Apartment for Rent Tips – How To Budget For An Apartment

October 31st, 2018


The thought of having a place you can call “your own” is really exciting. But, moving into a rental property does come with great challenges and responsibility. If you are a first time renter, you might get overwhelmed with all the added expenses that renting could bring. This is why smart budgeting is a must when you are renting a property.


Apartment for Rent Tips – How To Budget For An Apartment


Budgeting for an apartment – how to do it?

Understanding how much money you’ll need on a monthly basis could really help in budgeting for an apartment. It will make your life easier as a tenant if you know all the things that you need to pay for and how much it will cost you per month.

Make a list of your monthly expenses. Groceries, transportation allowance, gas money, insurance fee, and phone and cable bills must be added on this list. Think hard of all the things that you need to pay for month after month and list them all down in a sheet of paper.

Consider the first and last month’s rent. First time renters must know that most landlords requires first and last month’s rent on top of security deposit before moving in. The security deposit is used for possible damage to the unit caused by the renter. The last month’s rent is used to cover the last month that you will occupy the unit.

Have an emergency fund. Always set aside a bit of money for your emergency fund. No matter how small it is, make sure that you have something that you can spend when an emergency situation arises. Even though you won’t be shouldering the repairs and maintenance of the rented property, you might use some of your own money to upgrade your interior. Emergency fund can also cover your expenses whenever there’s an unexpected hiccup at your monthly income or salary.

Location is really important. When setting a budget for an apartment, consider the location of the rental unit. Better yet, choose an apartment close to your office/school, public transportation and major establishments.

List down utility bills. Heating, gas and electric bills can pile up month after month. Although some apartments include utility bills at their monthly rental fee, some others aren’t. Make sure to ask the landlord about this one and list down how much the average fee is so you can plan you budget for it accordingly.

Budget for a more efficient apartment living is quite a challenge. But with these tips, pretty sure the whole process can be more bearable than expected.

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