Moving? Choose the right location for rentals

When moving into an apartment, there are some mistakes you can't afford to make. This real estate transaction might not be for the long term, but it could affect you for some time if you don't do your research.

Around 20.8 percent of the population is made up of millennials, many of whom are moving out into apartments. Nationally, there is a shortage of places to rent and a hike in pricing, which makes it harder to find a place to call home. There are some mistakes to avoid if you're looking now, though, even if you have to look based on budget and location.

The first thing you can do is to get to know the area where you want to live. You want to pick a safe, respectable neighborhood, so you can feel comfortable. There's a lesser risk of damage to your property in a nicer neighborhood as well. Think it's out of your budget? Consider looking for a rental property in newspapers or unconventional locations, since those who don't post apartments online might offer lower rates.

When you do think it's time to move, start looking around 24 to 30 days before the move. Apartment complexes will know what they have coming open in the next month, making it easier to get into the apartment you want.

Finally, be ready to get a guarantor. A good guarantor makes sure they can sign a lease if necessary, so you don't miss out on the apartment of your dreams. Both of you should review the contract and may wish to have it reviewed by a professional before signing.

Source: CNBC, "5 mistakes young people make when renting an apartment — and how to avoid them," Jimmy Im, accessed June 12, 2018