Are you ready to start renting, creating a space that is your own? The rental process may seem intimidating with a lot of steps. Where do you start? Follow this process.

Starting Your Search

The first step is a search for the ideal location. It would be best if you had considered location or community as a starting point. You will then need to find rental properties available in the area. There are often numerous options in any given area. To find them, use rental sites online, ask friends or family, and talk to people on social media in local groups. For example, your city's Facebook page may have someone who knows an available property that fits your needs.

Once you find a few options, visit them, compare them, and determine your expected costs. Walk around the unit and also the property. Stop and chat if people hang out by the pool or other families are at the playground. Get an idea of the location throughout the day, too.

Application Process

You must apply for the lease once you find a location that fits your needs. Each property management company will have its steps and application, but you can expect to provide them with a significant amount of information, including:

• Your photo identification
• Your full legal name and current address
• Your employer's name and contact information
• Your income
• Emergency contact information
• Personal and professional references

If you have a previous landlord that can vouch for you, share that contact information. If you have pets, mention that on the application as well. Answer all questions thoroughly. The combined details of your application will ultimately allow the property manager to decide whether to rent to you or not.

You will likely need to pay an application fee. It generally covers screening costs, including completing background and credit checks.

Reviewing the Lease Agreement

Once you receive approval of the application, the property management company or landlord will provide you with a lease. Leases differ from property owner to property owner, and you should read every component.

You specifically want to look at the following:

• Monthly rent payments.
• Security deposit requirements.
• Utility payment responsibilities.
• The terms of the agreement, including when the contract starts and ends.
• Late fees, rental fees, and other potential financial penalties.
• Rules about using the property and limitations on making changes to it.
• The terms and conditions for ending the lease.

If you have any questions about the lease, ask them before you sign them. In situations where you are unsure of the terms or concerns with the lease, don't sign it. Instead, review it for you with a financial advisor or local attorney.

Security Deposits and the First Month's Rent

In most situations, you must pay the first month's rent and a security deposit when signing the lease. Your first month's rent will be the amount you agreed to pay. The security deposit is an added fee. Typically, this fee goes into a separate account the landlord manages over the lease's lifetime. If you move out and leave the property in good condition, you will likely receive your security deposit back. If, on the other hand, there is damage, the property owner will likely use your security deposit to cover the repair costs.

The security deposit amount will vary, but it is often the same as one month's rent (though it could be more). You may pay more than this if you have pets.

Finally, ensure you know how and when to pay your landlord. You may be required to set up an electronic deposit into their account, or you may need to write a check and drop it in the box before the 1st of the month.

Moving In

Once you're ready to do so, move in. Before you do, take photos of the apartment with the property owner. The goal here is to capture any areas of damage with a timestamp. That will allow you to refute any claims that you caused the damage.

Make sure you know the rules about what you can and cannot do in your new location. Ask questions about trash and mail delivery. Set up your utilities with each of your providers. It is also an excellent time to obtain renter's insurance.

Living in the Unit

Throughout the term of your lease, stay in communication with the landlord. Report any issues you have, especially those related to repairs. Keep your property secure, too. You'll want to ensure you follow any of the required rules and guidelines, including whether you can have people move into the property with you.

Ending Your Lease

There may come a time when you are ready to move out. Before the end of your lease, contact the property management company to inform them that you do not plan to renew. If you are leaving in the middle of the lease, know that you may still be responsible for the balance of your lease (there will be information within your lease that states what happens if you terminate your lease early).

Be sure to leave the property in the same condition as when you found it. That way, you get your security deposit back and have a positive landlord referral to use next time.