Graduating college is exciting, but moving into the real world comes with new challenges—especially when it comes to finding an apartment. Unlike student housing, where leases are short and options are plentiful, post-college apartment hunting requires more planning, budgeting, and research. But don’t stress—we’ve got you covered!
Here’s everything you actually need to know before signing your first lease as a graduate.
Know the Basics: Rental Terms You’ll Actually Use
Before you start scrolling through listings, understanding a few key rental terms will make the process way less confusing:
- Lease – A legal agreement between you and a landlord that outlines rent, rules, and the length of your stay (usually 12 months).
- Guarantor – Someone (usually a parent or guardian) who agrees to cover your rent if you can’t. This is common if you don’t have a strong rental history or a high income yet, however in the “real world” sometimes landlords do not allow for a Guarantor, and there are income requirements.
- Security Deposit – A one-time payment (typically one month’s rent) that covers any damage or unpaid rent. If you leave the place in good condition, you get it back!
- Credit Score – A number (300–850) that shows how responsible you are with money. The higher your score, the easier it is to rent an apartment or get better deals.
- Broker – A middleman who helps you find an apartment, usually earning a fee or commission for their services (some brokers are “no-fee” and the landlords pay for them). You are not required to use a broker, but it can make the apartment hunt much easier, particularly in larger cities.
What to Expect When Renting for the First Time
Rent is typically due on the first of every month and may sometimes include utilities like water, gas, and electricity. Before you sign a lease, here’s the usual process:
- Find an apartment that fits your needs and budget.
- Tour the space to make sure it meets your expectations.
- Fill out an application — there’s often a non-refundable fee for this step.
- If approved, sign the lease for a set term (generally 12 months).
Beyond rent, there are several other costs to keep in mind when renting an apartment:
- Application fee — typically paid when you submit your rental application.
- Security deposit — usually equal to one month’s rent and refundable if there’s no damage.
- Renter’s insurance — sometimes required before move-in.
- Utilities — like water, electricity, gas, internet, and trash (if not included in rent).
- Parking fees — if your community charges for reserved spaces or garages.
It’s important to have a clear conversation with your landlord to understand exactly what’s included in your rent and what additional expenses you’ll need to budget for. This way, there won’t be any surprises after you move in!
Start Looking Ahead of Time
In college, you could probably sign a lease and move in within a month. But in the real world, it’s best to start looking at least 6 months in advance. Especially in bigger cities, apartments fill up fast, so you’ll want to start browsing early.
Even so, don’t be stressed if you don’t find a place until closer to your move, a lot of spots can open up at the last minute as well. Most tenants only need to give a 30-day notice before moving out, so you’ll find that it can be a very quick process. We still recommend looking a few months prior to get a feel for what’s out there.
Here are some platforms where you can begin your search:
- Apartments.com – Great filters and virtual tours.
- Facebook Marketplace – Find local deals and sublets.
- PadMapper – Easy-to-use map for viewing the area.
- Realtor.com – Updated, reliable listings.
- StreetEasy – Best for New York City rentals.
- Trulia – Perfect for exploring neighborhoods.
- Zillow – Well-known platform for rentals and home buying.
Consider Roommates
Renting alone might sound tempting, but having roommates is a smart way to reduce costs and get access to better apartments or neighborhoods. Whether it’s with college friends or new acquaintances, roommates can make your rent more affordable and give you the chance to make new friends.
You can find roommate matches through:
- Group chats with your university’s alums who are moving to the same city
- RoomieMatch
- Roomster
- SpareRoom
Please proceed through this process with caution to be sure you know enough about someone before making a decision. Although living with new roommates can be difficult, setting boundaries from the get-go and having an early conversation about chores and responsibilities will make the transition much smoother.
Read our blog on Resolving Conflicts with Roommates for more tips on this!
How Much Should You Be Spending on Rent?
According to budgeting expert Elizabeth Warren, the 50/30/20 rule says you should spend no more than 50% of your monthly income on “needs” such as rent, utilities, car payments, and groceries. Your “wants” such as dining out, activities, hobbies, etc. should not exceed 30% of your monthly income. Then the last 20% should be used to pay off debts or put in your savings.
For example, if you make around $2,500 a month your rent, utilities, and groceries should not be more than $1,250, your lifestyle expenses (dining out, activities, hobbies, etc.) should not exceed $750, and you should put about $500 in your savings.
Many landlords also require that you earn 3 times the rent, which sounds more daunting than it is. Assuming you have a roommate and are looking for a two-bedroom apartment, if you’re looking at a $1,500/month apartment, you and your roommate should collectively make $4,500/month.
Landlords will likely also ask you for your credit score, but if you haven’t built one up yet, a legal guardian or parent can sometimes sign as a guarantor to secure your spot. You can improve your credit score by using a credit card and paying it back regularly. You can check your credit score for free on websites like Credit Karma.
Renter’s Insurance: What You Need to Know
In college, renter’s insurance may have been optional, but for most apartment communities, it’s a requirement before you can move in. This policy protects you and your belongings in case of theft, fire, or natural disasters—giving you peace of mind in your new home.
While your landlord’s insurance covers the building itself, it won’t cover your personal belongings or liability if someone gets injured in your apartment. That’s where renter’s insurance comes in. Most plans are affordable, often costing less than $20 per month, depending on coverage.
We recommend comparing different providers to find a plan that fits your needs and budget. Here are a few reputable providers to consider:
Before choosing a policy, check with your landlord to see if they have any specific coverage requirements. Taking this step now can save you from unexpected expenses later!
Furniture: It’s Time to Shop
Sorry to burst your bubble, but most apartments won’t come fully furnished. That means you’ll need to get your own furniture. Start small—get the essentials like a bed, table, and chairs—and add pieces over time as your budget allows.
Check out Facebook Marketplace or local thrift stores for affordable options! For some cool inspo, read our blog on Renter-Friendly Home Decor.
Things to Keep in Mind
The rental market can feel intimidating, but remember, you’re not alone—many others are going through the same thing. To make your search easier:
- Explore the neighborhood – Walk around both during the day and night to make sure you feel safe and comfortable.
- Take a friend or family member – It’s always good to have another perspective when touring an apartment.
- Thoroughly check the apartment – Look for mold, water damage, security features like locks or cameras, or any ongoing maintenance issues.
- Don’t rush – Landlords may pressure you to make a quick decision, but take your time. You don’t want to regret it later.
- Clarify what’s included – Ask about parking, utilities, internet, facilities, etc.
- Get everything in writing – Never hand over money without a formal agreement in place.
Welcome to Adulthood
If you’ve made it this far, congrats—you’re already one step ahead in the apartment-hunting process! While it might seem more complicated than college apartments, renting your first real-world apartment is a chance to take control of your space and live independently. Start your search early, make informed decisions, and enjoy the process. We wish you the best of luck as you take this exciting step into adult life!
Need moving tips? Check out our blog on 8 Tips for a Smooth Move-In.
Image from Giphy.com.
