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Common Expenses when Renting an Apartment

Common Expenses when Renting an Apartment

Money for renting expensesRenting your first apartment is an exciting time! However, whether you’re a student moving off campus, or just moving out for the first time, there are many financial details and additional expenses to consider. Being aware of these common expenses can help prevent first time renters from being caught off-guard when renting an apartment.

Initial Cost

Before moving into an apartment, there are several initial fees that renters are required to pay. The first fee is the rental application fee which can cost between $30-$100 and includes a credit check. In addition to the application fee, most complexes also require a deposit of the first and/or last month’s rent upfront. The cost of this is dependent on the apartment’s monthly rent, your income and/or credit score.

Renter’s Insurance

In general, most apartment complexes require their tenants to purchase renter’s insurance in case the apartment’s contents are damaged or stolen. Whether required or not, renter’s insurance is important to have in order to be compensated for any losses that may occur during the rental period.

Utilities

Another expense new renters overlook is monthly fees for utilities such as electricity, gas and water. With student apartments, these utilities are sometimes fully or partially covered in the rent. If partially covered, renters need to be able to pay for any overages that may occur should they go over their utility allowance.

Moving Fees

Renters who are relocating to their new apartment may face additional moving fees, depending on where they are relocating from and how much they are bringing with them. This may include paying for packing materials, hiring a moving company or purchasing additional items that may be needed for the apartment.

Pet Fees

Renters who own a furry friend should be aware of their apartment complex’s rules on owning pets as most pet-friendly apartments require a pet fee. This may either be a one-time deposit, or a monthly payment.

 

The best way to learn about the common expenses you may encounter as a renter is to contact the apartment complex you’re interested in renting at. For more information about what expenses you can expect from our apartment communities in Connecticut, visit www.CTBestApts.com or call Desiree at 203- 223-1665.

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