When Renting An Apartment What Do You Pay Upfront?
Renting an apartment – especially if it is your first one – can be an exciting time. But a little bit of stress can creep into the experience. You may be reminded that there will be different costs associated with renting, and it is something you’re going to have to worry about. What is one of the big questions that will come up? When renting an apartment what do you pay upfront?
Good question. In Boston, property management involves the important step of getting Bostonians into their new rental property with all the needed fees that landlords require at the beginning. But it can be confusing, since part of renting is just making sure you as a resident can cover the monthly rent. But you shouldn’t forget those additional fees. Here we will go over the most common fees you can expect, as well as a few more that may be added in certain circumstances.
Table of Contents
Common Fees
There are a number of fees that have become ubiquitous when it comes to rental apartments. These fees can be expected or at least should not be a surprise to any renters, since they are the most common ways that landlords can cover their own costs of rental turnover, as well as provide assurance that the resident is renting the apartment in good faith.
Security Deposit
When renting an apartment, the security deposit is typically the most common fee you’ll encounter. This deposit serves as a financial safeguard for landlords, covering potential damages beyond normal wear and tear or unpaid rent. It is usually equivalent to one month’s rent, although this can vary. The security deposit is refundable at the end of your lease, provided the apartment is left in good condition. It’s a standard practice, making sure that both landlord and renter have an understanding of the financial responsibilities of the landlord.
First Month’s Rent
It makes sense that the new renter would owe the first month’s rent when they are preparing to move in. After all, you would owe this rent anyways. So it is another standard practice that all renters can expect.
Last Month’s Rent
If you’re asking yourself when renting an apartment what do you pay upfront, the question of whether you need to pay for the last month’s rent is a common question. The answer is: that it varies! While paying the last month’s rent when you move into a new apartment is common, it isn’t necessarily standard. You will find that it is more common in some areas or cities than others, but it differs from one property to the next. The priority for you as a new resident is to ask these questions when going through the application and onboarding process.
Application Fee
When you apply for an apartment, you often have to pay a non-refundable fee to process your application. This includes things like background and credit checks that involve some kind of charge to the property owner or management company. These are often required even if you don’t end up getting the apartment since these are fees that the owner or manager has to take on from third-party companies either way. It is understandable from their perspective since it does weed out some potential residents who aren’t serious about renting the apartment. From the renter’s perspective, you can be comforted in the fact that it is usually only a small fee of $50 or less.
Pet Deposit
Another common fee that is paid upfront when renting apartments is a pet deposit. If you have pets, some landlords require an additional deposit in addition to the security deposit. With how often apartments are damaged by pets, it has become a standard (but not always obligatory) fee that landlords may request.
Other Possible Fees
Parking Fee
This fee is certainly more common in some city regions and areas and less common in others. Depending on how your apartment building is set up, the landlord or building management may charge you a fee for a designated parking space. Other extras like a garage door opener or parking sticker may be included in certain cases.
Storage Fee
Various apartment complexes may have storage units available to renters. Sometimes it is built into the monthly rent, while other times it could be an optional add-on to the apartment that you’ve already considered and are opting into. It could have been a bonus when choosing that particular apartment. If so, then there may be that storage fee that is upfront that you need to consider.
Amenity Fee
While amenities are considered a great addition to many apartments, there may be amenity fees that are added onto the apartment when you first move in. This could be a yearly fee for pool maintenance or a monthly gym fee. It varies of course, so asking these questions and having them clearly outlined in a lease agreement is important.
Utility Setup Fee
Utilities is another factor that varies a lot from one rental complex to the next. There may be additional fees for setting up the internet or cable. There could be some components of the water, gas, or other utilities that have an initial setup fee.
Move-in Fee
Is there something just called a “move-in fee” that is outside the typical security deposit and other fees? Yes, there is. But when asking when renting an apartment what do you pay upfront, it is valuable to note that some landlords and owners do require a move-in fee. And different than a security deposit, it is typically not refundable. Keep in mind though, it is possible a single move-in fee may be added in order to fit in all the various other fees that some other apartment buildings may require. So in some cases, perhaps a move-in fee is simpler than charging numerous other separate fees.
How Bay Property Management Group Can Help
Renting an apartment requires a bit of planning, commitment, and financial stability. Carefully planning for fees that are needed upfront – as well as recurring ones – can go a long way in making sure your experience is a stress-free one.
As ones who are responsible for Boston property management of many rental units, we understand how challenging it is to handle and navigate a complex rental process. Whether you are looking to move into a new rental, or need help managing your rental portfolio, Bay Property Management Group can help! Contact us today to learn more.
