Thinking about renting an apartment for the first time? This can be an incredibly exciting event in your life. With that being said it's also a task that requires some planning and strategic thought. Taking into account the known costs associated with your move, you can plan for a good majority of the financial hit. But there are also some costs that you may not be aware of or that you could have to deal with while living at your new residence.
One cost often forgot about is the associated price of having a furry roommate, your pet not your best friend Tim that is. Most property management companies, and landlords will charge an additional fee per month or a flat rate upon move in. Some landlords will also not allow your pets to bunk down with you at all. Make sure you are prepared to pay the upfront fee or budget the additional 25-50$ a month for your animal.
Renters insurance is not completely mandatory in some buildings, but in the case of an emergency situation like fire, flood, theft, or injury it can prove to be an absolute lifesaver. Imagine your apartment pipes burst in the cold Canadian winters we undergo every year. Your laptop, TV, and brand-new king-sized mattress are completely destroyed. Renters insurance will cover the costs of the replacements and will get your living space and property back in order at much less of a cost. Renters insurance varies but is typically around the $20-35 a month range.
Does your new place of residence have an in-suite washer and dryer? If not be sure to take into consideration the cost of coin laundry. Most apartments complexes and rental properties have one or the other for your convenience.
Utilities are a huge factor in determining if the apartment you are looking at will fit your needs and budget. Some apartments will include the costs of utilities as a whole, others will have some included (Heat, Water), and some you will be responsible for covering the costs of. utilities can run you anywhere from $50/month-$300/month+ depending on which utilities you are paying for and the general usage frequency on which your household depends on these services.
This whole post has been more or less about unexpected costs associated with renting an apartment. Some of these will become second nature after a few months in your new routine. And then there are some costs that you really can not predict. It's always a safe bet to stash some money under your mattress, or in your bank like a normal person, for emergencies when renting. Your toaster could break, your lightbulbs could burn out, or the unthinkable could happen and your Netflix payment could fail, resorting to you having to pay for cable, what a tragedy.
The most important take away from this is to ultimately have fun with it, plan your monthly spending on rent and expected expenses and tuck a little away for the unplanned costs. You are now on the path to officially #adulting, congratulations.
If your looking to get into your very first place Mainstreet has boutique apartments available at an affordable cost, we have apartment rentals in Calgary, Saskatoon, Edmonton, Regina, and Lethbridge.