Are you getting ready to rent an apartment? Whether it’s your first time or it’s been a while since you signed a new lease, make sure you’re financially prepared. In addition to your monthly rent, you will need to consider some additional costs and have some cash on hand for unexpected expenses.
Costs to Consider When Renting
Application Fee – Most landlords and property management companies require that all prospective tenants pay an application fee. The cost of this fee will vary. While some are $20, others can be $75. The landlord will use this money to find out information about you and your potential roommates before deciding on your application.
Security and Pet Deposits – Once you’ve been approved, you will have to pay a security deposit, which is usually equal to one month of rent. This is used as collateral so that the landlord can be reimbursed if you cause any damage to the apartment. If you have a pet, your landlord may require an additional pet deposit since there’s a greater likelihood of stained flooring or scratched window and door frames.
Moving Costs – Getting your stuff to a new place doesn’t always come cheap if you don’t have a truck and a team of friends to help. If you need to rent a truck or hire professional movers, consider the cost of this.
Renters Insurance – If a disaster happens, the landlord will not pay to replace or recover your belongings that were damaged. You need renters insurance to cover your belongings and provide you with liability protection in the event someone is injured on the property.
Utilities and Internet – You may be responsible for the monthly utility and internet bills. If nothing is included in the price of rent, you may also need to consider electric/gas, water, trash pick-up, cable, and internet bills. Some of these services may also require a start of service fee, such as getting your internet set up for the first time.
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