Austin Property Management Blog

How to Save for an Apartment: A Step-by-Step Guide

Grant Williams - Monday, September 8, 2025

If you’re planning to move soon, learning how to save for an apartment can help you avoid stress and ensure you have enough money at move-in time. In today’s article, we’ll discuss the upfront costs of moving, how to determine a monthly rent budget, set a realistic savings goal, and the importance of opening a savings account and cutting unnecessary expenses.

Key Takeaways

  • Plan for Upfront Costs - Saving for an apartment isn’t just about rent. You’ll want to plan for a security deposit, application fees, moving costs, utility setup, and potential pet or parking fees.
  • Create a Realistic Savings Plan - Calculate your total move-in costs, add a buffer for unexpected expenses, and set a monthly savings goal based on your moving timeline.
  • Stay Disciplined With Savings - Use a separate bank account and cut unnecessary expenses to reach your savings goal faster and avoid dipping into it.


Understand the Upfront Costs of Renting

If you’re a first-time renter, you may not know all of the upfront costs of renting an apartment. During your search, you may be solely focused on the monthly rate. However, as any experienced property manager in Austin will tell you, there are generally quite a few costs you’ll run into to get you started. Here’s what you can expect if you’re looking at how to save for an apartment.

  • First Month’s Rent - You’ll almost always have to pay the first month’s rent before move-in, as you’re paying for your first month of living there.
  • Security Deposit - Along with the first month’s rent, you’ll likely have to pay a security deposit, often equal to one month’s rent, to cover potential damages or unpaid rent.
  • Application Fees - You may be charged a non-refundable application fee, which usually costs around $25-$75, to cover credit and background checks during the application process.
  • Pet Deposit or Pet Fees - If you have pets, you may be required to pay a refundable pet deposit or non-refundable pet fees, depending on your landlord and lease agreement.
  • Parking Pass or Fee - If you’re moving into an apartment building, you may be charged a one-time or monthly fee for an assigned parking space or garage access.
  • Utility Setup Costs - You may have to pay deposits or connection fees to start electricity, water, gas, or trash services.
  • Moving Costs - Don’t forget to account for expenses like a moving truck, professional movers, packing supplies, or travel, if you’re moving from a distance.


Determine Your Monthly Rent Budget

When renting, it’s essential to have a budget so you know you can comfortably pay your rent and other bills each month. That said, the recommended guideline is generally to keep your rent at or below 30% of your gross monthly income.

For instance, if your monthly income is $4,000 before taxes, your rent should ideally be no more than $1,200. However, rent alone isn’t the only housing cost to plan for. You’ll also want to factor in utilities, parking, WiFi, and any additional monthly fees. These extra expenses can add up quickly, so don’t forget to include them when calculating what you can genuinely afford.

By keeping your housing costs within a reasonable percentage of your income, you’ll have more flexibility for groceries, transportation, savings, and unexpected costs. Ultimately, proper budgeting can help you avoid financial stress while renting a new home.


Set a Realistic Savings Goal

Before signing a lease, it’s important to know exactly how much you’ll need to save to cover all the upfront costs of moving. Start by making a list of every potential expense, including the first month’s rent, security deposit, application fees, moving costs, and any other fees you may encounter. For instance, if your first month’s rent is $1,200, your security deposit is also $1,200, application fees are $50, and your estimated moving costs are $300, your total comes to $2,750.

Once you have a total estimate, add an extra 5% to 10% to your goal to cover any unexpected expenses, like utility deposits, additional fees, or last-minute moving supplies. In this example, adding 10% ($275) brings your total savings goal to $3,025.

Next, decide on your moving timeline. If you plan to move in six months, divide $3,025 by six to get a monthly savings target of about $505. Setting aside this amount each month ensures you’ll be fully prepared for your move without any financial stress.


Open a Separate Savings Account

If you’re learning how to save for an apartment, one of the most effective ways to reach your apartment savings goal is by keeping your money in a dedicated savings account. This account should be separate from your everyday spending and used only for savings. By opening a new account, you can keep your apartment fund separate and reduce the likelihood of using it for nonessential purchases. 

Several banks and credit unions offer accounts with no monthly fees and competitive interest rates. This is great if you want your savings to grow while you contribute to it each month. With that, to ensure you meet your savings goal, consider setting up automatic transfers to your account after each paycheck so you’re consistently adding to your savings without having to think about it.


Cut Unnecessary Expenses

It’s hard to save when you’re constantly spending, so reducing non-essential costs is one of the quickest ways to reach your apartment savings goal. Start by reviewing your bank and credit card statements to see where your money is going. You may find subscriptions you’re paying for but no longer use, daily coffee runs that add up, or other expenses that you can easily cut.

Even small changes, like bringing lunch to work instead of getting takeout or buying store brands instead of name brands, can free up extra cash each month. Then, instead of spending it, you can put that extra money into your dedicated apartment fund.


Find Your Next Apartment With Stone Oak

Learning how to save for an apartment is all about planning ahead, creating a realistic budget, and staying disciplined with your spending. It’s important to understand the upfront costs, set a savings goal for yourself, and find ways to cut expenses. Then, you’ll be ready to move into your new apartment with no financial stress.

When you’re ready to start your apartment search, Stone Oak Property Management can help. We can help you find a home in Austin that fits your wants, needs, and preferences. Contact us to learn more about our management services, and check out our current listings today!

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