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5 Money Mistakes Millennials Make When Renting Their First Apartment

Sacha R - Tuesday, January 22, 2019

Moving into your first apartment is an exciting time! It’s a major step into adulthood that requires, planning, time, and budgeting. Failure to create a budget can result in some major money mistakes that will cause problems down the line. If you’re a millennial looking to rent for the first time, keep reading to learn what not to do.

1. Don’t Make Your Apartment Look Like a Pinterest Board

Pinterest is great for getting ideas and inspiration for your new space, however homes found on Pinterest are often expensive. They’re full of high-end furniture and finishes that will quickly add to your credit card bill. Pick a few style ideas to draw inspiration from and then head to good will, garage sales and shop sales to make your dreams a reality.

2. Don’t Forget Renter’s Insurance

Many apartment complexes require renter’s insurance, however some still don’t. Either way, it is a smart investment to make. Searching for and purchasing insurance takes no longer than an hour and can save you thousands of dollars should something happen. 

3. Realize You Can’t Have It All

Your first apartment will not be your forever home, so realize that it’s okay (and necessary) to give up a few things on your wish list. Hardwood floors, a walk in closet, stainless steel appliances, in-unit laundry and garage parking may be hard to come by. Pick 2 or 3 must haves and look at anything else as a bonus.

4. Don’t Buy All New Furniture

Once you find your apartment, ask around to see who has furniture you may be able to use. Chances are your parents, aunts, uncles or older siblings have pieces they’re itching to get rid of. If it’s not your style you can always paint, re-stain or add new handles to freshen it up.

5. Don’t Eat Out All the Time

Now that you have an apartment, it’s time to learn how to cook. It can be easy to slip into the routine of buying take out or going to restaurants for every meal, but that can quickly add up! There are plenty of recipes online that are affordable and only take a half hour to make. Save eating out as a treat to enjoy a few times a month. 

Still searching for the perfect apartment to call home? Contact us today!

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