rent to the property manager. Sometimes, though, you may also come across a “no credit check” apartment home. When you apply for these apartments, you won’t have to submit yourself to a credit check, but just be vigilant about potential apartment scams. 

This post was originally published March 06, 2017 and has since been updated.

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Don’t let that stop you from renting your dream place. Those who may not qualify on their own for an apartment should consider an apartment guarantor or a co-signer. They both mean the same thing in that a guarantor/co-signer on the lease is guaranteeing to the property manager that the rent will be paid if the tenant falls behind or defaults on payment.

An apartment guarantor doesn’t live in the rental. You will. Having a guarantor can help you get you into that perfect apartment of yours.

Reasons Why You Might Need an Apartment Guarantor

Financial reliability among applicants is a major determinant for property managers. Apartment guarantors come into play for those with non-extensive (or non-existing) financials. A guarantor might be required by the apartment community if the tenant doesn’t qualify for the apartment on their own. If the tenant cannot pay, then the guarantor will.

Having a guarantor or co-signer allows you (the tenant) to rent the apartment you want. Below are some reasons why a landlord or property manager might mandate a co-signer to be on the lease agreement:

• Applicant has little to no credit history
• Applicant has a short employment history
• Applicant has a lack of rental history
• Applicant doesn’t make 3X the rent

When reviewing potential tenants, property managers reference credit, employment, and past rental history. They also look at how much an applicant makes to verify that this person can afford the apartment. Signing a lease with a guarantor will help property managers look past the gray areas and feel good about their decision to rent out the apartment.

A Guarantor’s Role in the Lease

Parents, or another trusted family member or friend, are common people to reach out to for a guarantor. A landlord or property manager will require some information from the guarantor, including a good to excellent credit score, financial documents, and proof of income.

Just like a tenant, landlords and property managers need financial documentation from the guarantor of your apartment. Documents like tax forms and pay stubs will need to be produced. This will show the property manager that the rent can be paid if the lessee (tenant) defaults. Guarantors are typically required to have a salary that’s 80X greater than one month’s rent.

Say you’re looking at an apartment that costs $650 per month. Your apartment guarantor must make at minimum $52,000 per year to qualify as a guarantor or co-signer. FICO credit score, background check, and financial documents will be reviewed by the landlord or property manager – for both you and your guarantor.

Apartment Guarantor Services

An alternative solution to asking someone to be the co-signer of your apartment is to reach out to an apartment guarantor service – yes, it’s a real thing. These companies work on your behalf as your guarantor for a monthly fee. Businesses in this field include The Guarantors and HelloRented.

They do require a fee, but it might be worth looking into if you don’t know of anyone to ask. Each apartment guarantor service has different policies. Research their provided services, fees, and approval window timeframes to make the best choice for your budget.

If You’d Rather Not Do Either…

Talk with your property manager about offering a little more down for the security deposit. Offering this can help take away the property manager’s hesitations of renting to someone with a minimal financial history or rental past.

Subletting an apartment can work in this situation, too. Look for someone who’s subletting their apartment if you need to move in quickly. Your name isn’t on the lease agreement, and you likely won’t go through the same application process as the tenant’s whose name is on the lease.

Help Out Your Apartment Guarantor by Paying Rent on Time

Some risk is involved by being a guarantor for an apartment. As the tenant, it’s important to remember to pay your rent on time! When someone co-signs for an apartment, that person is legally obligated to pay the rent if the tenant doesn’t.

Whether it’s unintentional or not, your guarantor will have to pay the rent. Parents and loved ones will be upset if forgetfulness is a reoccurring issue – and you don’t want to make anyone mad. If you go with an apartment guarantor service and don’t pay, you could incur some additional fees on top of the apartment late fees…ouch. Be considerate to your apartment guarantor by paying rent on time!

You’ll love apartment living, from the cool amenities at your community to the freedom and independence of living on your own. Qualifying for an apartment with little financial history doesn’t have to be an issue thanks to apartment guarantors. Ask someone you trust to be your co-signer but don’t get upset if they say no. Remember, it may be a lot of money and responsibility for them. But it doesn’t hurt to ask, right? Try writing them a nice and personal letter.

The post Why You Might Need an Apartment Guarantor on the Lease appeared first on Apartment Finder Blog.

You are not doomed to pay rent for the rest of your lease’s duration! Although you are contractually bound to your lease in the eyes of the law (and your landlord or property manager), there are numerous ways to break your lease legally.

