Not All Property Management Companies Have the Same Requirements

Most property management companies conduct a credit, income and background check on you before agreeing to rent you an apartment. These checks not only help the property manager and owner assess levels of risk, but they may also help determine if your monthly income is sufficient to comfortably afford the apartment. Keep in mind that you may need to save up to help cover initial move-in expenses which may include:

• Moving costs
• New furniture
• Move-in, pet and utility deposits
• Necessities for your new apartment
• First month’s rent
• New cleaning supplies

Use caution, though, when you receive the property management company’s decision as not all use the same criteria to determine your qualifications. When in doubt about your ability to afford the rent and other associated costs of your apartment, use the income guidelines explained below.

General Rule of Thumb to Determine If You Can Afford the Apartment 

To help determine if your income is sufficient to cover your rent and other bills each month, use the general rule of thumb where you multiply your monthly rent by three. For example, if your rent is $1,000 per month, you would need to earn approximately $3,000 a month to afford the apartment. Keep in mind, though, that this calculation is a general guideline. Your financial situation may vary considerably. However, as a general rule, by multiplying by three times your rent costs, you leave room to cover other bills including, but not limited to:

• Car payments
• Car insurance costs
• Utilities (water, sewer, electricity, gas and cable)
• Cellphone bills
• School loans
• Credit card payments and more

Make a Budget in Advance to Determine How Much You Can Spend on Rent and Utilities

Although multiplying your rent costs by three provides a rough estimate of your ability to cover all monthly expenses, including rent and utilities, it is often more helpful to use a budget. A budget helps you refine your numbers, determine actual living expenses and should take into account every cost you incur each month. When used correctly, your budget will incorporate the bills listed above as well as your estimated expenses for items such as:

• Groceries
• Gas
• Entertainment
• Dining out
• Savings and emergency funds
• Clothing and more

Before starting the apartment hunting process, sit down and map out your monthly budget to determine what you can afford. With a little pre-planning and foresight, you can help avoid the fear of coming up short on the monthly rent and, instead, focus your attention on enjoying your new apartment.

The post How Much Can You Realistically Afford to Pay Each Month in Rent? appeared first on Newport Apartments Blog.

Don’t Delay — Start Today!

There will always be a reason to put off your need to tidy up your apartment. However, if you continue to delay, the job will never get done. Pull out your calendar and find a day in the coming two weeks on which you have no obligations. Circle it and devote the entire day to improving your apartment’s living space through decluttering and organizing.

Imagine Your Ideal Living Space

Cluttered living areas not only tend to stress us out, but they also reduce the amount of usable space in our apartments. How would your apartment look if it was thoroughly tidied up and decluttered? How much more living space could you unlock?

Take a Step-by-Step Approach

If the tidying process seems overwhelming, don’t fret. The steps below, based on teachings from the tidying expert and award-winning author, Marie Kondo, will help keep you on track to creating the living space you’ve always wanted:

1. Focus on categories of things, instead of tidying up one room at a time. You likely have clothes, books and other items accumulating across multiple areas of your apartment. Instead of decluttering and tidying up room-by-room, tackle one category of things at a time. In clothing, for example, you can even focus on one subcategory, such as hats or shoes, to make the process even easier. It may also help to make a list of the categories and subcategories of stuff cluttering up your home and then check them off one-by-one as you tidy them.

2. Examine each item to determine what value it brings to your life. As you dig through mountains of shoes, old paperwork, magazines and more, you’ll face some hard choices. At this step, you’ll need to be honest with yourself about the value, if any, each item brings into your life. If an object has outlived its purpose or no longer brings you any joy, as Marie Kondo says, it needs to go.

3. Commit to getting rid of the stuff cluttering up your apartment. What do you do with all the stuff you decided to remove from your life? Resist the urge to tuck it all in a closet or rent a storage unit to house the items you committed to releasing. Instead, separate them into categories including:

• Trash
• Recycling for paper and packaging materials
• Donation items including clothing, shoes, books and more
• Items to sell at second-hand stores such as jewelry, electronics or collectibles

How to Store Your Belongings to Give Your Apartment a Tidy New Look

The stuff which was cluttering your apartment’s living space is gone. What do you do with the belongings which are left behind? Consider some of the best practices below to keep your apartment neat, tidy and clutter-free for years to come.

