5 Costs to Consider When Renting a New Apartment

Preparing to sign a new lease is one of the most stressful experiences you can have. Whether you’re moving out and preparing to live alone for the first time or just planning to move to a new (and potentially more expensive) apartment complex, there are many factors to consider when deciding to move. One of the most stressful aspects of any move is the cost. While some rental costs are obvious, there are often many costs associated with a move that can leave many people feeling stressed, overwhelmed, and uncertain about the future of their finances and their home. The most obvious cost associated with moving into an apartment is the monthly cost of rent. In addition to this cost, however, most renters have to pay additional money each month for utilities, and also need to anticipate numerous other costs when moving and securing a new apartment. If you are in the process of searching for a new apartment, keep reading to learn more about some of the costs you should consider when preparing to rent a new apartment. 

Moving Costs

One of the most obvious costs associated with finding a new apartment is the cost of moving into the unit. Unfortunately, moving costs more than many people anticipate. Costs include hiring experts from companies like Black Tie Moving, the potential cost of renting vehicles such as trucks or moving vans, the cost of fuel for getting to your new apartment (an especially prevalent cost when doing a long distance move), and more. It is recommended that movers set aside a bit more money than they anticipate needing for the cost of a move itself, as the costs can add up quickly. 

 

Utilities 

Utilities are a monthly cost that can vary depending on the apartment you are renting and certain lifestyle choices such as how much electricity and water you use and what amenities you need (such as cable, wifi, etc). In addition to the anticipated monthly cost of utilities at your new apartment, most movers require renters to pay fees in order to transfer utilities to their name. 

 

Renter’s Insurance

Renter’s insurance is, more often than not, relatively inexpensive; it is, however, necessary for most apartments. Many landlords and rental companies require renter’s insurance, the average cost of which is below $20/year.

 

Application Fee

When applying to rent a new apartment, most rental companies and landlords require renters to pay a fee. This fee can range from anywhere between $20 and $100 on average, and is most often non-refundable even if you decide not to sign a lease at a particular apartment. 

 

Security Fee/Deposit

Moving into a new space requires most people to pay a security fee. This is usually equivalent to the cost of one month’s rent. In some cases, a security deposit is refundable after a tenant moves out and leaves an apartment in good condition.