Table of Contents
Can You Rent an Apartment at 18?
How to Rent an Apartment at 18
What You Need to Rent an Apartment at 18
Is It a Good Idea to Rent an Apartment at 18?
Can You Rent an Apartment at 18?
You can rent an apartment at 18, but you'll need to meet the landlord's requirements, which typically means showing you have a steady income so that you can afford the monthly rent or putting up a significant security deposit. As long as you can demonstrate that you can afford the apartment, a landlord will rent to you even if you've just turned 18.
If you want to get an apartment at 18 you'll need to have enough savings to cover your move-in costs, a stable income, and a good credit score. If you aren't working or don't have a credit history, you'll likely have to find a co-signer or guarantor.
How to Rent an Apartment at 18
- Set a Budget
- Find the Right Apartment
- Fill Out a Rental Application
- Wait for Approval
- Sign the Lease
- Move In
1. Set a Budget
The first thing you need to do to get an apartment at 18 is to set your rent budget. Be sure to remember that rent isn’t the only expense you’ll be paying if you’re living on your own. So, factor in all your living expenses, including utilities, Wi-Fi, food, and other essentials. Most experts recommend spending no more than 30% of your income on rent. So, use that metric to decide how much you can realistically afford.
2. Find the Right Apartment
Once you’ve set your budget, you can start looking for apartments. Depending on where you live and your price range, you may have many options to choose from or very few. Start by identifying which neighborhoods you want to live in and look at all the available options. If you stay patient, eventually, you’ll find an apartment that works for your situation.
3. Fill Out a Rental Application
When you’ve found the apartment, ask the broker or landlord to send you their apartment rental application. The application will ask you for some basic information about yourself and your current employment. You will also likely be asked to submit documents to verify your income, such as pay stubs, an employment letter, and tax returns (if you have any).
4. Wait for Approval
The landlord will review your application and either approve or deny it. They cannot deny you solely based on your age, but they can deny you if you don’t have enough income or credit history to satisfy their requirements. To help persuade them, you may try to get a guarantor or someone with more established financial credentials that is willing to cosign the loan. Or you can also offer to pay some rent upfront (if you can afford it).
If you've applied for an apartment and are nervously awaiting an answer check out our article on how long it takes to get approved for an apartment so you know what to expect.
5. Sign the Lease
If the landlord accepts your application, they’ll want you to sign a lease agreement. Make sure to look it over carefully and understand what you’re agreeing to before signing. A lease is a legally binding contract, and if you don’t honor the terms, you could face severe consequences, including legal action. So, double-check to make sure you understand all the terms and that there are no surprises.
6. Move In
Once you sign the lease, all that’s left to do is move in. You will be allowed to move in on the date that your lease starts. The start date is typically the 1st of the month unless the landlord agrees to allow you to begin the term early in exchange for prorated rent. After the lease signing, make sure to find out when you’ll be able to pick up the keys and start moving your stuff into the unit.
How to Rent an Apartment at 18 with No Money
1. Set a Budget
Even if you don't have much money, it's essential to know how much you can afford to spend on rent and other expenses. Calculate your income, including any part-time job earnings or financial aid, and determine a realistic budget for rent, utilities, food, and other necessities.
2. Look for Affordable Housing Options
Start by researching affordable housing options in your area. Look for apartments with lower rents or consider shared housing arrangements where you split the rent with roommates to reduce costs.
3. Save Money
While it may seem challenging to save money when you're just starting out, every little bit helps. Look for ways to cut expenses, such as cooking at home instead of eating out, using public transportation instead of owning a car, or finding free or low-cost entertainment options.
4. Explore Financial Assistance Programs
There may be government or nonprofit programs available to help young adults with housing assistance. Research programs in your area that provide rental assistance, subsidies, or housing vouchers for individuals in need.
5. Build Your Credit
Building good credit can make it easier to rent an apartment, even if you don't have much money upfront. You can start to build credit by applying for a secured credit card or becoming an authorized user on a family member's credit card to establish credit history. You can also rent an apartment with a low score, but it's significantly harder as you might need to look for no credit check apartments, which can be hard to come by.
6. Find a Cosigner or Guarantor
If you're unable to rent an apartment on your own, consider asking a family member or trusted friend to cosign the lease or act as a guarantor. This person will be responsible for paying rent if you're unable to do so, providing landlords with additional assurance.
7. Negotiate with Landlords
When looking for an apartment, don't be afraid to negotiate with landlords. Explain your situation and see if they're willing to lower monthly rent or ask if they're open to accepting rent payments on a different schedule. You can also check if they are willing to reduce the security deposit amount or allow you to pay it in installments and modify lease agreements to include more flexible lease termination options. Private landlords are often easier to work with than corporate landlords or large management companies.
What You Need to Rent an Apartment at 18
1. A Job So You Can Pay Rent
The first thing you’ll need before you can get an apartment is a job so that you can pay rent. Depending on where you live, there may be different requirements for the amount of income needed. For instance, in New York City, landlords require that you make 40x the rent to qualify. However, the conditions are laxer in other places. But, unless your parents will be paying your rent and cosigning the lease, you’ll need a job to afford an apartment.
2. Money for a Security Deposit
Before you start applying, save some money for a security deposit. A security deposit is a refundable sum of money the landlord will keep making sure you abide by the lease terms and don’t damage the apartment. When you sign the lease, landlords typically want at least the first month’s rent and a security deposit. So, make sure you save accordingly.
3. References
Since you likely don’t have a lengthy employment or credit history, you may need references to vouch for your character and sense of responsibility. If this is your first apartment, you can’t get a reference from a previous landlord. But you could ask a teacher, an employer, or a community leader who has firsthand knowledge of your honesty and integrity.
4. Possibly a Credit Check
Typically, a landlord will want to check your credit to verify that you’re financially responsible. But if you’re only 18, you may not have had time to build your credit. So, it may help to apply for a credit card and start making payments on it before you apply for an apartment, so you have some credit history.
5. Money for a Utility Deposit
Keep in mind that rent isn’t your only expense if you live independently. You’ll also have to pay for utilities to access things like water, heat, and electricity. When you create an account with a utility company, they may ask for a deposit in case you fall behind on your payments. So be sure to budget for that as well.
Is It a Good Idea to Rent an Apartment at 18?
Even though you can get an apartment at 18, it's not always going to be a good idea. It all depends on your situation. You may not have a choice if you are leaving home to go to school or if your parents are not willing or able to support you any longer. But it is a significant financial commitment and can be tricky if you don’t have a long employment history or solid credit record.
Renting an apartment at 18 is only a good idea if you have at least 1 year of savings to pay the deposit and the rent. If you do not have enough money or a credit history, you can still consider renting a flat with roommates. However, this could indicate that it might not be the best time to rent an apartment on your own.