What It Really Costs To Rent Your First Apartment: Know The Truth
If you think you're ready to move out on your own and you want to start looking at apartments, there are a few things to consider so you can set your budget accordingly. There are many apartments for rent (such as those offered by Meadowdale Apartments) that show a list price, but don't include the fine details or extra fees you may encounter.
You may not have the cash to look at an apartment, and you don't want to waste everyone's time. Before you start to set up appointments for showings, call the office of each apartment for rent and ask them about the following things.
Cost of the Application Fee
It may seem silly, but you might have to give the apartment complex money before they even tell you if you can be a renter or not. They charge an application fee because it costs them money to run your credit and background information. Ask what this is going to be, so you can add it to your list of expenses.
What is the Security Deposit?
Often the security deposit can be the cost of one month's rent, and it has to be paid before you move in, or before they give you the apartment number. Find out what it is, and when you will get it back if you can. Some apartments for rent may say no security deposit as a special for new applicants, which may be ideal if you can't come up with the extra money.
Is First and Last Required?
The apartment manager may ask that you pay the first and last month's rent, on top of the security deposit, before moving in. This is so you are always a month ahead on your payments. If you can't come up with all of the cash you can ask the apartment manager if you can make your rent payments a little bit higher the first couple of months until the last month is covered, and they may be able to work out a deal with you.
There may also be parking fees if you want to bring a car to the complex, or you might be required to use their utility providers. Ask if you have to pay a fee for trash and laundry as well. Moving on your home may cost you a lot more than the price listed for the rent, so do your research to see what you can really afford.
