“If you are going to be in a big city, I would expect to need a guarantor. There is usually a factor (often 40) multiplied times the monthly rent of the apartment. Thus, if the apartment rent is $3,000 per month, the income of EACH tenant has to be at a salary level of $120,000.”
This is Not in keeping with kids experiences in Chicago, DC or NYC. Not saying that there might be some landlord in those cities that require it. But not uniformly at all.
Thanks Counting. Yes to cars (and that’s on the list, they will both have a reverse commute), no to pets, for the foreseeable future.
Agree. And they seem fine with it.
Hence the escrow suggestion. [ETA: My bank hasn’t heard of that sort of escrow so that is likely a dead end]
My kid has been renting apartments as a grad student with roommates. If there is a master bedroom, the person who takes it paid a little more (happened at her first plane). At her current place, other person has the master bedroom, but my kid gets to keep her car in the garage, and they split the rent evenly. There are ways to work it out if it isn’t exactly symmetrical. Can trade rooms halfway through the lease and pay the same amount, too.
Look at some sample lease boiler plates to get familiar with reading them. They should become familiar with landlord-tenant laws in the city and state where they will be living. Things like how much notice does the landlord have to give before accessing the property in a non-emergency, and what are the conditions under which either tenant or landlord can break the lease. Stuff like that.
Renters insurance is inexpensive but it’s good to shop around. If D gets renters insurance with the same company as her auto insurance she can probably get a break on both.
Also, if the city is in an earthquake zone, get an earthquake rider. It’s not expensive and it will pay for temporary housing in case the building she’s in becomes inaccessible.
Get apartment usable security cameras. When renting, the landlord and maintenance people will have keys to the place. Virtually all leases prohibit changing or rekeying locks. While D can probably put up latches or chains to secure the unit while they’re at home, security cameras will let them know if someone is showing up while they’re gone. (Also useful for detecting garden-variety burglars.)
Some apartments come with “free” wi-fi and built in internet security. This is not as wonderful as it sounds if it means someone else is controlling the routers and cameras in the unit.
Besides getting finding out what utilities are included, find out what the expected costs are in the area for non-included utilities. If you’re from southern California, the cost and type of heating in a building has probably never crossed your mind. In other parts of the country it is a major consideration.
I once lived in a complex that charged for garbage and water service in addition to the monthly rent. So the amount owed each month varied, but they refused to give tenants access to the actual bills so we never knew if these variations were legitimate or rip-offs. If there are extra-rent charges, get details up front about how they are calculated and if there are any limits on the fluctuations (be wary of pat on the head reassurances that it’s “never been a problem before”).
Wow thank you @otterma . We had some of that on the list but some is new. Is it best to get renter’s in the state she will be living in? Or does that matter?
Apt comparison spreadsheet she’s building already reminds me of the college comparisons…
@maya54 then your kids or whomever we’re lucky.
In NYC and DC, when you look at places, you need to have your checkbook or whatever at the ready with first and last months rent and a security deposit as well. This can easily be $6000 or more. Don’t have that and you won’t even be in line for consideration.
We know more than a number of grads who went to NYC and DC. The only ones who didn’t need a guarantor on their leases were those earning very very large starting salaries.
Heck…I had to be the guarantor on an apartment in Winston Salem, and also the greater Atlanta area.
But this doesn’t apply to the OP who says her kid isn’t moving to a major metro expensive area. That could make the difference.
My understanding is that these grads do one of two things.
I went out to the city where DIL and DS2 live the week they were apartment hunting. (Admin support and rental car driver, honest, nothing intrusive! 
) DIL’s employer put them up in a hotel for a new employee orientation, but I got really lucky with my Airbnb hosts. They were a married couple with an infant and a pug mix, very involved in local affairs, very sociable and welcoming, made it a point to open their home to DS2 and DIL as my visitors. They chatted with all of us and gave really valuable takes on neighborhoods and other details. They also told me to bring “the kids” any time during their hunt if a break was needed. Some interludes with their puppy helped dial the stress way back!
You can call different insurance companies and ask if they offer renters insurance in that market. Once you know the actual location of the place she’ll be renting you can call to get specific quotes.
If she’s going to be changing auto insurance (or getting her own separate from yours), ask if they can bundle renters insurance with auto when you’re shopping around.
Our daughter bundled her renters with her auto insurance. Cost was a wash…the reduction for the bundle actually equaled the cost of the renters insurance.
So yes…have her ask about bundle when she gets her car insurance.
Our S was able to get an apartment lease without us ever being guarantors. He brought along his letter from employer (fed govt) and showed it to prospective landlady who owned the unit. I wrote out s personal check for 1st & last months rent plus security deposit, I believe.
When viewing prospective units, try to get 1st appt of the day. If they like you enough, they may just accept you and cancel the later appts. Try to view the area and building at different times of day/night to see what it’s like. You don’t want one where it’s deserted most of the time.
Get her renter’s insurance for her computer and any other expensive items. It’s not very expensive.
Thanks all. She will also need to buy a car. Not great public transportation in this city, and her commute will be in reverse. She can get by with rideshare for a bit if needed.
+1 on the having an office at the complex where packages can be delivered. S1 does a lot of grocery and household supply shopping online since he doesn’t drive, and he gets packages a couple times a week. He finds the ability to have packages delivered safely an important criteria for his life.
S and D1 were both starting at a major SV employer as software engineers and several of the complexes they visited wanted us to cosign. They went to a place where this was not requirement and paid #300 in extra deposit to avoid getting us entangled. I will note that we were dinged on our credit report because one of the complexes where they applied ran a credit check on us!
Yes, S really likes that there is a concierge and a person who delivers boxes to the doors of residents. S gets A LOT of boxes. Having a gated heated garage is nice as well, especially in cold winters.
They should also talk to the company they will work for. I’m sure their relocation department will be useful in knowing where to be looking, and all sorts of useful info.
All insurance is state controlled so yes, she needs to get it in the state where she’s living.
Escrow accounts sound like you’re overthinking this. If both people could afford the entire rent separately, I wouldn’t worry too much about what happens if one person loses their job.
@maya54 - our experience is with California, but I have had other friends who have dealt with this in NY and DC. No personal knowledge of Chicago.
My DD and a roommate are sharing an apartment at college. I would recommend Simple Bills or some other bill splitting app. Simple Bills takes a really small service fee but pays all the bills that they have set up and sends each girl a 50/50 split each month. There is not negotiating or arguing over who is paying utilities overages or cable bills. There is not asking for repayment of a bill or misunderstandings. It has helped take some of that money issues out of the equation. Each girl gets their share of the monthly bills.
My son is renting in dc, each roommate (4) signed the lease, and no parental signatures were necessary.
They are each responsible for the entire amount if other roommate doesn’t pay.
During college all students and a parent each needed to sign the lease.
ETA cost for renter’s Insurance was about 150 for 15K coverage.