Utilities: Many rentals do not cover all utilities.Parking fee: These fees are generally issued monthly and can add up, especially if you plan to live in a large city where parking is a premium.Move-in fee: You may be charged a fee to cover damages to common areas like elevators, hallways, and lobbies when moving in.Pet deposit: If you own a pet, you can expect to pay a separate deposit and possibly an additional amount in rent for your furry friend.Deposit: Some landlords or property managers may charge a security deposit which is designed to cover any damage to the property and is typically one month’s rent.Application fee: This upfront cost covers the processing of your application which includes a background check.Before committing to a place, make sure you understand what all the extra costs are so you don't overspend, for example: While both Crain and Corlis knew that there would be extra expenses, they were both surprised by how much they ultimately cost. "I remembered hearing that your monthly rent really shouldn't cost more than 2.5% of your yearly salary - which ended up being pretty sage advice." Add in the extra costs "I factored in my utilities, such as electric and gas, tenant's insurance, and internet with my rent and I considered the entire cost of that when looking for apartments," he says.
Armed with that number, he took some financial advice he had heard on how much to spend on rent to help him figure out how much he should budget. When Nick Corlis, moved to Houston after receiving a job offer, he knew how much he was making. You might like the look of that swanky condo you toured, but you don't want to blow your budget on rent every month.
If you're thinking about making the move and renting your own place, here are some helpful tips: Figure out your budget She also had to deal with the logistics of finding and moving into her new home all by herself. Some of those details included saving for things like moving costs, fees, and deposits. During that time, she learned that there were many details that she needed to figure out before she settled into her own place. If you're like Lauren Crain, a digital marketer, you've always lived with either your parents or roommates - and you've been dreaming of living on your own for a while.Ĭrain realized her dream but only after living with her parents for a year to save up before she could afford being on her own for the first time.
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