Getting your rent paid every month is a BIG thing… but it isn’t the only thing.

The hidden costs of renting an apartment can quickly add up and catch you off guard. It’s important to understand all potential expenses before signing a lease.

To make sure you’re financially prepared for this big step, you’ll want to know what to save and budget for.

Here’s the full rundown on what first-time renters need to know about the true cost of getting an apartment, from upfront move-in fees to those monthly “extras” that come along the way.

Initial Move-In Costs: What to Budget Before You Move

Before you can even unpack the boxes, moving into a new apartment comes with several initial expenses. Here’s what you can expect to pay upfront:

Application Fee

A rental application fee covers the cost of processing your background and credit checks, and is typically non-refundable. Expect to pay around $35 to $75 for this one-time fee, though it can be higher in competitive rental markets.

Administrative Fee

Similar to an application fee but often a bit steeper, administrative fees help cover the paperwork and property-holding costs associated with renting. These can range from $50 to $200 and, like the application fee, are usually non-refundable.

Security Deposit

Think of the security deposit as insurance for your landlord in case of damage to the apartment. This is usually equivalent to one or two months’ rent and is potentially refundable, depending on the condition of your apartment at move-out.

Move-In Fee

In some areas, you might encounter a move-in fee instead of (or in addition to) a security deposit. This covers general wear and tear prep for new tenants, like re-keying locks or repainting. Move-in fees typically range from $100 to $500 and are generally non-refundable.

Monthly Living Expenses: Beyond Just Paying Rent

Once you’re all moved in, there’s more to think about than just your rent payment. Here are other monthly costs you’ll need to budget for:

Utilities

Electricity, gas, water, and trash services can add significantly to your monthly expenses. Some apartments include utilities in rent, but if they’re billed separately, you’ll want to plan ahead. Average utility costs can range from $100 to $300 per month, depending on location and energy use.

Parking Fees

If you have a car and live in a high-demand area, parking could cost extra. Reserved spots may add $50 to $150 to your monthly expenses. Check with your landlord for parking availability and fees.

Pet Fees

Pet owners, beware—having a furry friend can be pricey! Many properties require a pet deposit (often refundable) or monthly pet rent. Expect to pay $25 to $50 extra per month in pet fees, though it can vary based on the property’s pet policy.

Extra Services and Amenities: Optional Monthly Costs

While these costs are optional, knowing about them can help you avoid surprises in your budget:

Media Packages

Some apartments bundle internet and cable into the rent or charge for required media packages. This can add $50 to $100 to your monthly budget, so ask about this upfront.

Maintenance Fees

Many apartment complexes charge maintenance fees for shared areas or facilities, ranging from $50 to $1,000 per month depending on amenities like gyms, pools, or outdoor spaces.

Lifestyle Fees

Gym memberships, pool access, or other amenities might also add a lifestyle fee to your budget. These could be monthly or yearly, so be sure to include them in your renting budget.

Emergency Savings for Renters: Planning for Unexpected Costs

It’s smart to have a little cushion in your budget. Unplanned expenses like minor repairs, replacing small appliances, or stocking up on cleaning supplies can pop up.

Here are some common unexpected expenses you might encounter:

• Renters Insurance: Protects your belongings in case of theft, fire, or water damage, often costing $10 to $20 per month.

• Basic Apartment Necessities: Don’t forget essentials like curtains, rugs, or bathroom accessories if it’s your first apartment.

Total Suggested Savings: How Much Should You Save Before Renting?

To be fully prepared, plan to save three to four months’ worth of rent before you move. Here’s how that breaks down:

1. Upfront Costs: Security deposit, application fee, and move-in fees—expect these to total one to two months’ rent.

2. Emergency Fund: A buffer equal to one month’s rent for unexpected expenses will provide peace of mind.

3. First Month’s Rent: This is typically required before moving in, so make sure it’s included in your budget.

For example, if your rent is $1,200 per month, aim to save $3,600 to $4,800 before you begin your apartment search. This amount ensures you’re ready for move-in fees, monthly expenses, and the unexpected surprises of apartment living.

Final Tips: Budget for More Than Just Rent

Getting an apartment means budgeting for much more than just the rent.

Knowing how much to save before renting an apartment and understanding all the hidden costs of renting will help you plan more confidently and enjoy your new space without financial stress.

With a little preparation, you can turn your first apartment into a comfortable and well-budgeted home!

Turn Your First Place Into Your Happy Place

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