There are a whole host of fees associated with renting an apartment. I remember when I first started looking for an apartment in Chicago, I thought I would pay my rent at the beginning of the month and that would be the end of it. I had no idea the application process that goes into finding an apartment and the fees that accumulate during the rental agreement. Here is a list of some of the common fees associated with renting an apartment to help you navigate the tricky financial waters of apartment renting.
Application Fee
As it turns out, you have to actually apply for an apartment. The application fee covers the credit and background check that landlords conduct before renting an apartment to an applicant. When I first started renting, I was a college student and didn’t have any credit so I needed my parents to cosign on my lease, which means they had to pay the application fee as well.
Security Deposit
The security deposit covers any damage that is done to the apartment when you are living there. It usually costs around one months rent, upfront before moving in although I’ve had to pay a month and half’s worth of rent before. You do receive your security deposit back at the end of your lease if there is no damage done to the apartment. You can’t, however, use it toward your last months of rent in your apartment. I’ve tried that before!
Pet Fee/Deposit
If your landlord allows you to have a pet in your apartment, understand that there might be an additional fee associated with your furry friend. This is usually in addition to the security deposit to cover any damage done to the building by your pet. I’ve never had a pet in any of my apartments but I’ve met with some landlords who won’t even entertain the idea of allowing a cat or dog in their apartment building. Make sure you know your landlord’s rules on this before moving in!
Late Fees
Unfortunately, there are consequences to being late on your rent - they come in the form of a late fee. Every landlord I’ve had has had a different amount they charge if your rent is late. Right now, my landlord charges $83. Nice round number, right? While I have no idea where he came up with this number, I always make sure my rent is paid on time each month to ensure I don’t have to pay it. See if your landlord will let you pay your rent online so that your rent money is taken directly out of your bank account and you don’t have to worry about forgetting to mail a check at the beginning of each month.
Parking Fees
If your landlord has a parking space or garage space available for your unit, there will most likely be a monthly fee to keep your car there. If you have a car, look into street parking. I have a Chicago City Permit sticker that costs $100 for the year. Much cheaper than the $150 a month my landlord charges for a garage spot.
Noise Violation Fee
If you have a huge party with loud music or get into a loud argument with your roommate or significant other and your neighbors complain, you could be charged a noise violation fee. Check your lease and see if your landlord charges for such complaints. And keep the noise down!
Key/Lock Replacement Fee
If you’re like me and lose your keys all the time, know that your landlord will probably charge you to replace the key and maybe even the lock if necessary. Keep an extra spare if you can!
