Factors to Consider When Renting a Luxury Apartment

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If you have never rented a luxury apartment before, there are a few factors you need to consider before you begin your search. Expect to pay a higher monthly rental cost and be sure to carry out all the necessary checks before you commit to moving in. Luxury living is convenient, comfortable and hassle-free but you do need to be financially stable to be able to afford the price of luxury living.

factors to consider when renting a luxury apartment

 

Finances

Living luxury comes with a high price ticket, expect to pay much more than you would pay if you were to choose moderate accommodation instead. However, with the high price tag comes comfort, style and convenience. Make sure you have enough money to cover the rent and other costs associated with luxury living. If your rent is $3000 per month, you need to earn at least $9000 per month which is triple your monthly income to be accepted as a tenant.

Before you go ahead and start searching for a luxury apartment, check your finances and decide whether or not you can afford to take the leap to rent a luxury apartment.

Location

Some areas are cheaper than others, you might be able to find a luxury apartment that suits your budget in a slightly less expensive area. Inner-city living is obviously going to come with a much higher price tag than if you were to choose a property on the outskirts of the city. You won’t benefit from all the city amenities but you can get the same standard of living at a much lower cost. If you want to experience luxury living but want to reduce the cost, consider the location, there are many options available in most cities and suburbs.

If you have children, you will probably need an apartment that is close to local schools. Convenience is an important factor for many renters therefore, check the distance between the apartment and grocery stores, hospitals, doctor’s offices and malls.

If you are searching for luxury apartments in Downtown Cleveland, take the time to examine the various locations on offer before you settle on one option.

Size

Consider the size of the apartment, how much space do you need? If you are a single person, you might only need one bedroom, a small family with two children might need three to four bedrooms with a large living space and kitchen/dining area. Depending on location, more space will equal higher rent. Decide what is most important to you, do you need a larger living space or larger bedrooms? How many bathrooms do you need? Consider all these factors when you are searching for a luxury apartment to rent.

Safety and Security

Most luxury apartment complexes come with high-end security; however, not all complexes have high-quality security systems and protocols in place, therefore, take the time to thoroughly check the security on offer when viewing the property.

Maintenance

Luxury complexes should offer maintenance services such as cleaning and general maintenance of the property. Sometimes the cost of cleaning and maintenance is included in the monthly rental charge; however, some developers or management companies charge an additional monthly maintenance fee to take care of the maintenance of the complex and apartments.

Documentation

Before you rent a luxury apartment you will need to provide proof of income, photographic identification and previous landlord references. When you apply for a property, they will need to ensure that you can afford to meet the monthly rental payments. You might also need to provide a letter from your employer to prove that you are in stable employment.

Payment

Some luxury apartments take a two-month security deposit and one month’s rent in advance. However, some only take one month’s security deposit and one month’s rent in advance. It typically depends on the quality of the apartment. If you would like to reduce the cost of living in a luxury apartment, consider combining your income with a roommate to make luxury living more affordable.

Renting a luxury apartment is more costly than a standard apartment however, luxury living comes with many benefits including, comfort, style, convenience and security. Most luxury apartment complexes come with in-house cleaning and maintenance as well as 24-hour security. If you are considering renting a luxury apartment, remember that you need to prove affordability by providing proof of income and an employment letter to satisfy the developers or management company that you can afford to meet the monthly payments.

Luxury apartment living, although costly, is certainly worth the money if you can comfortably afford it.

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