Locating the appropriate rental and signing the lease is grounds for a celebration. You’ll start looking forward to your new place and you’ll even be glad and relieved that your endeavors paid off and your rental search is over.
However, you should understand that you’ll need to consider various costs in your budget besides the rental payment. Remember, items like one time charges, move-in costs, and deposits are important in establishing the amount you can afford to pay when deciding where to reside. Here’s a list of non-refundable fees you should consider in your rental application.
Application Fee
Numerous landlords charge this fee to hunters who are serious about securing an apartment in their building. The fee is supposed to cover the cost of your background check, including your criminal record, credit score, and rental history.
It’s important to note that this fee isn’t just supposed to help the property-owner obtain a profit while showing the property and there’s a limit on the amount that can be charged. You can expect the charges to range from$25-$30.
While you can decide not to apply for a rental that needs a fee, this might narrow your choices. Before you pay the fee, inquire whether it’s refundable if you don’t obtain an approval. Also, if approval takes place and you sign the lease, establish whether the property-owner will agree to apply this fee toward the security deposit.
An application fee should mirror the actual expenses of conducting a background check rather than serve as a lucrative side business. If the fee is outrageous, it might be illegal and it’s an indication you must avoid dealing with that landlord.
Move-in Fees
These charges are a comparatively new prerequisite for some rental managers. The non-refundable charges serve to make a rental ready for a new renter during turnover like reprogramming buzzes, changing locks, updating mailboxes, and directories. They aren’t supposed to cover property damage costs from a former tenant.
Pet Fee
A pet fee is a one-time admission cost to have a pet in an apartment. It doesn’t usually cover any damages that a pet might cause. A landlord will typically retain this fee whether pet damage occurs or not.
If you’re a pet owner, you can expect to pay an extra security deposit or a fee to register the pet’s vaccine information and license with the property owner or management company.
Even if you locate a complex that permits pets, it’s imperative you examine your lease and ensure that there are no limitations concerning the breed or size of the dog you own before signing anything.
Cleaning Fees
This might be a needed non-refundable fee that covers carpet cleaning and fundamental cleaning services to restore the rental to its original condition once you vacate. Renters can at times avoid paying these fees by issuing receipts from an expert carpet cleaner they hire upon moving out.
Broker’s Fee
If you secured your rental through a broker, expect to pay a fee. Ensure you recognize the amount the broker will charge; it’s usually equal to 10% of a year’s rent or a month’s rent.
Final Thoughts
While moving into your first rental can be exciting, it’s important to plan for various expenses during your apartment search to avoid surprises. If you don’t know what to expect, check out this list.
For more information on non-refundable fees during a rental application, contact us at Apartment Agents or leave a comment.