Shopping for the perfect home in Houston or Dallas in such a competitive market isn’t easy. Rental prices are constantly on the rise, and with increased demand from other buyers, it can be difficult to find an apartment for the right price.
When you’re searching for a new apartment, don’t focus solely on the cost of rent. This can make you lose sight of the actual price, which sadly can include many hidden fees. These can add up.
Security Deposit
In the majority of cases you will be asked by your landlord to provide a security deposit. While this fee is refunded at the end of your lease, it must be paid before you move to your new property. Security deposits can significantly vary in Houston and Dallas; however, they are typically around ½ month’s rent.
The purpose of a security deposit is to cover damages when you leave, for example, if you make a mess of the walls so they need to be repainted. Some landlords may even ask for a non-refundable security deposit.
Utilities and Parking
Utilities include electric, water, gas, Internet, trash – basically anything that revolves around the day-today upkeep of your apartment. Some or all of your utilities may be included; however, if they aren’t, expect to fork out roughly 20 percent of the rent price on a monthly basis. In addition to monthly or quarterly fees, utility bills may also have a set-up fee.
There are a lot of hail storms in Dallas, so you may want to pay extra for covered parking spot. This will likely get added onto your rent price if it’s part of your apartment community.
Renters Insurance
Most renters’ insurance policies will provide you with the same benefits as a homeowner with the exception of coverage for structural property damage. Some landlords state in the lease that tenants must have renters insurance that covers specific damages.
Moving Expenses
Moving expenses can significantly vary depending on how much you’re bringing with you and the distance you have to travel. These one-time costs include van rental, gas and movers. Although getting a few mates together to help you out will cut down the price, remember that they’ll probably expect to be fed.
Apartment Agents provides a free move offer if you use their service. This could potentially save you hundreds of dollars in moving expenses.
Extras
If you’re a pet owner, you’ll not only have to check the lease agreement to ensure you’re actually allowed an animal in your new apartment, but may also have to pay an additional security deposit. Some apartment communities also charge pet rent, which usually ranges between $10 and $20 per month for each animal.
Always prepare yourself for rent increases if you’re planning to live in your new apartment for more than one year. In a competitive rental market prices go up between three and five percent each year when you renew your contract.
Don’t forget about the fundamental aspect of living – food. While you may bring a few bits and pieces with you, you probably won’t want to transport refrigerated and frozen produce. The initial “moving-in” shop can cause quite a dent in your bank account.
In some cities you may have to pay a fee if you use a real estate agent; however, in Houston and Dallas the apartment communities usually pay this cost, making it a free service. Apartment locator companies will also know exactly what properties have the features you want, and who is offering the best rental rates and concessions.
Don’t let the hidden costs of renting a new apartment fool you! If you want to know more about what you can do to avoid these fees, feel free to get in touch with Apartment Agents.
Image: Dan Moyle