| by Kenneth Chase | 3 comments

The REAL cost of an Apartment 2019! (Hidden Leasing Fees?)


How’s it going y’all, my name is Chris
with apartments near me and today I’m gonna be breaking down the expenses you
could see when renting a new apartment. Before we get started with the video
it’s important to note that anytime you are making an important financial
decision or signing a contract you should consult with a professional
beforehand, with that being said let’s start the video! The first expense you’re
likely to run into is an application fee this covers the cost of a background
check and a credit report. I live in Dallas and on average this runs anywhere
from 60 to 150 dollars, these are non-refundable so if there is an issue
with your screening, it’s unlikely you’re gonna be getting your money back.
There are rare circumstances where you may be able to receive a refund, like if
the landlord rents out the unit you applied for before they run the
background check in the credit report. But like I said, it’s very uncommon.
Application fee regulations vary by State. For example; some will limit how
much they can charge, others will limit the fee to the out-of-pocket cost to the
Landlord. Before you submit an application, I 100% recommend researching
your state laws on the matter. Another thing to keep in mind, which could
dramatically increase your upfront cost, is the security deposit this protects
the Landlord from unpaid rent and potential damages to the property. In my
area the average price is around one month’s rent or as we’re seeing become
more common, eighty percent of the first month’s rent. Assuming that you don’t
trash your apartment and you pay your rent, this deposit is refundable. Another
less common variation of this is a security fee, which in most circumstances
is a lot less than the one month’s rent. The laws surrounding these deposits
differ by State and can impact your refund, the landlord’s ability to add
additional deposits, or place limitations on the amount that they can charge. I
want to briefly mention something that I’ve personally never seen before, which
is a utility deposit. This may be more common in other areas and from my
research is in the range of 70 to 150 dollars. These are refundable assuming
that you pay your utility bill and in a lot of cases will be waived with good
credit. Another very common cost is the administration fee. These could cover
filing your application, removing the listing from online,
or preparing your apartment for move-in. You can expect these to cost six to
twelve percent of your first month’s rent or somewhere in the range of a
hundred dollars. Not all apartments charge an admin fee and in a lot of
cases you can get them waived. Renters insurance covers you for personal
property and liability. On average, (this costs) ten to twenty dollars a month for that. Many
apartments will require you to get renters insurance in order to move in
and this will be stated in your leasing agreement. Regardless of if they do or
don’t, as you can see it’s fairly inexpensive and it’s smart to purchase
and I would recommend it. This next one, which you probably heard of before if
you’re a dog or cat owner, is the pet deposit. This is designed in anticipation
of cleaning and repairs that might be needed if you have a pet and are usually
200 to 500 dollars. This varies by apartment and some landlords won’t allow
you to have a pet on the premises at all. Three ways which you could see this
collected are a one-time pet fee, which is non-refundable,
a pet rent which is an addition to your monthly rent and finally a pet deposit,
which could be refundable depending on the condition of your apartment. I’m
gonna run through these next four really fast. Garbage pickup or as it’s commonly
referred to valet trash services, there are properties which collect your trash
for you and charge a small fee each month. Expect five to twenty dollars. Pest
control is very similar and self-explanatory. Storage and garage,
you’ll find that many apartments have the option to purchase storage and
garage space on the property and this could save you a lot of time or money
having that on site. Finally parking, you could be required to pay for a parking
pass and some management companies will charge if you have additional vehicles
taking up more spaces or if you want to have a covered parking space. Two last
topics to cover. The first one, utilities which covers electricity water natural
gas internet and cable there are some complexes that will cover this so I
would check to see if the one that you’re looking at does. The price on
these vary depending on how many people are in your apartment your usage and the
area that you live in so it is difficult for me to
you an idea of how much that costs. There are a lot of great resources online
provided by electric companies, water companies that can help you calculate
and figure out an estimate of how much that will cost you each month. A large
percentage of properties will provide free Wi-Fi for you,
but I’ll tell you right now you get what you pay for. Most people tend to go with
an outside company to provide that. I pulled up AT&T they have internet and
cable bundles ranging from 75 to $100 in my area. You can go online to spectrum,
AT&T whoever provides internet and cable in your area and get an idea of how much
that will cost you. Now the final and most obvious cost of getting a new
apartment is rent. I feel like most people have a pretty good understanding
of what rent is, if you don’t or have any questions you can always leave a comment
down below. Some apartments offer you the ability to do a three or six monthly and
these typically have a higher rent than you would see with a one year lease. I
want to mention a great resource that you have if you are searching for a new
apartment. Apartments Near Me provides free apartment locating in Texas and can
speed up the process of you finding a new apartment. Our knowledgeable experts
have the ability to answer any questions that you may have and find you a place
that fits all of your needs. If you enjoyed this hit that subscribe and
notification about releasing a new video coming up soon that is detailing
budgeting. With that being said thanks for dropping by have a great day! *Calm Beat Fades*

3 Comments

Lewis Custer

Jun 6, 2019, 1:05 am Reply

Great job w this video Chris!

Apartments Near Me

Jun 6, 2019, 1:07 am Reply

Anyone else getting frustrated with all of the fee's and deposits Apartment Complexes charge?? Hope you enjoyed this video and learned something new about the cost of leasing an apartment, thanks for watching!

Theorem Gaming

Jul 7, 2019, 7:07 pm Reply

Thanks for the apartment leasing guide! I swear they always have a ton of fee’s hidden in the leasing agreement..

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