Making Sense of Home Rental Costs

Sometimes a rental is the best option, especially if you are not planning to put down roots in your current city. If you are looking for an apartment or home to rent, you’ll need to be aware of the costs that may be involved.

One of the most common fees is for the first and last month’s rent. Because this is a protective measure for the landlord, nearly every renter will have to pay this fee. You could also be charged a security deposit in case there is damage to the house while you are living there. As long as you leave the rental property in good shape and clean up before you move out, you stand a good chance of getting this deposit back. There is also a lock fee (to cover the cost of having a key made or a lock changed), and you could possibly be charged part of the inspection fee.

There are a few illegal fees that unscrupulous landlords might attempt to charge you. One such fee is an upfront processing fee. A landlord should not charge you for routine amenities, either – like use of the gym or pool facilities on a rental property. You can’t be charged a pet fee or a finder’s fee by a landlord. However, if you used a realtor to find the property you plan to rent, you may have to pay a broker’s fee – which can be equal to one month’s rent.

Some monthly rental fees include utilities and even garbage pickup. Other landlords may offer a lower monthly rent but require you to pay for utilities separately. If this is the case, you may be looking at a property that is difficult to heat and cool, so be cautious before agreeing to this arrangement.

Keep these fees in mind as you search for the perfect rental property.

There is one final step you should take before signing a contract. Don’t take it for granted that the home or apartment is safe and in good shape; get it inspected by Inspect-It 1st. We provide the industry’s most comprehensive report and the best in customer service! Find out more here.