What you need to know about renting

April 15, 2020

Finding a place to call home can be overwhelming. But arming yourself with some basic know-how can make it the process so much easier.

 

Renting can give you the key to your dream home, but navigating the rental process isn't always as simple as it seems. Discover a few essential things to know when renting and set yourself up for success in your new home.

 

Renter's guide

Want to start the search process on a positive note and avoid feeling overwhelmed every step of the way? Familiarize yourself with a few basic things to know before renting:

  1. Make a budget: Before you start searching, do the math and know how much rent you can afford to pay each month. 
  2. Know your needs: Whether you need to live in a certain school district or you won't be happy without easy access to shopping and entertainment, decide what your new home must have. 
  3. Prepare your paperwork: Renting a home requires much more than signing a lease. Be prepared to show bank statements, pay stubs, and even personal references to prospective landlords.

 

Questions to ask when renting property

Before you let yourself fall in love with that adorable apartment, duplex, or single-family home, gather all the information you need to make an informed decision about renting. Ask these important questions before signing on the dotted line:

  • What's the total rental cost? In addition to paying your monthly rent, you may be responsible for covering utilities or amenity fees.
  • Do I owe any deposits? From security deposits to pet fees, many rental communities require tenants to pay up before moving in.
  • How long is the lease? Whether you plan to stay for six months, a year, or longer, make sure the lease agreement aligns with your plans.

 

What to know when renting an apartment

Browse any guide to renting an apartment, and you'll quickly learn what to avoid when searching for a new home. First, find out how and when you must pay rent. Setting up automatic bill pay can make life much easier and can prevent a forgotten or late payment. Next, confirm whether the lease cost automatically increases and by how much so you can plan. Finally, make sure you know how much notice you must give before moving out to avoid fees or an automatic lease renewal.

 

What to know when renting a house

As any home renter's guide will tell you, houses come with a completely different set of concerns from apartments. Before you rent a house, find out if it's part of a homeowner's association (HOA) and whether those rules impact how you maintain the home or the yard. Next, find out what type of maintenance you'll have to do for the home and what the landlord will cover. Finally, confirm whether you need renter's insurance and how much coverage to get.

Whether you're renting a home for the first time or you're making your first big move in years, you'll want to take the time to prepare yourself for each step of the rental process. Keep these renting tips handy and know what to look for when renting as you get ready to move into your ideal home.

 

If you’re ready to sign that lease and need to start planning your budget for day-to-day expenses, here are some tips to get you on the right track.

Related content

LGBTQ+ financial planning tips

Should I itemize my taxes?

Your 5-step guide to financial planning

Certificates of deposit: How they work to grow your money

Allowance basics for parents and kids

What’s your financial IQ? Game-night edition

Loud budgeting explained: Amplify your money talk

How to set financial goals you will keep

Get back on track with your New Year’s financial resolutions

Checking and savings smarts: Make your accounts work harder for you

5 reasons why couples may have separate bank accounts

Dear Money Mentor: How do I pick a savings or checking account?

Common unexpected expenses and three ways to pay for them

It's possible: 7 tips for breaking the spending cycle

Myths vs. facts about savings account interest rates

Live your money values in 2024

How to request a credit limit increase

How to plan and save for adoption and in vitro fertility treatment costs

Multiple accounts can make it easier to follow a monthly budget

Is it time to get a shared bank account with your partner?

Don’t underestimate the importance of balancing your checking account

How I saved $10,000 in just one year

How to save more money in 2024

How new parents can prepare for the costs of a new child

How to Adult: 5 ways to track your spending

Which is better: Combining bank accounts before marriage — or after?

5 tips for parents opening a bank account for kids

6 questions students should ask about checking accounts

Steer clear of overdrafts to your checking account

30-day adulting challenge: Financial wellness tasks to complete in a month

A who’s who at your local bank

Managing your finances in the military

5 ways to maximize your garage sale profits 

7 steps to prepare for the high cost of child care

Pet ownership costs: planning for the unexpected

Does your side business need a separate bank account?

