5 Costs Of Renting An Apartment You Might Not Think Of

When it comes to renting an apartment, you might think you have a good deal on your hands. Perhaps you've noticed that the neighborhood is good and the rent seems a bit lower than usual. However, there are a number of costs associated with renting an apartment that many people don't even take into consideration. This goes beyond the cost of putting down a down payment on the apartment or paying a broker's fee. Rather, these are fees associated with renting apartment that may or may not apply to you and may or may not be an integral part of renting the apartment. Here are 5 costs of renting an apartment you might not think of.

Pet Rent

A good deal of pet owners know the sting of paying pet rent. Pet rent is exactly as it sounds: an additional fee that is added due to the presence of pets in the house or apartment. Pet rent can manifest itself in one of a couple of ways. It can simply be an additional amount that one pays in rent each month that may or may not be based on the amount of pets that you have, or it could be a one time payment that is given to your landlord as part of a down payment before you move into the place.

Laundry

If you have on-site laundry at your apartment, chances are, you are paying for it in one of 2 ways. The first way is that the washing machines and dryers are coin operated. The second manner is one that is added onto your rent. You will pay for an on-site amenity, such as laundry. Make sure that you talk to your landlord before you rent the place in question, as he or she can tell you which one of these 2 systems exist at your apartment building's on-site laundry or what percentage of the rent goes towards laundry.

Parking

This usually only applies to apartment buildings, as houses, conversion apartments, townhouses and walk ups generally either do not have parking, or the parking is included on the property and is not part of the rent. However, with apartment buildings inside of apartment complexes, the landlord must service a general (and usually large) population, so parking is not only required, but usually consists of a percentage of your rent. Ask your landlord about such a matter before signing the lease, and also make sure that the percentage of what you pay corresponds to the type of parking spot that you have.

Rental Insurance

Again, this is not something that you will necessarily pay, but this is something that a good deal of landlords require that you have before you rent from them, or something that is coupled along with the cost of renting from them. Rental insurance can also be a good deal for you, so it might pay to take out your own renter's insurance, just in case a landlord doesn't require it and you find that you do need it.

Apartment Amenities

Apartment amenities basically refer to any sort of on-site service that is not laundry. Apartment amenities can manifest themselves in a wide array of forms. For example, many urban areas consider balconies or outdoor living space an apartment amenity. As such, if you have an apartment with a balcony or a small outdoor living space, the cost is integrated as a percentage of the monthly rent. Ask your landlord about required or necessary amenities and what percentage of the rent they consist of.

When it comes to renting an apartment, be prepared to pay a bit more than what you just find listed as the monthly rent. Hopefully, this article has prepared you for a few of the things that consist as either an addition to or percentage of your rent. Keep these information in mind as you search for apartments for rent in Toronto.

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