7 Money-Saving Tips for NJ Real Estate Apartment Rentals

Ways to save during your NJ Real Estate apartment hunting

Moving can be a very costly process. By doing your homework and researching various areas with a little guidance and an open mind, you are sure to find exactly what you are looking for at the price you can afford. Below are seven tips that can assist you in making the most knowledgeable and economically resourceful decision when searching for a NJ Real Estate apartment:

1. Duration of the lease

Generally, most apartment complexes require a signed lease stating the amount of time in which you wish to reside. NJ Real Estate yearly lease contracts lock you into a particular time frame but are beneficial in the way that your landlord cannot increase your rental rate during the duration of the lease. In addition, long-term leases can offer discounts or special rates such as a free month’s rent or discounted rates upon signing. If you are uncertain of how long you want to live in a particular area, seeking apartments with month-to-month leases will be the best idea as you are not committed to pay for an extended period of time and can vacate at your discretion.

2. Inquire regarding utilities

Utilities can encompass a significant share of your monthly living expenses. Occasionally, bigger apartment complexes will include certain utilities in their monthly rental amount, therefore relieving you the stress of having to be personally responsible for the payment. Typical utilities that are frequently covered include electricity, water, garbage and sewer.

3. Deposit amount

As deposit amounts can range greatly, it is important to find out the amount required and whether it is refundable. Occasionally, landlords will want additional funds up front if your credit is less than ideal, so it is important to verify this information prior to signing a lease to not create an unaffordable situation for yourself. Also, if you have a pet, property owners might require an additional deposit to cover any damages that may occur from pet ownership during the term of the lease.

4. First and last month’s rent and application fees

Learn how much is required to move-in including first and last month’s fees as well as any application fees. Some NJ Real Estate landlords will ask for these and may be negotiable depending on your credit history and the area rental market.

5. Move-in specials

On occasion, larger apartment complexes will offer move-in specials of one month free or reduced rates on specific units. Inquire directly about these special discounts as they are not always advertised and are generally at the discretion of the NJ Real Estate property manager.

6. Association or parking fees

Apartment communities including amenities such as a swimming pool, fitness center or clubhouse for the use and enjoyment of residents will occasionally charge a monthly fee to tenants. Also, be aware of any parking fees and their amounts as this can significantly increase the monthly amount you are responsible for paying.

7. Value for the money

It is a good idea to be conscious of the rate per square foot that is being charged in your area for comparable units. This is a great way to find out how much your apartment is really worth and if you are being overcharged for your home.