5 Things to Consider When Picking Your First Rental Location

rental sign

Looking for a rental property can be a great way to start or plan your future. However, knowing what you’re looking for when you’re still starting can be daunting and intimidating at the same time. You might have a lot of questions about how or where to start, especially for beginners or if you’re in a new location. So, if you’re still looking for your first ever rental property, below are five things you must consider:

1. Cost

The first thing you need to consider when choosing your first rental location is the price. If you have a limited budget, then this will be especially important. Rental rates will vary, depending on the area you’re planning to settle in. Some cities, like New York, are known for their high cost of living. In these areas, you can expect rental rates are going to be higher compared to other locations. 

If you’re on a tight budget, you must thoroughly weigh HCOL vs LCOL places, or areas with a high cost of living (HCOL) compared to a low cost of living (LCOL). If your job requires you to be in an HCOL city, you might want to explore rental properties on the outskirts of that city. 

You might even find real properties you’d like to invest in such areas. But be sure to know the basic concepts of real estate investing first.

2. Neighborhood

When looking for your first rental location, it’s essential to consider the neighborhood. A good community can make a difference in how you feel about your living situation. It’s a great place to start if you’re new to an area and don’t have a lot of connections yet, or if you’re looking for a temporary home while searching for something more permanent. 

If you’re looking for a quiet place to settle down with your family, then a suburb might be right. If you’re looking for an urban atmosphere, maybe a city is better suited to your needs.

3. Amenities Or Nearby Establishments

Amenities can include things like pools, a gym, tennis courts, and more. If you’re moving with your family and you have children and pets, you might want to look for an apartment complex that is near a dog park. 

If you’re an athlete or fitness enthusiast, you might want to find a rental property that comes with a gym or has sports areas nearby. You might also want to check out what kind of establishments are near the property. Is it near a good school? Are there enough restaurants around? 

Take the time to figure out what amenities are necessary to you and ensure that every possible location has them before settling with a rental property.

4. Transportation

The location of your rental home or apartment is a big deal, especially if you need to go to the office, or if your kids have to go to school each day. Ideally, you want to find a rental close enough to your workplace so that you can get there in time without having to stress about traffic. 

You also want a place close enough to the main roads, so you don’t have to worry about getting lost in unfamiliar neighborhoods. If you plan on using public transportation, make sure that the stops are close by and accessible on foot. Otherwise, it could take up valuable time during the day.

5. Condition

You have to ensure that you fix all problems and issues before you move into the property. This includes checking the plumbing, electrical, and water systems. You must also know how long the repairs should take. If the property needs to be vacant for months while renovations occur, it may not be worth it. It’s better if you find a place that needs less to no repairs needed. It’ll save you time, money, and effort all at once. 

Final Thoughts

There are many things to consider if you’re looking to move into your first rental property. First, you need to find a place that suits your budget and is in a good location. Next, you should ensure that the property is in a good neighborhood, with good amenities and transportation options. And finally, you have to make sure the property is in good condition.  

Most people will tell you that investing in a property is a wise decision, and it truly is. Before signing the contract, just ensure you are okay with the five things mentioned in this article. It may be hard to look for one, but it’ll surely be worth it.