Infographic | 1:35 min read

The Hidden Costs of Renting an Apartment

Budget and Save

If you’re reading this article, you are considering signing a lease for your first apartment – congratulations!

Moving out of your parents' house and into your own space is a huge transition into adulthood. Before you take this next step in your life, make sure you're equipped with knowledge about possible hidden fees that come with renting an apartment. These fees are not something you might think about right away; however, they are all important things to consider. In this case, fees aren't always a bad thing. Renter's insurance is an example of a cost associated with renting that will benefit you in the case of an emergency.

Apartment costs infographic

First apartments signal the start of something new. Whether that something new is physical (like new bedding) or a feeling (like the sense of accomplishment). We can all agree on one thing - it’s exciting. Don’t let your excitement be ruined by fees that often catch first-time renters off-guard.

Application Fees

Think of it as a job application - the landlord wants to make sure you’d be a good fit for their property. The cost to apply for a rental property can range anywhere from $25-$75.

Security Deposit

These can cover any unpaid rent or damage to the rental property

Storage Rentals

If you have more belongings than space in your apartment, you may have to invest in a storage rental either on-site or somewhere in your apartment’s vicinity.

Renter’s Insurance

This covers any damage that may occur, such as fire, flooding, or any other natural disaster.

Pet Fee

If your apartment allows pets, you’re more than likely going to be paying a pet fee. Be aware that they can get expensive as most landlords see pets as a liability.

Don't let these hidden fees or rising rent prices discourage you from taking the next step in your life and renting an apartment. Talk to your landlord! Waiving certain fees may be an option if you offer to pay early or pay everything in a lump sum.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.