Five Rental Expenses to Budget For

Moving into a new home can be an exciting time, but you want to be sure to account for all of the associated costs. Here are five things you don’t want to forget to add to your rental budget- some of which are one-time fees, while others are recurring. Our property managers are always happy to answer any questions regarding specific properties. 

Renters Insurance

Most landlords and property management companies require renters to carry renters insurance. This insurance helps protect your personal belongings against certain covered losses, such as theft, fire, or water damage. Fortunately, renters insurance is typically affordable at the cost of around $20 per month - a low price to pay for peace of mind.

Moving & Move-In Costs

Whether you are doing a long-haul move or just headed across town, the costs can add up. Consider the per-mile cost of a rented moving truck - or hourly rate for professional movers. Other things to factor include security deposits or application fees. Don’t forget installation or transfer fees for utility accounts, too.

Monthly Utilities 

Utilities can vary from rental to rental. Check with your property manager about what is included and what is your responsibility. Common expenses include electricity, water, sewer, natural gas, and garbage collection. Costs can vary throughout the year, especially if you pay for heating or cooling - and what type of system the home uses. 

Internet & Cable

The Internet is another essential - and options can vary based on location. The residence may be equipped with fiber internet, or you might have the option to use cellular. If you plan to work from home or utilize streaming services, you will want to check internet options - especially if the location is more remote or a wooded area. Cable, although less popular these days, is usually an option to bundle with the internet.

Pet Deposits & Pet Rent

Don’t forget the four-legged family members. Different properties have varied pet policies and may limit the type or amount of pets. Typically, an additional deposit will be required. Sometimes there will also be a monthly pet rent. Be sure to check with your property manager on which fees are refundable versus non-refundable.

Looking for some budget-friendly home ideas? Check out these tips on energy-efficiency.