Tenant Know-How: Is Cheaper Rent Really Worth It?

When renting an apartment, there are common factors that everyone looks for. Where the apartment is located and how much the monthly rent will cost. When it comes to the rental amount, tenants hope that they can get a good deal

  • Wednesday, May 30, 2018

  General   Tips   

When renting an apartment, there are common factors that everyone looks for. Where the apartment is located and how much the monthly rent will cost. When it comes to the rental amount, tenants hope that they can get a good deal. But sometimes, a good deal is too good to be true. While you may be paying less per month for the rental, you might be paying more in other charges or find that the neighborhood is less than desirable. As a potential tenant, learn what to look for so that you make the right decision with your next rental agreement.

When considering an apartment, think about various fees and other charges that might be present. When you go through a tenant screening process, you can begin to ask questions about what the property entails, as far as what you will be responsible for, so you can make the right decision when it comes to choosing your next apartment or rental home.

Application Fee

Landlords will often charge an application fee when you apply for a rental. While this is usually not much, $10 to $50, it can add up if you are applying for multiple apartments. The amount is not refundable, so you will not get it back. Consider if you are really interested in a property before you fill out an application and pay the fee.

Security Deposit

Another consideration to make involves a security deposit. The security deposit you will have to pay may be larger than the amount you pay for rent. The deposit will be refundable, as long as you leave the rental as it was before you moved in. Take time to learn more about the security deposit and rules associated so you can pay it but get it back once you move on to a new home.

Utilities

While some rentals include utility costs within the monthly payment, others do not. You will, of course, need to pay utilities to keep the lights on, so check to see how much basic utilities will cost. Find out what the rental payment covers and what you need to take care of. An extra $100 to $200 a month will add up and could make the apartment less affordable than you thought.

Fees for Pets

Is the apartment you are considering pet-friendly? If so, how much does it cost to have a pet? Some landlords will ask for a one-time fee of $300 or so to allow you to have a pet or add on a fee to the monthly rent. You want to learn more about this charge upfront so that you can afford to make the payment with ease.

These are just a few areas you need to consider when applying for a rental apartment or residential home. Ask about everything you are required to pay to ensure the monthly cost to you is affordable. This way, you do not get in over your head and make a mistake as a new renter.

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