The thought of moving into your rental is a thrilling prospect. However, moving into a rental has its share of challenges. In fact, most first-time renters are unaware of how costly it could get to live on their own even if it’s a studio apartment.
Whether you’re a first-time renter or you haven’t signed a new lease in a while, financial preparation is crucial. Besides the monthly rent, you need cash on hand for other expenses that accompany renting. If you’re thinking of renting in Dallas, consider budgeting for these expenses.
Application Fee
Numerous landlords charge potential renters a fee for the rental application. The fee ensures that you’re serious about renting the unit and could cover other expenses such as running a credit check.
It’s important to keep in mind that the application fee doesn’t merely help the property owner secure a profit while showing the unit, and there’s a limit on the amount the landlord can charge.
You can expect the fees to range from $25-$30. You could always opt for a unit that doesn’t require a fee, but this might limit your options.
Irrespective of whether you obtain approval on the application, you won’t obtain a refund on the fee and while an additional $25 might not appear like a huge deal, it’s important you include it in your budget, particularly if you end up applying for various units in order to secure the suitable one.
Pet and Security Deposit
Once you obtain approval, you’ll probably need to pay a security deposit, which is typically equal to a month’s rent. The landlord uses this as collateral in the event that you cause damage to the unit, face eviction for non-payment, or if you break the lease.
In most instances, this amount is due when you sign the lease with the property owner. You should receive the money back provided you maintain the property and make timely rent payments. At times, you might need to cover the last month’s rent at the start of the lease. This seeks to protect the landlord in case you break the lease early.
If you’re a pet owner, you might need an extra pet deposit because there’s a higher probability of stained flooring or scratches on the window frames and doors. The additional cost differs depending on the landlord, but you can expect to pay between $200 and $500.
Pay keen attention to the lease’s wording because a pet deposit is refundable while a pet fee isn’t. A pet fee is simply the cost you pay for a pet to reside in the property.
Renter’s Insurance
Numerous management companies expect you to reveal insurance proof before moving in and it’s advisable you insure your items regardless. Typically, renter’s insurance is around $10-$20 monthly depending on your residential area and the apartment’s features.
Moving Fees
While this isn’t associated with the property, the money you spend on moving could really add up. If you decide to hire movers, they could charge hundreds of dollars. Obtain a couple of estimates for comparison and examine online reviews to ensure you’re working with trustworthy movers. It’s also important to verify whether the travel time is in the cost estimate.
Final Thoughts
Renting for the first time can be exciting but you need to ensure your finances are in order to avoid debt or depleting your savings. With these expenses in mind, you’ll be prepared as a Dallas renter.
For more information on what to budget for as a Dallas renter, contact us at Apartment Agents or leave a message.