• Neatly fold clothing and place it into drawers upright instead of flat to save room
• Use stackable, square store containers to give a tidy appearance
• Create a home for every one of your belongings and return it after each use
• Leave breathing space between your items to avoid a cluttered look
• Keep surfaces clean and clear of accumulating items

The post How to Quickly Declutter and Organize Your Apartment Like a Pro appeared first on Newport Apartments Blog.

Location, Location, Location

Most apartment hunters, rightfully, place a high value on location. When weighing your location options, think about:

• Distance from your work: How long will it take you to commute from your apartment to work? Are there mass transit options nearby?

• Easy access to grocery stores and other shopping: Avoid traveling long distances for shopping needs when you find an apartment close to a grocery store or mall.

• Schools: For those with children, consider school options, ratings and bus stop locations. 

• Proximity to urgent care or hospitals: In the event of an emergency, you will want to be close to a hospital or other urgent care facility.

• Distance to major highways: Are you close enough to a major highway to conveniently access it yet far enough away to avoid the noise?

Does the Size and Layout of the Apartment Meet Your Needs?

Another important consideration is the size and layout of the apartments on your list. Be sure to measure the dimensions of your furniture ahead of time to ensure that it will all fit in the new apartment. Also, when thinking about size, it helps to weigh federal guidelines which limit occupancy to two heads per bedroom. 

In addition to the apartment’s size, you should weigh a wide range of layout options. For example, in a two-bedroom apartment, you may want both bedrooms accessible directly from the living room to avoid having a guest walk through one bedroom to reach another. Additionally, for one-bedroom apartments, you may want to consider layouts which offer bathroom access for guests which does not require them to walk through the bedroom to reach it.

Be Sure to Ask About the Cost of Fees, Deposits and Rent Requirements

When meeting with a property manager, ask for specific information concerning fees, deposits and rent requirements:

• Application and administration fees: Does the property manager charge an application fee or an administrative fee to assess your credit to see if you qualify to rent the apartment? 

• Security and pet deposits: Prepare to pay a security deposit equal to one to two months’ of the cost of your rent. If you plan to bring pets into the apartment, you will likely need to pay an additional pet deposit, and maybe even higher monthly rent, to help cover the costs of wear and tear, and damages.

• Rent requirements: What day of the month is the rent due? What are the late fees? Will the property manager accept an automatic account transfer for the funds or do you need to pay via check?

How Attentive Is the Property Manager? 

It is also helpful to gauge the level of service the property management staff offers. What happens if your heating goes out or your toilets clog in the middle of the night? How soon will your property management team respond? Be sure to do your homework by asking other tenants in the area or by searching online for reviews about the property management company.

Determine Which Features Are Most Important to You — Make a Wish List

With so many factors to consider, it helps to start by making a list of which features are the most important to you. Then prioritize them to help acknowledge the fact that it may be impossible to locate the perfect apartment that has everything you want. Which factors are must-haves and which are nice-to-haves? This list may help you narrow your search and aid in making your final decision. Happy hunting!

The post Essential Factors to Consider When Renting an Apartment appeared first on Newport Apartments Blog.

Factor the Cost of Fees, Deposits and Rent Into Your Planning  

When searching for an apartment, many first-time renters do not consider the following fees, deposits and rent costs:

• Administrative and application fees: Although amounts vary widely, most landlords charge a fee to submit a rental application. Some may also charge an administrative fee to cover the costs of conducting a background check and preparing lease documents. 

• Security and pet deposits: The amounts and type of deposits you’ll pay before moving into an apartment also vary widely. However, plan to pay a security deposit equal to one to two months’ rent. This deposit helps cover damages to the apartment upon move out. Pet owners should also pay attention to the cost of additional required deposits to cover wear and tear or damages on the apartment caused by pets. Additionally, some apartment communities may even opt to charge higher rent each month for guests with pets.

• How much rent can you afford? How do you determine how much rent you can realistically afford to pay each month and still cover your remaining bills? A good rule of thumb is to multiply your monthly rent by three. This number will give you an idea of the monthly income you would need to cover rent, car payments, car insurance, utility costs, school loans, credit cards and more.

Renter’s Insurance

Renter’s insurance is an affordable tool that you should seriously consider as a first-time apartment renter. In simple terms, a renter’s insurance policy helps cover the replacement cost for belongings which are damaged or lost due to theft, fire or vandalism. Many renter’s insurance policies also help cover your liability if a visitor sustains an injury in your apartment. In fact, many apartment communities now require renters to carry this type of insurance.

