7 Renting Costs to Consider In Your Budget

Whether you’re moving out on your own for the first time or are already renting an apartment and want to get a better handle on your finances, budgeting is a great way to organize your spending and ensure that you stay within your means. But just as important as budgeting in the first place is budgeting correctly. A lot of renters fail to account for certain renting costs when creating their budgets, which can get confusing—and also cause some problems down the road.

Some renting costs are obvious, while others are less so. Meanwhile, some are fixed and some are variable. Getting a handle on all of the possible renting costs you’ll have to account for is key though if you want to set a proper budget, and can also help reduce the risk that you’ll come up against any unwelcome financial surprises.

Below, we’ll go over seven of the renting costs that you’ll want to be sure to factor in to your budget, with some tips for budgeting while renting that will help you cut your spending and save more for the big stuff.

Monthly Rent

Parking Fee (If Applicable)

Renter’s Insurance

Utilities

  • Heating and cooling
  • Electricity
  • Gas
  • Trash removal
  • Water
  • Cable/TV
  • Internet

Laundry

Home Essentials

Pet Fee (If Applicable)

Costs of Moving to Your Rental

While moving costs and renting costs aren’t exactly one in the same, your moving costs are something that you’re going to have to budget for too. And when you’re renting, your moving costs may include a few items in addition to just your truck rental or moving company. Keep in mind things like:

    • Security deposit
    • Application fee
    • Move-in fee / elevator rental fee
    • Pet deposit fee

    Check out our article on how much money you need to move out for more details on the costs associated with renting an apartment.

    Budgeting Tips for Renters

    All of this seem like a lot of spending each month? We get it. Renting isn’t cheap, even without the big financial hit of a down payment at the outset. Fortunately, there are some ways to stay on top of your spending when you’re renting.

    Stick To Your Budget

    Don’t just set a budget—stick to it! Budgeting is key to managing your finances, whether you’re renting or you own. It’s one of the best tools around for putting your monthly expenses—renting costs included—into full view and making sure that you know exactly what you’re working with.

    Adjust Your Budget As Needed

    Setting it and forgetting it doesn’t apply to your monthly budget. If your income or your expenses change, go back to the drawing board and make adjustments. This ensures that you always know exactly where you stand.

    Leave Yourself Some Wiggle Room

    Renting costs should never make the difference between living comfortably and living paycheck to paycheck. If you find that accommodating your renting costs each month is too difficult, get back on the apartment hunt so that when your lease is up you can relocate somewhere where the costs are more manageable.

    Get a Roommate

    Almost all of the above renting expenses can be slashed in half if you get a roommate. If you’re not totally set on living alone, then it’s a smart financial decision to add a second paying party into the equation. In addition to dividing up the monthly rent, a roommate will also majorly offset the cost of utilities.ren

    Looking for more renting advice? We’ve got your back. Check out our articles on how to avoid rental scams and 15 questions you should ask before signing a lease.