As a renter, there is more to consider than just the amount of your monthly rent when you are looking for an apartment. Before you sign a lease, figure out your rent budget and what your total monthly rent costs will be to ensure you can afford to live there.
This is a one-time expense and hopefully, you will get that money back at the end of your lease, barring any damage beyond wear and tear. Typically, this amounts to one month of rent.
This will be your primary expense every month. Make sure you can make this payment every month on time to avoid any potential late fees.
Utility expenses can add a significant chunk to your rent costs. When you tour apartments, feel free to ask how much tenants typically pay in utilities to give you a better idea of how much you will be paying per month for heating/gas, water, and electric. You also want to consider the cost of cable/internet.
Depending on your city, you may need to budget for parking if you don’t have included on-site parking at your apartment. In more densely-populated areas, this can significantly add to your monthly expenses.
Does your rental have a washer and dryer? If not, you need to consider what it will potentially cost to do your laundry. Do you have to pay to use a shared washer and dryer on the premise? Are you going to have to visit a laundromat?
Pet deposit or fees
If you have a pet, you may need to pay a separate security deposit and/or you may be charged a separated monthly fee to keep your pet.
Renters insurance is sometimes required, but not always. Regardless of whether it’s a requirement or not, you should seriously consider purchasing renters insurance. The monthly cost is minimal, and it can protect your things in case they are stolen, or damaged by fire, flood, or other disaster. See for yourself how affordable renters insurance can be with a free quote from Safe Auto Group Insurance.
See why you need renters insurance as a renter here.