5 Hidden Costs of Renting an Apartment

If you are moving into a new apartment in another city or state, you would be worried about the utility bills, moving expenses, and, more importantly, the rent. When it comes to apartment renting, hidden costs often land tenants in trouble. Here is what you should know.

1. Renters Insurance

Your landlord’s insurance does not cover every accident or incident that occurs in the apartment while you are a tenant. Some homeowners make it mandatory to opt for renters insurance before you move in. The exact cost depends on the neighborhood, but it ranges from $15-30 a month on average.

2. Security Deposit

Landlords usually charge a fixed rate or some multiple of the rent as a security deposit before you move in, so account for this expense when you plan the cost of apartment renting. The purpose of such a deposit is to protect the landlords against unreliable tenants who default on payments. Deposits are usually refunded at the end of your stay if you return the house without any damage.

3. Trash Cleaning Service

In most places, valet trash services are provided to the entire community, and each resident has to pay their share. Since the price varies based on your location, it’s advisable to ask your landlord for the exact rates.

4. Cable and Internet

Today, everyone needs access to the internet and television. Some generous landlords could throw in a free Wi-Fi pack or cable connection as well, but otherwise, these are additional expenses.

5. Water and Electricity

Based on how much water you use, communities charge you a monthly bill for water and sewage services. Electricity charges for household appliances, heaters, and air conditioners are separate. If you feel smart thermostats or CFL bulbs will cut costs, ask your landlord if they can pay for the new devices.

These are some of the hidden costs of renting an apartment. If you are looking for a new house, make sure you have the right homeowners or renters insurance in place. If you have any questions regarding your home coverage needs, contact the experts at James Page Insurance today.

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