Central Bank of St. Louis

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  • The hidden costs of renting an apartment [Infographic]

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

    small house surrounded by change and a man with a notebook

    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. And 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.

    an infographic outlining the hidden costs of renting

    While you're thinking about renting your first apartment, there's something else you should be aware of other than the hidden costs above - the rise in rent prices. Let's take a quick look at the renting market.

    1. The housing market is continuing to recover after the recession, so there's been a shift towards renting, especially with those age 18-24. This demand will continue to drive up the rent prices.
    2. At $934, real median gross rent in the U.S. was at its highest level in 2014. It's projected to increase by almost five percent by 2017. [1]

    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.

    [1] US Residential Rent and Rental Statistics, Department of Numbers



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