Everything You Need to Know About Apartment Fees

Posted by: TheGuarantors on July 6, 2021

The United States offers wonderful opportunities for education and success. But living in thriving U.S. cities invariably comes with added expenses! What are the fees you can expect to pay to rent an apartment? Here is your ultimate guide to apartment fees!

The National Average of Apartment Fees

Your living costs will be determined by various factors, such as whether you are studying at a university, which state you live in, and which zip code you live in. As a rule, rental apartments in popular cities like Boston and Los Angeles are more expensive than those in the Midwest states.

The average apartment starts at $600 per month (one-bedroom apartments in more rural areas) and goes up to $3,000 or more (one-bedroom apartments in Boston).

TIP: There are calculators on university websites for calculating accommodation and tuition fees: this is a good starting point for tallying numbers!

What Can I Expect to Pay as a Renter?

These numbers will vary depending upon the following:

  • If you are a student: Some universities like NYU offer on-campus parking but only with a parking permit, plus New Yorkers mainly rely on public transit. This is worth bearing in mind before you decide to bring your car to college!
  • Location: The cost of your apartment will depend on where you choose to live. Cities like New York and Miami are more expensive.
  • Roommates: The more people living in your apartment, the lower your monthly costs will be! Since your bills and fees will be divided equally by those living with you, your personal monthly expenditure will greatly reduce. For this reason, we recommend buddying up and finding affordable housing with friends!

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In the graphic above, you'll find a rough breakdown of apartment fees. But let's break down what they mean!

Application Fees

This is the first step in renting an apartment. The application fees go towards determining your eligibility for the apartment. Wondering if you should skip the fees and look for another apartment? Think again! Paying apartment fees like these means that your neighbors have been properly vetted. Furthermore, it means that your chosen apartment is in high demand!

Security Deposit

Found the apartment of your dreams? Make sure you've saved enough for the security deposit! The security deposit is a fixed amount that the renter has to pay the landlord to make sure the renter follows through on subsequent payments. Your security deposit will be refunded, provided your landlord is satisfied with how you leave the apartment when you move out!

Background Check Fees

The background check fees are for your landlord's peace of mind. It's so that they can get to know you a little better. These apartment fees may also cover the cost of looking into your rental history, employment history, credit, and criminal history.

Move-In Fees

Move-in fees are completely separate from security deposits. Nonetheless, they are important! The apartment you choose to rent might not be in perfect shape, for example, the paint might be peeling paint or a leak to fix in the kitchen. When you pay move-in apartment fees, you hand over the responsibility to your landlord to get these quick fixes done!

Additional Costs

There may be a few other apartment fees that you will have to pay when renting. The could include the HOA fees, pet rent, and parking fees.

  1. The Homeowner's Association Fee (HOA) is levied on condominium owners and certain neighborhoods of single-family homes. This fee needs to paid monthly to the landlords to ensure the upkeep and maintenance of the neighborhood.
  2. Moving in with a furry friend? Most landlords allow fish and turtles but have more restrictions with cats and dogs. There are many pet-friendly apartments, but you will likely need to pay a monthly fee. 55% of landlords are fur-friendly, so don't give up!
  3. Last is the parking fees that are entirely dependent on your choice to bring your own vehicle! The parking fees while renting an apartment are so that you have a legal permit to occupy parking space.

Renting an apartment for the first time is a huge deal! Don't be intimated by the initial apartment fees - a great home will be worth the price!

Sources:

Masters Portal

Times Higher Education