When sourcing for a short-term rental apartment, it is important to factor in all other costs alongside the rent which you are likely to incur. According to APT212 most agencies usually just display the monthly rent when listing apartments however their agents can help you get a detailed breakdown of what to expect on-site. A good landlord, on the other hand, will ensure you have understood all the associated costs before signing the lease agreement, this may even be beneficial in avoiding failure in future or a costly eviction at their expense. Some of the cost which you should expect include;
An application fee- it is mandatory that tenants go through an application process that includes background checks before your tenancy application is considered. This fee is usually non-refundable regardless of whether you will get the apartment or not. It is advisable to factor in a sum of about 25- 75$for this purpose especially since you may have to pay it more than once if you have your first application declined.
Security deposit- this is a refundable sum that is paid during the beginning of your tenancy usually equivalent to one month’s rent. The tenant will have the full amount returned to them at the end of your tenancy if no damage was done to the property, however, if there are any significant damages a proportionate amount will be slashed off the deposit to take care of repairs.
Renters insurance- this is an insurance cover that protects the tenant, it protects your belongings up to a specified amount of money and additionally covers your liabilities as well. The amount you pay varies with various factors i.e. you may be required to pay more if you move into a high-risk area considering the risk of break-in may be higher compared to that of secure neighborhoods.
Parking fees- there are apartments with an available parking space on site. You may, however, have to reserve a slot from your manager or property owner for which you will be paying as agreed. This is majorly for convenience or you may otherwise explore other options.
Utilities- apart from the rent you will have to pay other service providers for recurrent monthly utilities such as water, trash pick-up internet bill, etc. Services such as the internet may require a start of the service fee for setting up. APT212 advises people who have roommates to decide how they will split such costs before moving in together. The utilities can be spread out in both your names to motivate payments from both parties when they are due.
Pet fees- if you are planning on living with your pet, you are likely to pay more. Property owners can charge the tenant an additional sum for your pet so long as it doesn’t exceed the maximum amount set by the state. These fees are essentially meant to cover any damages that may be caused by your pet or cleaning the unit after the end of your tenancy.