Renting an apartment always comes with its own set of expenses apart from the obvious costs associated with renting, such as deposit and rent. Apartment expenses can include any cost that is incurred by you alone because of the use of the apartment such as utilities, moving services, start-up fees for services, parking, HOA’s, and more. At some apartment complexes, there are costs included in the rent you pay monthly but this varies greatly and you should never assume something is included in the rent. At All Property Services, we want to be sure that you have a clear understanding of what is included and excluded in the rent, along with upfront costs and monthly expenses, in order to help you be best prepared for renting an apartment.
Most property management or apartment management companies will charge a fee to process your application. This fee will typically cover the cost of a credit score check and background check. Our nonrefundable application fee at All Property Services is $25 per applicant.
Renters are more often than not required to pay a security deposit upfront, in addition to the first month’s rent. This (typically) refundable fee is often the equivalent of one month’s rent and will be returned to you when you move out, bearing that there are not any damages to the property. Security deposits cover the cost to repair or replace any damage to the property at the end of your lease. If you choose not to renew your lease, management will evaluate the condition of the property and will return to you the amount of your security deposit minus the cost of any necessary repairs.
Some companies may even require you to pay a security deposit along with first and last month’s rent upfront. Be sure that you have a clear understanding of these fees in order to budget appropriately. If working with us at All Property Services, the security deposit amount and upfront rent requirements will vary by property. Contact us today for any questions.
Many rental properties will not allow pets. However, those that do will likely require an upfront pet deposit or monthly pet rent to cover any potential pet-related damage. This fee is typically significantly less than a security deposit, but still important to take into consideration as it will likely be required. All Property Services requires a $300 per pet deposit. Half of this fee is non-refundable and given directly to the property owner.
Utilities: Deposits, Fees, And Monthly Billing
The utilities included in rent vary by property and owner. Tenants are most typically required to pay for gas, electricity, cable, and Internet additionally. Water, sewer, trash, and snow removal are sometimes included in an apartment rental. You should always confirm with management as to what utilities are covered in your apartment rent or upfront fees. For separate utilities that are your own responsibility, you will likely be required to pay a utility deposit to the individual companies. These fees cover installations and service startup. Many companies will return this deposit after you have established an extended record of paying on time.
Utilities such as gas, electricity, and water are typically charged on a monthly basis and are dependent on use. How much you pay will vary between households, depending on factors such as temperature preference, the number of people showering, or how long you leave your lights on. Other bills such as TV or Internet are charged a certain rate per month depending on the extent of service you select.
Many apartment buildings offer a variety of facilities exclusively for use by apartment residents. These facilities can include a gym, sauna, swimming pool, playground, and even sports facilities such as basketball or tennis courts. These facilities are open to all residents of the apartment complex but may require an additional fee for use. This is not commonly required, but at times a fee is requested to cover maintenance costs.
If you have a car and choose to use the parking available on the complex’s property, you may have to pay a monthly or yearly parking fee as part of your apartment expenses. Many apartments provide a parking space free of charge, and some will only charge a fee for covered parking or a garage space. Be sure to check what your apartment complex offers regarding parking so that you can budget for that potential cost.
Moving into an apartment is not done without cost. Hiring a moving service will bear the highest cost, but often requires less work. To save money, you may choose to do the move on your own with a few friends, but you will still need to pay for things such as gas, U-Haul rental, boxes, packing tape, and food or water for those who help you.
All Property Services is a property management company in Northern Colorado. For help in calculating the common apartment expenses when renting or to find quality apartments in Fort Collins, Windsor, Loveland, or Greeley, contact us today.