Teen Vogue's Twentysomething Guide is your go-to resource for the more confusing parts of going out on your own.
Moving into your own place is exciting but rarely easy.
I’ve rented in New York, Chicago, Washington, DC, Texas, Utah, and a few other places. Along the way, I’ve learned a lot, like how important it is to check out your new neighborhood at different times of day. My first night drive to a new apartment in Texas was terrifying and I quickly realized the area was full of deer and so new that street lights hadn’t been added yet. I wish I'd known this before signing my lease.
If you’re looking to strike out on your own for the very first time, this guide is for you.
Price vs. perks
The first step to renting your first apartment is figuring out what you want, what you’re willing to give up, and how much you can spend.
You may want a one-bedroom with a washer and dryer, parking, and a pool that’s walking distance from your favorite restaurants and hangout spots, but your budget might require you to move farther out, choose an older unit and/or give up amenities like a pool.
In general, most landlords are looking for applicants to make three times the monthly rent, so you’ll need to earn at least $4,500 a month before taxes to qualify for a $1,500-a-month apartment. This can vary by location, though. In a hot market like New York City, for instance, you generally need to earn 40 times the monthly rent, which is $100,000 to rent a $2,500-a-month apartment. Many New York apartments also charge broker fees, adding several thousand dollars to move-in costs.
Chicago-based real estate agent and YouTuber Caira Button says just because you can spend a certain amount doesn’t mean you should. Not being able to go out to dinner because you spent all your money on rent gets old fast.“You’re going to want to be able to go and do things and live your life,” Button says. “It’s really important to remember your first apartment isn’t going to be your last apartment.”
Providing proof of income
As you’re budgeting, gather the documents you’ll need for your rental application. Most landlords are looking for tenants who have a steady income, pay their rent on time every month, and don’t cause property damage. Acceptable proof of funds can include bank statements, pay stubs, and tax returns. If you’re graduating and were just hired at your first job, you can use an offer letter to prove your future income. It varies based on location and landlord, but a good credit score, usually around 670 and above, is favorable, too. References from a previous landlord may also be required.
Once you’ve found a place you want to rent, you’ll need to provide a government-issued photo ID, like a driver’s license or passport, in addition to your proof of funds. You’ll also need your social security number so potential landlords can run credit and background checks.