KEY TAKEAWAYS
Setting a budget and assessing your finances carefully will ensure success in your apartment renting search. Features like location, amenities, and community should match your preferences for owning a rental. Reading the leasing agreement in detail helps in decision-making about any additional costs.
Are you considering renting an apartment? What are you looking for? You want a place you can call home, where you can relax and find peace after having a long day. The process will be exciting and overwhelming as there are various available houses in Kenya, from bedsitter, one-bedroom, and two-bedroom to multifamily options.
You may be a regular tenant or it’s your first time owning a house, searching for a perfect place requires planning and careful consideration of key factors that don’t compromise your desires.
From budget, locations, and amenities to lease terms, every decision has a role in ensuring success and satisfaction with your rental experience.
Let’s explore the key factors that can give better results in your apartment search journey.
Know Your Budget How are your finances? Before beginning your search for owning a rental property, understand your financial status.
Can your income support all your expenses and manage to save something for your future? This can help you figure out how much you can afford on rent every month without any hassle. Living as per your capabilities and assessing your financial condition plays a major role in owning a rental home.
Fix a budget depending on upfront cost, home loan terms (if any), installment availability, rental costs in that area, etc. If you are renting a semi-furnished house, then you need to add shifting charges or any new expenses.
Setting a budget can help you avoid financial stress, have enough for other necessities, and manage savings. It will help you determine where to reduce expenses. Besides, a fixed plan can help you look for apartments in locations that are economical.
The Location Do you have any location in mind as to where you want to live? The neighborhood where you want your rental space plays an important role in your renting experience. For instance, if you’re a people person, your preferred area could be communities that are open for friendship and are easy to connect with.
Considering factors such as proximity to school, work, security, and public transportation can help you find your perfect house faster. You should also consider your lifestyle. If you are planning to move to a sea-view apartment or a place with beach access, then it may be expensive. However, you can enjoy more privacy to spend time with your family.
Are you interested in a noisy urban environment or a quiet suburban retreat? Let your needs, preferences, and lifestyle align with your apartment location.
Due Diligence Extensive knowledge is a necessity while looking for rental homes. With many available properties in the market, it is necessary to research before committing to a lease.
Visit different reliable real estate websites. You can find some of the best agent listings here , and as you view the properties, read through reviews, inquire about residents’ experiences, and tour the housing complex regularly to determine parking availability, noise levels, and the atmosphere.
Sometimes the photographs or videos posted on the property dealer’s website may be misleading. It is always better to commit to a deal after visiting the location yourself. The plumbing and electricity factors are often overlooked and a discreet enquiry is necessary.
Find out about the landlord’s reputation and responsiveness. This determines if your renting experience in that apartment will be your little haven or living hell.
The graph shown below will help you decide the average monthly rental growth in 2023 in Nairobi, Kenya.
The Features and Amenities If you’ve been renting, you know apartments vary in features and amenities. This is based on location, demand, and growth and development level.
For example, houses in rural areas don’t have better features and amenities than those in the cities. Identifying what is relevant can greatly impact your rental satisfaction with your budget in mind.
If you are a pet owner, take into account a nearby park or a big courtyard which will be an added bonus besides a parking space. Your needs could also be as varied as having an indoor gym or an office space. Communicating clearly with your real estate agent will help you get a better deal.
Ensure you lease in an apartment complex that aligns with your lifestyle, like having a swimming pool, gym center, parking space, and more.
Carefully Go Through a Lease Agreement Every property has its lease terms. Reading and understanding your lease agreement is relevant. A lease agreement is a legally binding contract containing the terms and conditions of your tenancy, with details like rent due dates, maintenance responsibilities, security deposit rules, garbage fees, and others.
When going through the contract, take your time and ask your caretaker/landlord questions for more clarity.
EXPERT ADVICE Keep your ideal rent ratio to income to 25 – 30% of your monthly income to get a better deal that satisfies all your basic requirements.
Conclusion Renting an apartment can be tough, but it becomes easier with strategic planning, research, realistic expectations, and knowing where to compromise. Take the time to empower yourself with extensive knowledge and make informed decisions to find the perfect home to enjoy every moment you live there.
Searching for a haven that you want will need work and patience, as the results will be worth every second spent. Make the hunting journey as fun as possible, and stay positive.
