You’ll be paying these once a month, with the cost of each utility usually going up or down depending on your usage.
One of the biggest renting costs-aside from your rent itself-is your utilities. Fortunately, renter’s insurance is pretty cheap-the average cost is $17 a month, but you can find good and cheap plans for under $10.
And even if you aren’t required to purchase it, it’s always a good idea to have. Many landlords and management companies require their tenants to get renter’s insurance to covers both themselves and their belongings during the lease term. This is a fixed and recurring cost, so if you do have to pay a parking fee just add that number onto your monthly rent. This is usually especially useful for people living in densely populated cities where finding a parking spot can be a long and laborious process, as well as for areas that get hit with lots of cold and snow. Staying at or beneath this threshold helps make sure that you’re not stretching yourself too thin each month, and also accounts for the fact that you’ll need money left over for other renting costs too.ĭepending on where you live, you may have to rent out a monthly parking spot in addition to your apartment. As a general rule of thumb, your monthly rent should be no more than 30% of your total take home pay each month. Your monthly rent is fixed for the duration of your lease, and because you know it’s not going to change, it’s easy to write in to your budget. Okay, this one is probably pretty obvious. 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.īelow, 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. Meanwhile, some are fixed and some are variable. Some renting costs are obvious, while others are less so. 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. But just as important as budgeting in the first place is budgeting correctly. 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.
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