Renting a condo for lease in St. Louis is an exciting change, especially if it’s your first time moving out and living in your own place. However, like any change, it can be an overwhelming transition. Leasing a condo requires careful planning, from understanding rental costs and reviewing lease agreements to conducting property inspections.
This post will guide you through the process of leasing a condo in St. Louis to ensure a smooth sailing experience on your first time renting.
St. Louis Real Estate Market Watch
As of June 2024, the median home sales price of homes in St. Louis was $263,000. St. Louis real estate trends change constantly. Contact St. Louis Premier Lofts if you need to buy or sell a condo in the St. Louis area.
Tips for Tenants Renting a Condo for Lease in St. Louis
Determine your budget
First, determine your budget for renting and be realistic about how much you can afford. The recommended budget for rent is about 30% of your gross income. You can follow the 50/30/20 budget rule, which allows you to allot 50% of your take-home pay to your needs (including rent, groceries, and utilities), 30% to wants, and 20% to your savings.
List your needs and wants
Knowing what you want and need from the start while considering your budget will help you narrow down your search. Ask yourself these questions:
- What are your space requirements?
- What transportation options are available?
- How close is the property to your school/work?
- Are dining establishments, entertainment venues, and recreational facilities nearby?
- What amenities are you looking for? (gym, pool, co-working spaces, etc.)
- What security measures are in place?
- Is the condo pet-friendly? How much is the monthly charge for tenants with pets?
Inspect the property
Make an appointment to view the property in person. You can determine if the property is well-maintained and in good condition before you move in. Inspect every nook and cranny thoroughly, check if all outlets are working, test the plumbing and water flow, look for signs of property damage, and inspect HVAC systems and other major appliances. Document the inspection with a checklist and take pictures of the unit to examine later. Conducting an inspection works both ways for the landlord and tenant.
Ask questions
Do not hesitate to ask questions and communicate directly with the landlord. Clarify everything before you sign the lease. Ensure both parties’ responsibilities are described clearly in the contract, including what bills and fees for on-site amenities you’ll cover. Go over the terms and conditions for security deposits, advanced payment, and clauses for lease renewal.
Review the lease agreement and get everything in writing
Ensure everything you’ve discussed and agreed on with the landlord is in writing and signed by both parties. Review the lease agreement thoroughly and call their attention to anything that needs to be clarified.
St. Louis Premier Lofts – Your Downtown St Louis Real Estate Resource
Do you need to buy, sell, or rent a loft or condo in the Central West End or Downtown St. Louis? Click here to contact our team. We are experts in the local real estate market.
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