Renting a home seems pretty straightforward at first, but many renters are surprised by how quickly the costs (beyond the monthly rent) can add up. Aside from your monthly rental rate, you’ll also have to consider things like application fees, the security deposit, and any pet fees that may apply to you. Today, we’ll talk about some of the hidden costs of renting and how you can prepare so you don’t get caught off guard.
Upfront Fees That Add to Your Move-In Costs
Most renters assume that the highest cost when moving is the first month’s rent, but usually, that’s just the beginning of the costs you’re going to incur. Upfront fees (aside from the first month’s rent) can significantly increase the amount of money you’ll need to secure a property–even before you get the keys. Different landlords or property management firms have different fees, which may include:
Application Fees - Some companies charge application fees, which are usually non-refundable and required for adult applicants. Some may even charge administrative fees to cover the cost of drafting and processing the lease agreement.
Security Deposit - Most renters know that they’ll have to pay a security deposit along with the first month’s rent, but the amount may differ. Sometimes it’s equal to one month’s rent, and sometimes it’s more, depending on your credit or rental history.
First Month's Rent - If you’re planning to move into a rental property, hopefully you come prepared with the first month’s rent.
Pet Deposit or Non-Refundable Pet Fee - Austin is an extremely pet-friendly city. However, if you plan to move with your pet, you will need to pay a pet deposit or a non-refundable pet fee before moving in.
If you’re a first-time renter, you may not realize some of these hidden costs of renting. However, by asking your property manager questions and thoroughly reading the rental listing and lease agreement, your responsibilities should be clear. Next, we’ll go over some of the monthly charges you can expect to pay while living in an Austin rental.
Monthly Charges That Aren’t Always Included in Rent
The rent price you see in a listing doesn’t always reflect the full monthly cost of living in a rental property. If you’re a first-time renter, you may be surprised to learn that several recurring expenses aren’t included in the rent, which you must pay separately.
For example, some of the things you can expect to pay for include:
Utilities - If utilities aren’t included in the rent amount, tenants are responsible for setting up and paying for electricity, gas, water, sewer, and trash each month.
Internet and Cable - While it’s not a necessity for everyone, if you want cable and/or internet and it’s not included in the rent, you’ll have to pay for it separately.
Amenity Fees - Some landlords charge for access to shared amenities like gyms, pools, lounges, or coworking spaces.
Parking Fees - Parking fees are another common expense that may or may not be included in the monthly rent. If it’s not, this is another fee you’ll pay separately.
Renter’s Insurance - Some landlords may require renter’s insurance, which is usually a small monthly cost.
Pet Costs and Policies to Consider When Moving
As we mentioned earlier, Austin is extremely pet-friendly, so many renters expect to be able to move with their pets. Luckily, there are tons of pet-friendly rentals here that let tenants live comfortably with their pets. However, just because a rental allows pets doesn’t mean it’s free (or inexpensive) to have them.
One of the most common pet-related hidden costs of renting is a pet deposit or non-refundable pet fee, which we touched on earlier. However, along with this upfront expense, some landlords may also charge monthly pet rent, usually $25 to $50.
Living with pets sometimes means you may face extra cleaning or deodorizing fees at the end of your lease, especially if carpets, flooring, or lawns require more attention than usual. Remember, even well-behaved pets can contribute to normal wear, which can lead to additional charges if it exceeds what’s considered acceptable under the lease.
If you plan on moving with your pet, make sure to read your landlord’s policies carefully and factor any additional expenses into your overall budget.
Unexpected Maintenance and Cleaning Costs
Most renters assume that the landlord fully covers all maintenance. However, that’s not always the case. While most major repairs are the landlord’s responsibility, tenants may be expected to handle minor maintenance, such as replacing lightbulbs, checking smoke detector batteries, or purchasing HVAC filters.
With that, in single-family rentals, renters may also be responsible for things like lawn care, landscaping, or snow removal, depending on the lease.
If there are maintenance issues caused by misuse or neglect, renters may be charged for these repairs. For instance, clogged drains due to improper disposal or appliance damage may be a tenant’s responsibility.
Cleaning is another area where costs can sneak up on tenants. For example, most leases require renters to return the property clean and in move-in-ready condition, which sometimes requires professional cleaning. Failing to return the property in good condition may result in security deposit deductions or out-of-pocket charges.
End-of-Lease Charges Renters Often Overlook
Move-out costs can sometimes be overlooked by renters. Even those who pay on time and take good care of their home may encounter some end-of-lease charges if the unit isn’t returned according to lease standards.
For instance, the home may still need to be professionally cleaned, which may result in extra charges for carpet cleaning, floor refinishing, or wall repairs if the condition is beyond normal wear and tear.
Along with that, if you decide to leave your rental before the lease is up, you may also face early termination fees, regardless of how you leave the rental. So, paying attention to your landlord's policies and taking proper care of your rental can help you avoid some of these hidden costs of renting.
Find an Affordable Rental With Stone Oak
Some of these hidden costs of renting can make finding affordable housing overwhelming. However, finding the right property management company to work with can make all the difference. Most renters value transparency and professionalism, which is exactly what Stone Oak Management strives to follow.
If you’re looking for a rental property in Austin, reach out to one of our reliable property managers today. We can help you find the right fit and walk you through every step of the rental process. Contact us to learn more about how we can help today!
