3 Mistakes to Avoid When Renting an Apartment

Renters insurance is a vitally important form of insurance for anyone who leases an apartment, and yet it's a widely underutilized protection. Only 37 percent of renters purchase renters insurance — which means the majority of people who lease an apartment don't have the protection. 

First, a renters policy will protect your personal belongings from covered perils such as fire, theft, and vandalism as well as from other risks noted on your policy. The belongings that you're able to insure run the gamut from socks and T-shirts to high-end furniture and electronics.

Second, a renters policy also provides you with personal liability coverage. Should someone sue you in a covered suit, personal liability coverage will help pay any legal fees or settlements that are associated with the lawsuit.

Moreover, these protections come at a highly affordable price. Nationwide, the average cost of a renters policy works out to around $187 annually, which is only around $16 per month. In Illinois, policies tend to be even a little cheaper. The average cost for renters insurance in the state is $171 annually, or $14.25 each month.

Most people who rent a new apartment know they should research how long their commute to work or school will be from the new residence. Many people incorrectly check this, though, because they don't look up the commute at the right time of day or on the right day of the week.

A lot of people will check their commute whenever they have a free moment to — which usually isn't at the time of day that they will actually go to or come home from work. For example, someone who works an office job with normal business hours might look up their commute during the evening or on the weekend, which isn't when they go to work.

While platforms that provide traffic and public transit information let users set the specific day and time that they want directions and travel time for, people frequently forget to set these details. If the details aren't set, platforms will provide information based on the present day and time.

For accurate information, don't forget to adjust the day and time when you look up a commute online. The adjustment is easy to make, but it's one that could prove costly if you forget to put in the right settings. In some areas, commute times increase drastically on weekdays and during peak rush hour.

Everyone's personal budget must be adjusted for their specific circumstances, but general guidelines are nonetheless useful when setting a budget. With regard to housing, LendKey recommends to budget about 30 percent of your income for housing-related costs. For someone who earns $5,000 a month, this would allow for $1,500 per month to pay rent with.

This isn't a hard-and-fast rule, but it's helpful to keep in mind as you budget. You may be able to afford a rent that's slightly higher than 30 percent of your income, but you won't have as much to spend in other categories. Conversely, you'll be able to save more if your rent is less than 30 percent. 

Just don't ignore the guideline outright and fail to consider rent as a percentage of income. Many people have found it helpful.

If you need a new apartment, contact Meadowdale Apartments.