Costs Of Renting Your Home

Dated: March 19 2019

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Renting doesn’t involve a costly purchase process, so it has fewer upfront expenses. Still, you may encounter the following costs before or shortly after moving into a new apartment.

  • Security Deposit. Landlords require a security deposit to insure against property damage requiring repairs, delinquent rent, broken leases, and other incidentals. Many states limit security deposits to 1.5 times monthly rent.

  • First Month’s Rent. Most landlords require the first month’s rent upfront. If you move in the middle of the month, your landlord may accept a prorated rent payment.

  • Nonrefundable Deposits. Depending on the rental property laws in your state, your living situation, and your landlord’s preferences, you may be charged nonrefundable deposits in addition to your security deposit. For instance, pet deposits are commonplace. They typically range from $100 to $500, depending on the type of animal and base rent.

  • Moving Costs. Like homebuyers, renters have to pay to move their belongings, whether by hiring movers, renting a truck and driving it themselves, or relying on friends.

Recurring Costs

  • Monthly Rent. Unless you live in a rent-controlled neighborhood or a city with strict renter protection laws, your rent can increase whenever you sign a new lease. Rent payments vary widely based on local market conditions, number of occupants, and the size, condition, and location of the rental.

  • Pet Rent. Instead of a pet deposit, some landlords charge pet rent. Pet rent spreads the expected cost of pet-related wear and tear over the tenant’s entire stay. It usually amounts to $10 to $40 per month, depending on the animal and base rent.

  • Renters Insurance. Renters aren’t required to carry renters insurance for their possessions, but it’s highly recommended to protect against loss due to theft, fire, and other perils. Insurance costs are based on the value and nature of insured property, coverage limits, deductibles, and other factors. According to U.S. News, the median monthly cost of renters insurance is about $15.

  • Utilities. Utilities vary by landlord and region. In some dwellings, particularly those in larger apartment buildings, all utilities (including things like cable and Internet) may be included in the monthly rent. In others, renters are responsible for most or all utilities.

  • Laundry. Many rentals don’t have in-unit laundry machines. Tenants either need to find a nearby laundromat or use coin or card-operated machines onsite. In either case, the process requires direct payment of around $2 to $4 per cycle. Even for tenants who employ strategies to save money on laundry, that adds up to $9 to $18 per person, per month, assuming one load each, per week.

After reviewing all this information buying a home may be the better choice.

 If you are interested in recieving information on homes that are currently on the market and ready to be purchased  please visit my website at www.gina.ithinkrealty.com or email me at gina@ithinkrealty.com

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Manuel Quiros

My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....

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