Do the arithmetic first
A landlord will usually want your gross monthly income to be about three times the rent, and that screen is a fair budget ceiling as well. Moving in costs far more than that. Expect the first month's rent, a security deposit that often equals another month, an application fee of $30 to $75, utility deposits if you have no credit history, a truck and several hundred dollars of dull necessities. A sound target is three months of rent in cash before you sign anything. Then add the monthly costs the listing leaves out, which are utilities, internet, renters insurance, parking and laundry. Ask the landlord for the unit's average utility bill.
The sequence
- Six to eight weeks out, fix your budget, check your credit report and gather pay stubs and references.
- Four weeks out, sign the lease and book the truck or the friends, since both get scarce at the end of the month.
- Two weeks out, schedule electricity and gas to start in your name on move-in day, and book the internet installation, which can take a week or two.
- One week out, file a change of address with the Postal Service, which forwards first-class mail for twelve months, and buy a renters policy that begins the day you get the keys.
- On move-in day, photograph every room before a single box comes in, test the smoke alarms, and find the breaker panel and the water shutoff.
- In the first two weeks, update your address with your employer, bank, insurers, the motor vehicle agency and your voter registration. Most states give you 10 to 30 days to update a license.
What to own on night one
You need a bed, a shower curtain, toilet paper, a plunger, a lamp, a few basic tools, a kitchen fire extinguisher and a small first aid kit. Everything else can arrive slowly and secondhand. Furnishing a whole apartment on a credit card is the classic way to begin independent life in debt.
Renters insurance, briefly
A policy typically costs $15 to $20 a month. It covers your belongings against fire and theft, your liability if someone is hurt in your home, and a hotel if the unit becomes unlivable. It does not cover flood damage, or a roommate who is not named on it. The landlord's insurance covers the building and nothing of yours.
Tip Pack one box for the first night with sheets, a towel, a phone charger, a change of clothes, medication and a roll of toilet paper, and carry it yourself.