Utility Costs and Timelines

Another commonly overlooked expense is the cost of utilities. Some apartments may cover water and sewer charges, but most require you to pay cable, gas and electricity costs. In addition to utility costs, you need to factor in:

• Utility deposits: Most utility companies base deposit requirements on your credit score. If you have bad or no credit, expect to pay initial deposit costs for water, electricity and cable to establish accounts. Often though, even renters with good credit may be required to pay a deposit if establishing a utility account for the first time.

• Set up accounts before your move: Be sure to set up your electricity, water and cable prior to moving into your apartment. Many utility companies require one to two weeks’ advance notice before setting up your account. Additionally, many communities require that you provide them with these account numbers before moving into your apartment. 

Plan Your Move 

Don’t wait until the day before the move to craft a plan to move your belongings. For smaller moves, consider enlisting the help of family and friends. If you cannot locate assistance, hiring a moving company is another option. Most provide a free initial estimate either over the phone or through a quick in-person assessment.

What Features Do You Want in Your First Apartment?

Now that you have a general idea of the costs associated with moving into your first apartment, and what you can afford, it is time to start the hunt. Read more about the key factors to consider for your first apartment. At a minimum, you should think about items including: 

• Amenities like an on-site gym, pool or laundry facilities
• Layout preferences like an open floor plan
• Size and number of bedrooms/bathrooms
• Special features such as handicapped-accessibility, walk-in closets and more

The post Key Considerations When Planning to Rent Your First Apartment appeared first on Newport Apartments Blog.

1. Prepare Your To-Do and Grocery Lists in Advance

Hosting a significant event like Thanksgiving in your apartment requires some pre-planning and coordination. One of the best ways to accomplish this is by organizing your step-by-step to do list and grocery lists on paper or in a list app on your mobile device. From tracking RSVPs to planning your menu and decorating, a list is a valuable tool to have on your side.

2. Clean Out the Fridge to Make Way for Leftovers and Drinks

Preparing to host Thanksgiving in your apartment also presents the ideal opportunity to clear out some aging food items from your fridge and make room for delicious leftovers. This process also helps make space to cool drinks for your guests. If you can’t clear enough room to hold all of the leftovers, kindly ask each of your guests to make a to-go plate before leaving for the evening.

3. Rearrange Furniture to Accommodate Guests

Now it is time to start thinking about seating your guests. Take a quick inventory of the furniture in your apartment and look for opportunities to maximize space by:

• Lining your wall with chairs (including fold-out chairs)

• Pushing the sofa and loveseat together

• Temporarily relocating unneeded furniture items to your bedroom

Speaking of accommodating guests, keep in mind your maximum seating when creating your invite list. If your

apartment can realistically only accommodate 8-12 people comfortably, cut your guest list off at that point. It is better to have a small, intimate Thanksgiving for your guests than to have standing room only.

4. Supply the Main Dish and Dessert

The turkey is one dish that must be cooked correctly to ensure a successful celebration. Be sure to purchase your turkey several days in advance to make sure it has sufficient time to thaw in the refrigerator before the big day. Keep in mind that cooking times will vary based on the weight of the bird.

If the pressure of preparing the perfect turkey has you anxious, consider ordering a smoked turkey in advance. Smoked turkeys are not only delicious but provide a nice change of pace from the traditional oven-roasted option. Another way to reduce your stress level on the big day is to prepare your desserts ahead of time.

5. Cook Dishes in Advance

Try to plan a few dishes for your menu which you can cook in advance of the big day. This strategy helps save time which you can devote to enjoying this wonderful occasion in your apartment with family and friends.

6. Ask Guests to Bring a Dish Which Does Not Require the Oven

Another strategy to help host a great Thanksgiving in your apartment is to request that guests bring dishes which are microwave safe and do not require access to your oven.

Instead, allow them to warm up dishes in your microwave if needed.

7. Decorate Your Walls, Not Your Counter and Table Spaces

Hosting a successful Thanksgiving in your apartment means you will need full access to your precious counter and table space. Resist the temptation to decorate these areas and, instead, opt to place all Thanksgiving-themed decorations on your wall.

Brought to you by CLEAR Property Management

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