The fall is almost here and that means many people are moving out of Mom and Dad’s and into their first apartment closer to their college. Moving into your own apartment is a big step – emotionally and financially – no matter how old you are. So, how much money will you really need?
The amount of money that it will take to get you moving into your own apartment will vary depending on your location and the size of the apartment. But here are the basics you should keep in mind.
- Rental Deposit – Most landlords will require a security deposit as well as rent for both the first and last month upfront. The security deposit will vary, but often is about the same as one month’s rent. So, you’ll ultimately need three times your monthly rent right away.
- Pets – If you have a pet, your landlord may require a deposit for any damage your animal may cause. This is usually a refundable deposit, so inquire about that before you move out.
- Utilities – If this is your first apartment and you’ve never had utilities in your name with the utility company before, they may require a deposit. Additionally, if you are setting up connections in a new place, there may even be a hook-up fee.
- Parking – Some apartment complexes charge for parking decals – check ahead of time. Find out how often you need to renew and what the cost is.
- Getting Settled – Once you move into the apartment, you’ll be spending money on little things that you may not have thought of – cleaning products, mops, window treatments – little odds and ends that you will need to keep you new home clean and tidy.