7 Hidden Apartment Rental Costs
Apartment rental is generally cheaper than buying a home. There’s no maintenance, no painting, no being stuck in a 30-year mortgage. But there are unique costs that come with renting a place. If you have a pet, you might have to pay a large security deposit. Do you need renter’s insurance? Parking might be an issue, forcing you to rent a spot. You may need to get all new apartment-sized furniture. You may not be near a store, so you’ll have to hire a service like MyGofer.
These are issues facing more people: home ownership has fallen off 5 percent, while the number of renters has risen steadily, since 2004. While some people choose to rent, there are scores of others who used to own but are forced to rent. It’s harder to get a mortgage, especially since the recession cost people jobs and harmed their credit scores.
While apartment rental may be a cheaper option than home ownership, at least in the short term, you should know all the hidden costs before you sign that lease.
This post was originally published on Everything Finance.
Living on your own in an apartment for the first time can seem exciting, but it’s not all good news in terms of your finances once unexpected expenses start creeping in.