Expenses to Consider When Renting an Apartment

Those searching for rental real estate Lowell MA area should always be careful to search for an apartment that suits their budget. However, when calculating one's budget, it's important to consider not only the monthly rental rate of an apartment, but other expenses that may come with living in an apartment as well. Only by taking all expenses into consideration is it possible to find an apartment that comfortably suits one's financial situation.

Utilities

In addition to the monthly cost of rent, it's important for prospective renters to find out which utilities they'll be responsible for paying. After all, some landlords will include certain utilities with their rent, whereas others will require tenants to pay all of their utilities.

Either way, utilities such as gas, electric, water, cable, and Internet can add a significant amount to one's monthly rental expenses. For an apartment that doesn't include any utilities, renters should expect to spend close to an additional $200 monthly to pay these out-of-pocket.

Rental Insurance

Another possible expense that can come along with renting an apartment is that of having to pay for renters insurance. This is a type of insurance that covers the renter's personal possessions in the event their apartment is burglarized, flooded, or catches on fire.

Some landlords will require renters to carry this type of coverage, whereas others will not. Either way, it's a good idea to have. Generally, a decent 12-month renters insurance policy will cost anywhere from $100 to $200, so it's important to factor this cost in when determining one's rental budget as well.

Parking

Finally, depending on where one is moving, it may be necessary to pay extra for a guaranteed parking space. This is especially common in more populated areas, such as large cities. Even in apartment complexes where parking is offered at no additional charge, there may be the option of paying monthly for a covered parking spot, which can be a luxury in the winter and during times of hail storms.

Most complexes will charge a monthly fee for covered parking, however, so it's important to factor this into one's budget as well.

By taking the time to consider other rental expenses aside from rent, it's possible for first-time renters to determine what constitutes a comfortable monthly rental budget. From there, they can begin shopping for that ideal apartment.