Renting 101: How-To Guide for a First Time Renter
You need a place of your own here in Minot, but don't know where to start?
Don't worry, we are here to make getting your own place simple. Find ALL the info about being a first time renter below in easy to understand terms:)
Ok, so you’re a young adult who is ready to move out on your own. But wait, you’ve never done this before ( or only once or twice), and you don’t have established credit
( credit= credit cards, any record you have of borrowing or lending) and you want to get into your own apartment. It’s not a tough process, but you do need to have a little bit of money saved up for some upfront fees ( deposit, utility fees, and application fee ).
But WHAT do you do? Check out below and we’ll explain it to you.
Don’t stress about it, we were all starting out at one point and IPM, Minot Rentals can help you out even with no/little credit history.
Go to our website >>> mintorentals.com and check out our available properties. See what you like and what would be a good price point. Or, shoot us a message with your specifications ( Budget, size, pets etc..) and we will send you some options. No scanning and searching apartments for you! Or, if you have already found an apartment/home you are interested in, just skip to number 3!
Come on into the office, get a key and go check it out! We want to make sure you love your apartment before signing the documents.
Fill out an application. You can do this online or in person. There is a $25 non refundable application fee (everywhere you go is going to charge a fee for this, we know it’s a bummer) But, this allows us to run a background check, and make sure everything is good to go. Have a roommate in mind? No problem, just come on into our office together and you will both fill out applications, ( yep, $25 each, sorry about that)
We’ll let you know in a few days if you were accepted. And then we’ll call you in to sign all the documents.
Sign Some Paperwork. If you’ve never signed a lease before, you’ll have to sign a bunch of paperwork and put your deposit down. How much is the deposit? Usually a deposit ( for almost ALL leases everywhere) is 1 month’s rent. So, if your apartment is $400/month, your deposit will be $400. We know that’s a lot, but this shows us that you can save and be responsible with money and have a steady job with income to make the monthly payments. However, as long as you keep the place orderly and don’t crash holes in the walls or have unauthorized pets, you will get all of that back when you move out! So it’s not a complete loss.
Get the keys to your new place and move in on the date agreed. ( Don’t forget to check about setting up utilities like gas, electric and water. Some apartments may come with it, but others you will have to call those companies and make sure they are connected to your address so you can start getting service- Oh and there are fees for those too, but once you set it up it’s easy)
Love your new home and pay rent monthly. We will send you an email at the start of your rental agreement and you’ll be able to set up auto drafts or online payments. We still accept checks too if you want to bring it by our office monthly too. Rent is due on the first of every month.
**Remember: Your first apartment/early credit history will shape your rental/credit prospects for the rest of your life. If you trash a place, or don’t pay, it will affect your ability to get car loans, credit cards and housing rentals for the rest of your life. Don’t underestimate the value of establishing credit early in your life. This is your chance to do it and set yourself up for success!
Frequently asked questions:
What is something that would cause me to be denied the application? This question does not have a straightforward answer. There are a number of things that could cause you to be denied such as lack of proof of income, certain criminal records or bad credit report ( see, we told ya it would affect everything).
How long are leases? Here at Minot Rentals IPM, we set either 6 month or 12 month leases.
What happens if I want to stay after my lease is up? Here, after your lease ends, you will automatically be set up on a month-to- month basis. This means you will go ahead and still pay monthly for as long as you want to stay in that place. When you are ready to move out, just give us a call at least 30 days prior to your move out day. We must have a 30 day notice on any properties, and we’ll get you set up for moving out.
What about a co-signer, will I need that? We may require a co-signer if you’ve never established any credit or have a lower credit score. It’s up to the discretion of the property manager. A co-signer is a person who signs with you and agrees to pay and cover for you in the event that you don’t pay. A co-signer is usually a parent or trusted adult with good credit.
What happens if I can’t make my rent payment every month? Here at IPM, we understand that sometimes times are tough. We charge a $25 fee per month when you pay late. This is extremely low and if you shop around, you will see the utmost property managers charge MUCH more, so if you're worried about making payments every month, stay with us, we got your back. However, if you don’t pay in at all and don’t come talk to us... , you stand the chance of getting evicted ( Kicked out) which leaves a really bad mark on your credit that will follow you EVERYWHERE! So if you are worried about not making rent, come talk to us about it and we’ll see what the best options are for you and your situation.