5 Hidden Apartment Rental Expenses Exposed
Finding a new apartment can take a lot of time and money. The obvious expenses of a new rental, including last month's rent deposits and a binding lease agreement, may be apparent to most. However, you may come across several more discreet expenses during the rental process.
It's essential to do your research about each of your prospective properties. This includes a detailed list of extra fees, charges, or deposits. Having all the costs in front of you may change the picture of your overall costs.
Preparing for the hidden expenses of a new rental in Boston or Buffalo will help you transition smoothly. While getting some quick cash with title loans in Massachusetts is always possible, most renters want to be prepared for the overall costs of finding a new apartment. Let's look at a few of the most common hidden rental fees you may encounter.
Pet Deposit
Nearly every landlord can tell you a horror story about one of their units and a tenant's pet. Some pets that aren't properly trained can be very destructive. You should expect to pay a significant maintenance deposit if you own a pet. Some apartment complexes have set rates depending on the type of animal that will be living in the unit. If your animal has not caused any damage to the unit, your landlord may give you a partial refund. You should not expect a full refund, as your landlord will still need to account for carpet cleaning services.
Elevator Service Fee
If your new apartment is in a high-rise building, you must reserve time in the main cargo elevator to move all your belongings. When you use the cargo elevator, you essentially book its dedicated use for part of the day. You should expect to pay an Elevator Service Fee in busy buildings on a moving day.
Parking Fees
If your new apartment building has a dedicated parking lot, you should expect to pay some maintenance charges. Lot repair and security costs incurred by the landlord will likely be passed on to the tenants.
Application Fee
When you apply for an apartment rental, you may be subject to a filing fee. In simple terms, when landlords receive new rental applications, they must conduct due diligence and investigate the information provided. Background and credit checks are conducted by the most reputable landlords, who then pass the cost along to you.
Key Fob Charges
Many buildings and units use technology rather than the classic lock and key on their units. Swipe cards, key fobs, and online smartphone apps are common in the modern rental world. You may be given your first keyless system fob for free when you move in; however, if you need one replaced, you should expect to pay a fee.
Finding the perfect apartment will take a bit of time and effort. Always do your research about all potential properties. Make a list comparing your options that include all fees and charges. This list will help you to make better decisions about your winning apartment candidate. These are just a few hidden rental fees you may find when shopping for your next apartment.