How Much Money Do You Need To Rent An Apartment?

by : Kevin Lloyd

The amount of money that you will require to get into your apartment will depend largely on where you live and how much the rent of the apartment is going to be. You may have to pay a broker in addition to the landlord to get into an apartment. You will need to be prepared to make two payments when you initially begin the process of leasing an apartment.

First, you will be required to submit an apartment application. There are usually fees associated with this as well as a credit check. Then you will need to be able to pay the rent and the security deposit. The application fee is refunded once you sign a lease, so this amount of money may be used towards your first month's rent.

When you sign the lease you will need to pay the landlord the first month's rent and possibly the last month's rent. Many landlords use to require that you pay the last month's rent, but this is not as common as it once was. You will also be required to pay the security deposit, which is also going to be equivalent to one month's rent. If you have to use a broker to find your apartment, you will pay a percentage of the year's rent or one month's rent. This will vary amongst brokers. So, in essence, you need to be prepared to pay two to four month's rent to get into the apartment. The landlord may also require that you pay these two fees with a certified check or a money order. Both of these will require that you have cash to obtain these, so you may have to do some saving in order to afford this.

If you have a pet, you will be required to pay even more. Many apartments will charge a pet deposit that you will get back when you move out of the apartment, assuming that the pet did no damage to the apartment. These fees will vary depending on the apartment complex. Some apartment complexes may charge up to $500 for a pet deposit. If the apartment claims that your pet did do damage to the apartment when you move out you may not be able to get this amount of money back. So be sure that your dog is housebroken and that the cat is using the litter box. Many apartments will pull up the carpet to see if the animal has used the bathroom on the floor and they will charge you for the damage.

In addition to the costs of leasing, you may also have to buy some furniture and other belongings. If you are just starting out on your own, you may consider asking family members if they have anything that they don't need anymore. If you get creative you can turn old furniture into descent pieces and you will save some money while you're at it. Don't forget to keep some savings for necessities like food, telephone service, cable service and other utilities that you may need to set up.

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