What You Need To Know When Renting An Apartment

Renting An Apartment

When you rent an apartment there are a number of facts that you need to know. These facts can impact whether or not the apartment is the right option for you. It is important that you know what these facts are before you start looking at apartments so you can ensure that you always rent the right one.

Know The Upfront Costs

Everyone knows that when they rent there will be the monthly rental costs, but some people do not consider what the upfront costs are going to be. The biggest upfront cost when renting an apartment is the security deposit. The security deposit will generally be a single month’s rent that needs to be paid and will be returned to you at the end of the tenancy term if the apartment is in the same or good condition when you leave.

You will also have to pay application fees before you get the apartment. The applications fees will vary depending on the agency that has been used and the checks that are carried out. Some agencies will not charge for credit checks while others will make you pay for the credit check that they run.

The Long-Term Costs

Other than the rent there are some long-term costs that you need to be aware of. Not all apartments will have the utilities included in the rental costs. You will need to find out from the agency or landlord during the viewing whether or not the utilities are included. If they are not then you will need to budget for this. If you need to pay for the utilities then you will need to be ready to change the utilities to your name when you move in.

Another long-term cost will be renters insurance. Some landlords require that you have renters insurance, but others do not. If your landlord does not require this you should still consider getting the insurance as it covers you for accidental damage, theft and disasters. This insurance will not cost very much each month, but does offer you a great safety net should something happen.

If there are amenities in the building then you may also be liable for these fees. This is something you will need to find out during the viewing. Maintenance fees may be your responsibility, but there are some landlords that will cover these costs. All of these costs will need to be detailed in the tenancy agreement that you sign.


Elisabeth Maldonado

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