Review Your Lease.

The first thing you need to do is review your lease. Look for a “break clause” or “early termination clause,” which details the conditions and requirements that need to be met in order for you, the tenant, to break your lease. Many landlords and property managers require written notice and some kind of fee (for example, two month’s rent).

Talk to Your Landlord or Property Manager.

Even if you don’t have a specific clause laid out in your lease, talking to your landlord or property manager is the best way to find out exactly what you need to do in order to break your lease without penalty. Your landlord or property manager will likely be willing to work with you (especially if you’ve been a good tenant), since they often prefer to have their rental occupied.

For example, if your landlord or property manager needs you to pay two month’s rent for you to break your lease, see if they would be willing to take payment in installments before you vacate the rental unit, allowing you a little more time to save up or get your finances in order. Or you could ask your landlord or property manager to move you to a month-to-month lease if you know you won’t be in your current apartment for the full 12-month term.

Find a Subletter or Replacement Tenant.

If you’re trying to avoid paying extra fees to break your lease, it may be in your best interest to find a subletter or a replacement tenant.

What’s the difference between a subletter and a replacement tenant? Well, a subletter takes on your current lease for the rest of its duration, whereas a replacement tenant gets an entirely new lease for your same rental unit.

Whether you go for a subletter or a replacement tenant will largely depend on you communicating with your landlord or property manager. Their preference will take precedence! Unless, of course, you have an exempt reason for breaking your lease.

Legally Justifiable Reasons to Break Your Lease.

There are instances for breaking your lease that exempt you from the typical requirements. Some reasons are as follows:

• Reassignment due to active duty military
• Domestic violence
• Unsafe or uninhabitable apartment conditions
• Landlord is in violation of entry rules or harassment
• Apartment is considered an illegal unit to rent

Check with your local city and state laws to see what specifically qualifies as a legal reason to break your lease (without any penalty or fees) in your area.

Once you are able to break your lease—whether by paying two month’s rent or finding a new tenant or something else—you will be free to rent a new apartment of your choosing. Find your next apartment and get a great deal when you use Apartment Finder!

The post The Cost of Breaking a Lease appeared first on Apartment Finder Blog.

When you’re living with roommates, everyone has their own opinion regarding budgeting and spending. But don’t let yourself get in a tizzy over this – there’s a simple set-by-step solution to splitting costs with roommates. Whether you’re the roommate who forgets to chip in for their share of the Internet bill, or you have a roommate who’s known for repeatedly paying their portion of the rent late, it’s important to set some guidelines. Budgeting, planning, and saving for these shared expenses will keep you on track to ensure that all of your apartment rental costs are being paid on time, every time. Let’s avoid any future awkward conversations about who owes who what and what is due when, shall we?

Make a Plan and Stick with It.

The best thing you can do when splitting costs for an apartment is making a definite plan that you can all stick with. Everyone has to agree. If one roommate isn’t happy with the plan, then you’re bound to come upon payment issues in the future. You’ll want to discuss whose name is on each utility, the date that each expense should be paid, the way in which you plan to pay one another, and general guidelines for keeping costs low.

For instance, say that you all agree to spend no more than $50 a month on shared décor for the apartment, and you’re all willing to keep the AC set to 74 degrees during the summer months to keep your electricity bill reasonable. These are great examples of guidelines you should be discussing and coming to an agreement on!

Decide What Expenses are Worth Sharing.

Should every expense be shared between roommates? That’s a question you’ll need to ask yourself (and your roommates) as you’re budgeting, planning, and saving for the expenses that come with renting an apartment.

Décor and Furniture

What if you don’t agree that you and your roommates should share a décor and furnishing budget for the apartment? That’s fine! If you prefer to buy things like couches, decorative mirrors, rugs, kitchen towels, and lamps separately, that’s perfectly okay. If you decide to buy décor and furniture items separately, it may end up being easier for all of you when you move out. You can avoid figuring out who gets what items, and who owes who what for each item. It can get a bit messy (and confusing)! If you do buy these items separately, you should come up with an agreement that details what happens if an item is damaged by a roommate or a guest. For instance, if you break it, you buy it. However, if you decide to buy these items together, come to a consensus about how to split the cost – halfsies is always an easy go-to.

