When renting an apartment, fees and deposits an ever-present part of the process. But what can you expect in terms of getting them back or avoiding them in the first place? We’ve listed some of the fees and deposits you can expect to help you know what to plan for and how to protect yourself. Though fees and deposits vary upon your state, city and apartment community, you can generally expect to find the following.
Application fee
This is what you pay to be in the running for an apartment. In most cases, you will be charged to have your credit and background checked. These generally nonrefundable fees can vary greatly in price and can also be rolled into special deals, so be sure to ask.
If a prospective landlord asks for an exorbitant amount to process your application (in the neighborhood of a month’s rent), check the details! Even if you are assured a refund if you are not given the apartment, be sure you are protected in writing. Some landlords will apply such an application fee as your security deposit, but others might keep it if you decide you don’t want the place after all.
Security deposit
The price of the security deposit varies greatly but is often the equivalent of one month’s rent. If your landlord asks for more than a month’s rent and keeps that sum for more than six months, you may be eligible for interest on that amount. Check with your local rent board for the law in your area. Some complexes are willing to reduce or wave the deposit to entice you as a renter, so shop around.
Delinquent rent or extra cleaning after you move out will be subtracted from your security deposit. Other fees listed below, such as garbage pick-up or key/lock replacement could also be taken from this deposit.
Pet fee/deposit
This amount varies greatly, depending on the type of pet and the particulars of your apartment community. Sometimes it can run you hundreds of dollars up front, though if it is the only type of deposit you’re paying, you may be able to recoup most of it if your pet doesn’t do any damage to the unit. In other cases, you might be charged extra rent to keep your pet with you, which would be nonrefundable.
Parking fee
Your building or complex may offer one or two spaces free as part of your tenancy or you might have to pay for an on-site space. Also find out how many guests you can have park at one time.
Late fees
Mark your calendar so you know when your rent is due. At some apartment communities, late fees can be $50 a day or more, depending on your lease, so don’t incur unnecessary costs by losing track of the date. Also make sure to read your lease carefully and know what the late fees are.
Garbage fees
Some communities will charge you for unsightly conditions, whether it’s accumulated refuse around your unit or creating an eyesore on your balcony/patio. If your community offers trash pickup, only put it out on designated days and keep your outside areas clean.
Key/lock replacement fee
Even the most organized person can lose track of their keys. If you lose yours, you should have your lock changed as well, and expect a fee for both.
Noise violation fees
If your parties are frequent and loud, you may incur the wrath of your neighbors. Any complaints about your excessive noise, from stereos to arguments, could result in a fine for you.
Pet waste fine
If you’ve got a dog, or live near someone who does, you know how important it is to pick up after your pet. Don’t leave home without your little blue bags, or you could be paying for it later.
Redecorating fee
If you leave your place a mess, kiss your deposit goodbye. But if you’ve painted without your landlord’s permission, or made some other unsanctioned change to your apartment, you could face a redecoration fee to get it back to its original condition. Save yourself the worry by running all potentially significant changes to your apartment past management first.
These are some of the most common deposits and fees found in apartment living, but certainly not all of them. Be sure to read your lease thoroughly and keep a copy on hand. (Read: Understand Your Lease Before Signing It) What you sign will be the guide to your tenancy and the legal basis for fining you, so ask plenty of questions and make sure you understand the fine print!
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