Whether you’re undergoing a significant life change like a new job, marriage, or child or need more space, renting may be your best option. Before you sign a lease, there are several things to consider. These include what’s included in rent, security deposits, and other terms of the contract.

Location

Unless you have the money saved to buy a house, you may be renting an apartment. In New York City, 67% of the population lives in apartments. For those trying to cut costs, Albany is a great place to live because of its reputation for having a low cost of living.

Compared to other major Northeastern cities, Albany has significantly lower housing prices.  Before signing a lease, visiting the apartments for rent in Albany in person is a good idea. It will allow you to see if it lives up to the advertisement. It will also let you check for signs of water damage, mold, or vermin.

Amenities

The amenities offered by an apartment for rent should be more than just bells and whistles. They should provide actual value to residents and make sense for the apartment owner. These can include in-unit amenities, outdoor space, pet-friendly features, and technology.

In-unit amenities, such as stainless steel appliances and granite countertops, add convenience and comfort to a resident’s life. They can also include extras like a washer and dryer or garage parking. Outdoor spaces are another vital amenity for many renters. These include community gardens, grilling stations, walking paths, and a rooftop terrace.

Some apartment communities also offer services that benefit their residents, such as a business center or complimentary coffee bar. These are often included in the monthly rent and can help residents feel productive and connected to their community.

Security

Apartments for rent provide many benefits, including financial flexibility, a sense of community, and liberation from home improvements, lawn care, and maintenance. In addition, living in an urban location means shorter commute times and more leisure time. Many landlords require a large security deposit and a strong credit history to qualify for an apartment.

These security measures ensure that tenants are not going to damage the property. They also act as a deterrent to criminal activity and help the building maintain its reputation. A good apartment should have a locked door and a peephole that allows you to see people who come knocking before opening the door. You can also add additional security features, such as alarms and chains. Make sure to get your landlord’s permission before making these changes.

Rent

Purchasing your first apartment may be an exciting milestone and a big financial commitment. Before you start shopping, running the numbers and preparing your paperwork is essential. Most apartments for rent will require a security deposit, typically equal to one month’s rent. You’ll also likely need to submit proof of income and pass a credit check.

If you’re worried about your credit score or income, consider asking a friend or family member to co-sign your lease as a guarantor. Most landlords include water, heat, and garbage removal in the rent. However, you must pay separately for internet and cable TV services. Some landlords may even have electricity in the rent, while others will require a separate payment. Check the lease for details.

Lease terms

Most landlords or management companies require an application that includes pay stubs, income verifications, tax records, and letters of recommendation. It is a crazy amount of personal information to give to a stranger, but this is how things are done in the rental market.

Most money experts recommend that rent is at most 25 percent of your monthly income. It means you should find an apartment for rent that fits your budget. Some apartments have early termination clauses, allowing you to break your lease without penalty under certain conditions.

You may need to provide written notice to the landlord, however. If you do not meet the requirements, the landlord may refuse to let you move out. It’s essential to carefully read the apartment for rent’s terms of service before moving in.