Monday, October 31, 2011

Renting Your First Apartment

Renting your first apartment will be one of the most exciting and scary things you will do after moving to a new country. It is especially scary when you are a student. Here are some things to think about when taking this important step:

  • Location: Find the most convenient place to get you to the places where you spend the most time. If you are a student, find a place with an easy commute to school and work especially if you get home at night. It is important to consider safety and your mode of transportation. 
  • Price: It is important to consider how much you are willing to spend before going out to find an apartment. Be sure to stay within your price range especially once you start looking around and see different places that you may really like. 
  • Use the Internet: Once you have an idea of the price range and location, use the internet to look at various options. Use it to narrow down your choices. Websites such as www.apartments.com are a great resource. Once you have narrowed down to 3-5 choices, schedule an appointment to go and visit the apartments. 

Application process: Once you decide on an apartment, you will need the following to be approved.

  • Personal Information: Provide your personal information, residential and employment history on the application. You will need your state's driver's license and social security card in most cases. You may also need your green card or passport to show that you just relocated. Banking information to show you can support yourself may also be requested especially if you do not have a job. 
  • Application Fee: You will need to pay a fee to the landlord to process the application. Fees run anywhere between $25-$50 in the US. 
  • Credit Information: The landlord will run a credit and sometimes a criminal report. This can be a challenge for new immigrants who do not yet have an established credit history. be prepared to provide additional documentation if requested. 
  • Security deposit: If you do not have credit history, you may have to provide a higher security deposit or have a cosigner to get approved. A cosigner signs off as the person who bears financial responsibility in the event of a default of the rent. 
Once you have been approved for your first apartment, pay your rent on time to start building a solid rental history. 

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