When Renting An Apartment What Do You Pay Upfront?

If you plan on moving to a new apartment, there are many bills you need to consider before making the jump. From application fees to last month’s rent, here are some typical upfront costs you should plan for.

Common Upfront Costs Of Renting An Apartment

There are numerous costs associated with the initial signing of a rental agreement. Below, we detail the typical upfront costs you can expect to pay when signing a lease.

Application Fees

Apartment application fees will ultimately help a property owner assess whether or not an applicant will make a good potential tenant. Landlords will use this fee to obtain background and credit checks, income verification, eviction reports, and other relevant information.

Because property owners can only get these reports through third-party companies, they will charge prospective tenants a rental application fee to cover this cost. As mentioned, most application fees will fall between $30-$75, according to Azibo. However, some states like Arizona feature no cap on application fees.

All landlords need to be very clear when they are charging a nonrefundable fee by putting it in writing. If a landlord never put it in writing that your application fee was nonrefundable, you have the right to request your money back.

*Eagle Ridge Apartments in Peoria, AZ currently charges an application fee of $50 per person. Contact our team today to learn more!

Security Deposit

Rental application fees are used to cover the cost of processing said application, including full background and credit checks. Typically, this fee will be nonrefundable.

Security deposits are usually refundable payments held by the landlord to cover for any damages and/or unpaid rent during the tenancy. This deposit will be returned to the tenant at the conclusion of the lease. The landlord has the right to make any deductions for damages beyond normal wear and tear.

First Month’s Rent

Paying your first month’s rent is almost always required by landlords upfront. This acts as your initial payment to begin your lease. It goes without saying this payment is the cost of your first month living in the apartment. This upfront cost ensures you have the right to occupy the property beginning on the first day of the lease.

This is not a deposit or extra charge; you are simply paying your first month’s rent ahead of time. It will be the same exact amount as your regular fixed monthly payments agreed upon in your lease.

Last Month’s Rent

In some states, the last month’s rent may also be included in the upfront costs of renting an apartment. This means the tenant must pay the final month’s rent amount upon signing the lease.

Just like admin fees, the cost you’ll pay will depend on both the place and landlord. This is a common practice across many states.

Pet Rent

If you wish to move a pet in with you to a rental, it could come with an extra fee. Many landlords will charge an additional pet security deposit and/or pet fee.

Pet deposits, typically ranging from $200-$500 per pet, act as insurance in case your pet damages the property in any way. Of course, you can receive the full amount back if you move out without causing any damage to the rental.

Moving Costs

Here are the typical costs of hiring movers for a 1-bedroom apartment:

• Lowest Cost: $400.
• Average Cost: $1,850.
• Highest Cost: $3,000.

Here’s a look at your average mover costs for 2-bedroom apartments (locally):

• Lowest Cost: $550.
• Average Cost: $1,400.
• Highest Cost: $2,250.

*These are cost estimates according to ThreeMovers. Contact the team at Eagle Ridge Apartments for more information.