Rent

Rent should almost always be equally split between roommates, but how much each roommate pays really just depends on the agreement you have all settled on with one another. If you live in the master bedroom that’s accompanied by more square footage and an attached bathroom, and your roommates have the slightly smaller bedrooms with a shared bath, then they may suggest that you pay more in rent. Have a calm, reasonable discussion to decide how you will break down the cost of rent, and come up with a fair amount that each roommate can agree on.

Utilities

When it comes to utilities, it’s easiest to split them equally between roommates. After all, you can’t really prove that your roommate is hiking up your water bill from her extra-long showers. It’s best to just split the cost of utilities – fair is fair. Utilities that are not included with your rent (such as electricity and cable) will require one person to set them up and be the owner of the account. You can have one roommate in charge of all utilities with their name on each account, or you can split up who signs up for what. It depends on what you’re comfortable with – just remember, it’s important that any roommate who puts their name on the account is a responsible person (preferably with good credit history), since they will be liable for paying the bill on time. Just because you pay a roommate your share of the utility bill ahead of time, doesn’t mean they’ll pay the entire bill on time! Keep this in mind.

Groceries and Household Items

We all know how frustrating it is when you go to grab your milk out of the fridge, only to realize that it’s gone, or only has a sip left. This can happen when you share groceries with roommates. If you plan to cook your meals together, and you like the same brands and types of foods, then grocery shopping together and splitting the cost of food may work in your favor! However, if you’re territorial over your food and prefer to cook for one, then it may be in your best interest to grocery shop separately. However, splitting the cost of household items such as paper towels, laundry detergent, dishwasher pods, napkins, toilet paper, and cleaning supplies is often a good idea. These are easy items to share and keep track of – whether you switch off who buys what household items, or you simply buy them together and split the cost each time.

Consider Unexpected Shared Expenses.

You may find a few unexpected costs down the road of your apartment renting journey. These unexpected shared expenses can include anything from increased utility bills based on seasonality or an impulse buy, to any additional fees added to your lease. Let’s say that you turn the AC down to 68 degrees for an entire month during the scalding hot summer while your roommate is traveling for work or studying abroad. When your roommate sees their share of the utility bill for that month, they probably won’t be too happy with you – this is an unexpected increase in shared expenses, so be careful with that thermostat!

How about if your roommate comes home from a Saturday filled with shopping carrying in a $300 decorative ottoman for the living room? But wait! You didn’t agree to split the cost of that piece of furniture, but because you agreed to split furniture and décor costs, your roommate expects you to pay half. This is an unexpected shared expense (if you agree to it), so make sure you each set guidelines for one another to keep your expenses at a reasonable rate. If you’re going to make an impulse buy and expect to split the cost, then make impulse buys together!

Property managers and landlords cannot change the cost of your rent during your lease, but they can make addendums for additional monthly fees. These could include a new monthly pet rent or maybe a monthly charge for valet trash. Either way, you’ll need to save room in your budget in case you find yourself in this situation with additional, unforeseen fees.

Find a Method to Easily Track Expenses.

It may seem old school, but putting pen to paper (marker to whiteboard, chalk to chalkboard, etc.), is still a great way to keep track of your expenses. Maybe you can even make this a cute addition to your apartment – a piece of décor, if you will. Simply hang up a decorative chalk board in your apartment and list out what expenses have been charged, the total amount of each expense, how much each roommate owes, which roommates have paid, and what date the expense was paid on. If you prefer the whiteboard method, stick one to your fridge and keep track of your expenses there!

If you only have one roommate, it’s easy to simply text or email one another with a picture of each bill or receipt. This way, you and your roommate can easily pay one another through the numerous payment apps available on your phone. Though this is my preferred method, you may have more than one roommate or are interested in a way to more precisely track your expenses. If so, there are plenty of budgeting and tracking apps that you can download and make use of. With some apps, you can even directly link your bank account, pay your expenses, and put those expenses in specific categories. This is a surefire way to keep both you and your roommate(s) in the loop regarding your shared expenses.

Make a Roommate Agreement.

Now that you’ve come up with a set of guidelines for shared expenses, it’s time for you and your roommate(s) to make a roommate agreement. This will be a signed document between each roommate – its purpose is to keep things as organized and peaceful as possible. This way, if someone isn’t paying their share of the electric bill or is buying pieces of décor you didn’t agree to pay for, you can remind them what you all signed and agreed to – in both your lease and roommate agreement. This agreement should keep you and your roommate(s) paying your bills fairly and on time, and being respectful of one another and your apartment home!

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