How I did it: Transitioned from the military to a private sector career

How to Adult: 7 tax terms and concepts you should know

Webinar: Uncover the cost: Starting a family

What you need to know as the executor of an estate

When your spouse has passed away: A three-month financial checklist

What documents do you need after a loved one dies?

How does money influence your planning?

College budgeting: When to save and splurge

Four ways to make a strong resume for your first real job

Helping Gen Z build financial confidence

Short- and Long-Term Financial Goals for Every Life Stage

How your taxes can change after a major life event

What to do with your tax refund or bonus

Financial goals for 2024 a 12-month planning guide

How to save for a dream vacation

Tips for talking about money when friends earn more

Building confidence in your finances and career

Pros and cons of a personal line credit

3 tips for saving money when moving to a new home

What is a Certificate of Deposit? And what to know before opening an account

What does FDIC mean?  

Is raising backyard chickens a good idea financially?

3 financial tools to help automate your finances

3 ways to keep costs down at the grocery store (and make meal planning fun)

5 tips for creating (and sticking to) a holiday budget

Make holiday gift giving easier in a digital world

Financial checklist: Preparing for military deployment

How to financially prepare for a military PCS

Planning self-care moments that matter (and how to finance them)

5 things to consider when deciding to take an unplanned trip

Stay committed to your goals by creating positive habits

Growing your savings by going on a ‘money hunt’

Working with an accountability partner can help you reach your goals

The banking app you need as a new parent

Why a mobile banking app is a ‘must have’ for your next vacation

How to decide when to shop local and when to shop online

Your guide to starting a job: Resources to help along the way

5 myths about emergency funds

Does your savings plan match your lifestyle?

Mobile banking tips for smarter and safer online banking

Uncover the cost: Wedding

Uncover the cost: International trip

Are savings bonds still a thing?

Tips to overcome three common savings hurdles

Adulting 101: How to make a budget plan

How having savings gives you peace of mind

Personal loans first-timer's guide: 7 questions to ask

3 awkward situations Zelle can help avoid

Mindset Matters: How to practice mindful spending

How and when to ask for a raise

How can I help my student manage money?

How to manage money in the military: A veteran weighs in

Things to know about the Servicemembers Civil Relief Act

You can take these 18 budgeting tips straight to the bank

3 tips for saving money easily

Save time and money with automatic bill pay

How to best handle unexpected expenses

Stay on budget — and on the go — with a mobile banking app

Do you and your fiancé have compatible financial goals?

U.S. Bank asks: Transitioning out of college life? What’s next?

U.S. Bank asks: Do you know your finances?

U.S. Bank asks: Do you know what an overdraft is?

Personal finance for teens can empower your child

How to save for a wedding

Here’s how to create a budget for yourself

9 simple ways to save

How compound interest works

Dear Money Mentor: How do I set and track financial goals?

Lost job finance tips: What to do when you lose your job

Money Moments: 3 smart financial strategies when caring for aging parents

Tips to raise financially healthy kids at every age

Money management guide to financial independence

First-timer’s guide to savings account alternatives

Money Moments: 8 dos and don’ts for saving money in your 30s

7 financial questions to consider when changing jobs

5 tips to use your credit card wisely and steer clear of debt

Travel for less: Smart (not cheap) ways to spend less on your next trip

Money Moments: 3 tips for planning an extended leave of absence

Overdrafts happen: Steps to get you back on track

What’s in your emergency fund?

P2P payments make it easier to split the tab

Essential financial resources and protections for military families

What you need to know about renting

Real world advice: How parents are teaching their kids about money

How to stop living paycheck to paycheck post-pay increase

Practical money tips we've learned from our dads

6 ways to spring clean your finances and save money year-round

How to cut mindless spending: real tips from real people

Understanding guardianship and power of attorney in banking

How to increase your savings

Bank from home with these digital features

What financial advice would you give your younger self?

Military finance: How to create a family budget after military service

Managing money as a military spouse during deployment

Discovering your money personality can help you save

Tips on how couples can learn to agree about money

How to sell and buy a home at the same time

Overcoming high interest rates: Getting your homeownership goals back on track

First-time homebuyer’s guide to getting a mortgage

What applying for store credit card on impulse could mean

How I decided that buying an RV was worth it for me

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.