Apartment Hunting: Costs to Consider Before You Sign a Lease
We’ve all been there. That perfect place in the perfect neighborhood at a get-it-while-you-can price. Sometimes, a strange feeling takes over as you start to place furniture, plan parties, and color your accent walls. However, no matter how good the place looks or how cheap the lease appears, there are always a few hidden costs to consider before you sign on the dotted line.
Application Fees. Many apartment complexes charge you for merely applying to run background checks. Sometimes this little formality costs over $100 per applicant.
Security Deposit. In all likelihood, there’s a good chance you won’t get it back. Some accident will inevitably happen or the complex will find something you didn’t see. Even if you do get back some money, it will likely be less than what you originally paid. Before you sign a lease, bank on completely floating the security deposit. Only the proud few ever see any piece of it again.
Pet deposit. Most places charge for pets. Extra for multiple pets. Check this out if you have one or plan to get one.
Water. Is it included with rent or do you pay per month? Ask the complex what an average bill is.
Gas/Electric. Once again, research what other residents normally pay. Gas and electric can vary from building to building, so don’t assume it’s what you’re paying across town. If you’re moving to a new area (more importantly, a new climate) really check this out. Also ask about startups and factor that into your cost.
Trash. How much is trash collection? Some complexes automatically tack it onto your rent, others let you arrange your own. Regardless, you have to get rid of your garbage somehow, and there’s likely a fee.
Parking. Does the apartment complex charge for parking? Some do. Also, check to see how many guest spaces you have. A critical detail if you ever have a party.
TV/Internet. In today’s world, internet is an absolute necessity. Sadly, the days of “borrowing” wireless from your neighbor are almost over. Even senior citizens are wising up and password protecting their service. You’ll need your own. For many, cable TV is also a must. Check combo packages. Also factor in startups for new service or transfer fees from your existing provider if you do decide to move.
Commute. How will your commute be from the new place? Factor in gas, public transportation, etc to see how much you need to allot. Also, test-drive your commute to and from work to make sure it’s feasible. Don’t just assume.
Laundry. You may have to provide your own machines (if so, highly consider renting). If they have them in the building, see how expensive it is. A few quarters per load can add up. Regardless of the setup, laundry is a cost—one most people don’t think about until they’re doing their first load.
Neighborhood. Even if you get a deal rent-wise, your new place might be in the $7 bagel neighborhood. Check the costs of local coffee shops, restaurants, gyms, and bars. If you can’t afford it, why move?
The above are just the basics you’ll need to consider when moving to a new place. This doesn’t include any “luxury” amenities that you may consider necessary to your lifestyle. The bottom line: there’s more to it than the sticker price on a lease. Crunch apartment cost of living, not lease comparisons—or else your dream place may become your most expensive regret.
