Prepare for These Costs When Renting an Apartment

interior of apartment

Renting is a great, cost-effective way to live without committing to a mortgage and a property. However, when you are getting ready to rent an apartment, you should be aware of certain costs. To help, we’ve rounded up some hidden costs that many renters unexpectedly face.

 

Application fee

Most landlords and property management companies require that all prospective tenants pay an application fee. Usually, it ranges from $20 to $75, depending on the agency and where you live. This cost goes towards a background check, where the landlord or agency will look at your credit history, eviction history, and criminal history before deciding to accept or decline your application.

 

Upfront deposit (and potential pet deposit)

You’ll need to put a deposit down on the property before you move in. This can be anywhere from one to two months’ worth of rent. If you have a pet that will be moving in, then you may need to pay a higher initial deposit into the scheme.

 

Moving costs

Unless you have a spare van and a bunch of friends to help, it’s likely you will need to hire help. Get a few estimates and check out online reviews beforehand. A classic trick is for the movers to charge their driving time at the end, which can easily blow your budget by a couple of hundred dollars.

 

Renters insurance

The building itself will be covered by the landlord’s insurance, but insuring the cost of the goods inside the property is down to you. Renters insurance covers your furniture, electronics, jewelry, and cherished possessions from disaster, damage, and theft. It also provides liability insurance in case there is an accident on your property.

 

When you’re looking to protect your new rented space, contact your insurance professionals at American Premier Insurance. Our dedicated experts are ready to assist you with all your renters insurance needs in Phoenix, Tucson, and beyond.