Renting your first apartment is a big step. Striking out on your own can be exhilarating and daunting, but knowing if you’re ready can be made simpler.
If you have a consistent income that you manage well, you’re ready for independence and a change of lifestyle, and you know what your future goals are, then you’re likely ready to rent your first apartment.
Let’s take a closer look at each of those to help you decide if you’re ready for your first apartment.
You Have a Consistent Source of Income
One of the most significant steps towards independence and adulting is renting your first apartment. However, before you sign any leasing agreement, you need to evaluate your financial readiness.
Perhaps the most important sign from a practical standpoint is having a consistent source of income. This means having a steady cash flow that covers your monthly rent and other expenses like utilities, groceries, and transportation.
Without a consistent income (or enough money saved up to cover the entirety of your lease), you’re likely to struggle and may end up defaulting on your rent payments, leading to eviction. That would also have a terrible impact on your credit score (not good).
Besides, having a stable income proves to your landlord that you can afford the apartment, which increases your chances of being approved.
Therefore, having a consistent income is a crucial factor that determines your financial readiness to rent an apartment.
You Have Basic Money Management Skills
You may have money coming in, but that doesn’t necessarily mean you know what to do with it.
Another sign that you are ready to rent your first apartment is having basic money management skills. Being able to budget, pay bills on time, and save money are essential skills when living on your own.
A good idea is to make a list of your monthly expenses, income, and savings goals before you begin your apartment hunt. This will give you a clear idea of how much you can afford to pay for rent and other necessities. If you’re not sure how much you’ll need to budget for apartment expenses, here’s a breakdown.
When I got my first apartment, my income wasn’t very high, but I was able to find a place that fit within what I could afford to pay. That meant I could still spend money on things that made me happy instead of barely keeping up with living expenses.
Having basic money management skills takes discipline but is critical when making the decision to rent your first apartment.
You’re Ready to Live Independently
The next indicator that you are ready is if you are prepared to live independently.
This means that you should possess the necessary skills to manage life on your own, such as cooking, cleaning, and laundry.
Fortunately, these skills do not need to be fully formed. You’ll burn a few dishes while cooking and have some laundry mishaps, but that’s okay. Just make sure you are prepared enough to fill your knowledge gaps and be okay when mistakes happen.
For instance, I didn’t realize that some electric ovens vent the oven heat through a tube below one of the burners… until I melted a plastic lid. Those things happen, and you must be prepared to handle the emotions that come with them.
That means that not only do you need to have practical abilities, but also emotional and mental stability. Living in your own place means facing the challenges of life in a new, independent way.
Your normal support system will likely not be present, so being able to pick yourself back up when things get tough will be vital.
You’re Ready for a Different Lifestyle
Similar to living independently, another sign is that you’re ready to shake up your lifestyle.
Whether it’s moving to a different city or country, trying new hobbies, or simply making changes to your daily routine, the desire for something different is a clear indication that it’s time for a change.
Living in a new area can be exciting and provide new opportunities for growth and adventure while trying new hobbies can open your mind to new experiences and passions.
Simply making a change as big as moving, no matter how far away, changes the way you live. It gives you a restart button you can use to form habits that you’ve always wanted.
It takes courage to step out of your comfort zone and take a chance on something new, but the rewards can be immeasurable.
You Know Your Career Goals and Future Plans
One sign that you are ready to rent your first apartment is that you have a clear understanding of your future plans and career goals.
Knowing where you see yourself in the next few years can help you choose a location that’s convenient and suitable for your needs.
For example, if you plan to attend graduate school, you might want to look for an apartment near your campus, or if you’re entering the workforce, an apartment close to your job could be ideal. Understanding your long-term goals can also help you make realistic financial plans and budgets for the future.
On the flip side, maybe your future plans mean you should stay at home longer. If you want to buy a house in the next 5 years, you’ll be able to save much faster without that apartment payment.
Additionally, if you want to graduate with less school debt while pursuing a degree, staying at home is a great option. You’ll have different experiences depending on the route you choose, but if you keep your preferred future in mind, it can help you make the right choice.
With all of these signs in mind, take a minute to think through whether or not you are accomplishing all of these signs. If not, that’s totally okay. There are great things that come with moving out later.
But if you find you’re ready to move out, good luck. You got this! And check out this article if you’re ready to find an apartment but don’t know where to start.