Question: What are the costs involved in renting a home?
Answer: The costs involved may vary slightly depending on the particular home and your specific situation. However in general the costs are:
Application Fee - This is used to check your credit, income, employment, and rental history. This cost varies and can range from $25 to $55. This cost is paid for every applicant over the age of 18 who will be living in the home. This fee is usually in certified funds and is paid at the time of application and in non-refundable.
First Month's Rent - This amount often accompanies the application and serves as an earnest money deposit. It is cashed if your application is accepted. However, if the application is not accepted then the check is returned to the applicant.
Security Deposit - This is usually one month's rent. However, depending on your credit and situation the landlord may request additional security deposits. This amount cannot exceed 2 month's rent. The security deposit is refunded to you at move out provided the home is returned in it's original condition.
Pet Deposit - This amount varies depending on the number and type of pets. I have seen it as much as $250 per pet. This is usually negotiable. This amount will be used to clean the carpet and repair any damage caused by the pet upon move-out. This is usually refundable if the home is returned to the owner in it's original condition.
Move-in Fees - Many condo and apartment communities charge move-in and elevator use fees. This fees varies by community and I have seen it vary from $100-$300.
Miscellaneous Fees - These might include things like parking fees, lock change fees, etc.
Utility Fees - Many utility companies will charge a transfer fee or deposit to set up the utilities in your name.
Renter's Insurance - This is not a required amount. However, it is usually inexpensive and protects your personal belongings from catastrophes such as a fire or theft.
After Move-In
There will be ongoing costs required for the maintenance. These will vary based on the type of home and the agreement in your lease. These costs could include trash removal, lawn maintenance, minor repairs, repair deductible, snow removal, utilities, etc.
If you are interested in learning more about renting a home in Prince George's or Montgomery Counties give me a call.
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