Well in most parts of the world, the age of consent is 18 – that’s the age where you can enter into a legal agreement either marital or business-wise among other things.
In terms of renting an apartment in California, you need to be at least 18 years old but there are some exceptions to this rule. One of the exceptions is that an individual below 18 can rent an apartment if they have been emancipated.
To be emancipated means to legally withdraw from one’s parents before the age of 18. It is a common practice. Another exception is if one is in the military.
Before you rent an apartment, be sore that you have valuable assets or a stable source of income. It is also important to have worked and lived in the city or town where you intend to rent an apartment for at least a year. It is a way of convincing your Landlord or housing agent how stable and responsible you are.
Documents Needed to Rent an Apartment
- A valid form of identification
- Know your financials, including your credit score
- Proof of income or assets, bank statements, and/or three recent paystubs
- Vehicle registration and proof of insurance if you plan on securing parking
Getting a Credit Score
Some first-time tenants don’t have a set up financial record. A credit report is something that most possible property managers or rental organizations will audit to decide if you meet all requirements to lease an apartment. You also might be inquired as to whether you have financial records and a bank account.
If you don’t have a record as a consumer, you might have to pay a higher security store and additionally get a guarantor/co-endorser.
Credit Score according to Credit Reporting Agencies
- A credit score above 800 is excellent
- 740-799 is very good
- A credit score between 580-669 is fair
- However, a credit score below 579 is poor
Before you begin shopping for an apartment, it’s very vital to get your free Equifax and TransUnion FICO rating so you know where you stand.
You ought to do this months before you begin to look for an apartment to rent so you have the opportunity to fix or question issues on your report if you have any at all.
However, if the score is not as much as what you’d prefer to see, make sure you carefully go over the report again, there might be mistaken information you can debate.
How to rent an apartment as a student
Renting an apartment as a student can be a bit difficult as a student. This is because a good number of landlords and rental organizations have income requirements – this can be really tricky to show or prove especially if you are a full-time student in school.
If this is the case, then student loans may be the only but safest source of income you will have access to, and in case that is the situation, it is important to note that there might be ways to qualify for renting an apartment with your student loan reserves.
The following are 3 different ways that help you stand a chance of meeting all the requirements to rent an apartment with your student loan.
- Having a guarantor on the lease will go a long way in helping you secure an apartment.
- Pay a bigger deposit
- If possible, get a roommate so you too can share the cost.
Managing Your Budget
Now that you have gotten an apartment you like, be sure not to spend all your money on it alone because you will still have to take care of some other bills after you move in. Some of the things you will be spending on include; move-in costs, rental insurance expenses, deposits, pet fees, utilities among others.
Other Expenses
- Monthly utilities: cable, gas, water, electric, internet
- Renter’s insurance
- Monthly food/grocery expenditures
- Car and/or travel costs & insurance, if applicable
- School tuition/costs, if applicable
- Pet rent, if applicable
- Monthly rent
- Monthly utilities: cable, gas, water, electric, internet
Sometimes these expenses can choke you at some points so it is advisable to get a roommate. Depending on the agreement between the two of you, bills can be shared 50-50 or whatsoever the two of you deem fit.
Questions to ask before you rent an apartment
Before you pay and sign the dotted lines, you must ask the landlord or housing agency pertinent questions about his property. Some of the questions you should ask include;
- What are the terms of the lease?
- What parking is available for tenants?
- What is the maintenance policy?
- What are the pet and guest policies?
- What utilities and amenities are included?
- Will rent increase over time?
- Is renters insurance required?
What to know before you sign a Lease
You must read carefully and understand your lease before you append your signature on it. A lease generally includes the deposit amount, the monthly rent, the term of the lease, and any rules or regulations for the property.
If this is your first time renting an apartment, it is advisable to discuss the terms and conditions of the lease with an experienced adviser or lawyer.
Make sure the landlord or property manager answers all your questions satisfactorily before you sign the document to avoid future issues.
It is also important that you consider how safe the environment is. This is without a doubt the most important aspect when you want to rent an apartment either as a student or otherwise.
In addition, apartments in the last floors of buildings are likely to be cheaper than the ground floors. So you should be on the lookout for such apartments.
Read all the vital information you need to know about Murphy Dining Table here. You might need one for your apartment.
