Skip to main content

Mainstreet Credit Union, Lenexa, KS

  • Accounts & Services
    • Savings
    • Checking
    • Investments
    • Youth Accounts
    • ATM/Debit Card
    • Mobile & Online
    • Visa Gift & Reload Cards
    • Other Services
    • Rates
  • Loans
    • Vehicle Loans
    • Personal Loans
    • Student Loans
    • Credit Cards
    • Home Loans
    • Rates
  • Resource Center
    • My Mortgage
    • My MasterCard®
    • Reorder Checks
    • Advice
    • Auto Avenue
    • Financial Calculators
    • FAQs
    • Other Useful Links
  • Discover Mainstreet
    • About Us
    • Join Us
    • Careers
    • Community
    • The Credit Union Difference
    • Mainstreet Talk
    • Annual Report
    • Locations/ATMs & Hours
    • Contact Us









Routing Number: 301079183

Advice

  • Credit and Debt
    • Credit
    • Debt
  • Money Management
    • Banking
    • Budgeting
    • Saving
    • Spending
  • Family Finances
    • Life Events
    • Insurance
    • Identity Protection
    • Kids & Money
    • Financial Crisis
  • Workplace Finances
    • Employee Benefits
    • Paycheck Planning
    • Retirement Plans
  • Home Ownership
    • Buying a Home
    • Mortgage
    • Home Equity
    • Refinancing
  • Paying for College
    • Saving for College
    • Financing College
    • Repaying Student Loans
  • Retirement Planning
    • Saving for Retirement
    • Social Security
    • Living in Retirement

Qualifying for Your First Apartment

Qualifying for Your First Apartment

It can be very exhilarating when you are about to rent your first apartment. However, it can also be a little overwhelming since the process is unfamiliar. Before you start looking and applying for apartments, heed the following tips to make the process go a bit smoother. They can help you land the perfect place for your needs and wants.

Preparing Your Finances

Landlords can check your credit score, and most do. They can also deny you the rental if your credit is not particularly strong. However, you might be able to make the landlord a little more confident in renting to you by offering a second deposit or a couple of month's rent up front.

Regardless of whether you have good credit, no credit or poor credit, you are still going to need a good chunk of money up front before you can move in. Landlords typically ask for the first and last month's rent as well as a security deposit (usually equivalent to one month's rent).

If you are a good tenant, do not cause any damage to the apartment and do not break your lease, you usually get your security deposit back. However, in the beginning, before moving in expect to fork out some cash. If the apartment rents for $1,200 a month and the landlord wants first, last and a security deposit, plan on paying out $3,600 before you even step foot in the door. So, you will want to start saving money now.

Another thing to consider is renter's insurance. Some places require it. Even if they do not, it is not a bad idea to get coverage to protect your belongings in case of a break-in or damage to your things. It does not cost that much for renter’s insurance either (possibly around $10 to $20 a month).

When you take out a renter’s insurance policy, the insurance provider might ask you to provide proof of the belongings you are looking to cover. Receipts (if possible) and photos should be good enough. Art pieces and jewelry might require additional coverage. Place all documents in a fireproof safe in your apartment or a safe deposit box at your bank.

Setting a Budget

Experts suggest that you do not spend more than 30 percent of your gross income on rent. If you cannot afford a place, then do not sign a lease, even if they are having a promotion.

To set up a realistic budget to live in an apartment, subtract all reoccurring and major expenses from your after-tax income. What is left is what you have to pay for rent. Remember, this total should include not only your monthly rent but also utilities if the lease does not include them.

Signing the Lease

It is crucial that you know what your responsibilities are as a tenant, so you should carefully and thoroughly read your lease agreement. Each state may have different laws, but some clauses could be illegal which would invalidate the whole lease. You should know what these are in case you end up having issues with your landlord.

There could also be other legal clauses, that are easy to violate, like a no-smoking clause. You would not want to get evicted or fined because you had a guest who lit a cigarette on the front porch. So, be super careful to know the ground rules so that you can stay in the apartment.

There is one simple rule when it comes to an apartment rental: The first applicant who typically qualifies for the apartment usually gets it. So, in a tight housing market, you will want to have your application information with you so you can complete the application and hand it in right there on the spot.

For the first-time renter, this means you should have your necessary information with you and any written references you can provide to the landlord. Pay stubs and bank statements are also good to have to prove you can afford to pay the rent each month. Having a savings account with enough money saved to pay rent for an emergency like losing your job will help too.

Takeaway

Your first apartment is a big deal, and while it is exciting to be moving into a place of your own for the first time, this is the time when you will need to start acting like a grown up. You will have many responsibilities now, but fortunately, it's easier than you may think.

Copyright

Related Content

Article

Helping Your Parents with their Finances
Buying vs Renting a Home
Closing on a Home
Renting Your First Apartment
Taking Care of Elderly Parents
Getting Your Home Ready to Sell
Qualifying for a Mortgage
Choosing Between College and Retirement Savings
Finding a Real Estate Agent
Making an Offer on a Home
Making Your Home a Vacation Rental
Relocation Assistance
Preparing Financially for a Special Needs Child
Building a Cash Wedding Registry
Saving Money When You Join a Gym
Buying an Engagement Ring
Finding the Right Home
How Much Should You Spend on Rent?
Making Financial Preparations for Maternity Leave
Living with High Student Loan Obligations
If Your Spouse-to-be Has Serious Debt Problems
Creating a Power of Attorney
Understanding Mortgages
Cosigning a Loan
Qualifying for Your First Apartment
Is Your Significant Other a Tightwad?
Becoming a Parent
Saving Money by Moving Back Home
Lending Money to Family or Friends
Renter Mistakes to Avoid
Searching for Unclaimed Money
Saving for a Down Payment on a Home
Managing Moving Expenses
Taking Your Retirement Plan with You
Managing Your Child Care Expenses
College Savings Plan Options
A Financial "To-Do List" When You Move
Important Retirement Savings Milestones
The Financial Side of Dating
How Much Do You Need to Retire?
Employed Again? Do These Things First
Getting Your Child's Finances 'Move-Out' Ready
Becoming Financially Independent
Getting Married
Will Your Choice of a College Major Payoff Financially?
Liquidating a Loved One's Estate

Financial Tool

Should You Work Outside of the Home?

Poll

Are you financially prepared to become a parent?
If you're not married, do you live with a roommate?
If you've graduated from school, do you still live with your parents?
Do your parents depend on you for a portion of their care?
After the birth of your child, will you work outside of the home?
Who paid for your wedding?

Mainstreet Credit Union, Lenexa, KS


  • Careers
  • Security
  • Privacy & Disclosures
  • NMLS Lender ID#: 465931




©

Mainstreet Credit Union.

Equal Housing Lender


You will be linking to another website not owned or operated by Mainstreet CU. Mainstreet CU is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Mainstreet CU.