5 Hidden Renting Costs You Probably Weren't Aware of

While renting an apartment, the monthly rental may not be your only cost. Here are 5 things you should consider before renting an apartment.

1. Application Fee

The initial cost is the application fee to apply for the apartment of your choice. Your landlord uses this money to check your background and credit history. Proof of employment and a good credit score can minimize the security deposit cost of your rental apartment.

The application fee can range from $20 to $75, depending on the average price in your city and is usually non-refundable.

2. Security and Pet Deposit

Once your application is approved, the next payment is the security deposit. This deposit will cover any damage to the apartment from your end when you move out. Your landlord can charge you 1-3 months rental as a security deposit.

Unlike the application fee, this sum is refundable as long as you keep the property in good shape. If you have a pet, prepare additionally for a monthly pet fee or a one-time pet deposit.

3. Moving Cost

It is the cost paid to the movers to transport your belongings to your new place. Most moving trucks charge for mileage plus an additional rental fee. Make sure to compare quotes of different professional movers. If you're relocating for work, your employer may offer relocation expense benefits.

4. Renters Insurance

Your landlord's homeowner insurance will not cover your belongings in case of a natural disaster. You will need renters insurance for such cases.

Some apartments mandatorily require you to carry a policy. Lower the premium by taking advantage of various discount programs such as payment option discounts or multi-policy discounts.

5. Utilities and Other Services

Besides the rent, renters will most likely need to pay monthly fees for water and sewer, trash, internet, and cable services.

Take these hidden costs into account while renting. For guidance on renters insurance, contact the experts at the Scavone Insurance Agency Center LLC in White Plains, New York. Our dedicated team is ready to assist you with all your coverage needs.