Summer is coming to an end, and for college students, this means returning to school. While some college students live on campus, many others live in apartments near the campus. If you are venturing out on your own for the first time, you may be trying to plan and budget for the costs associated with moving out. It is not uncommon for someone to be surprised by the number of fees and deposits they have to pay when renting. Here are a few of the deposits and fees you may have to pay if you are moving into an apartment.
Credit Check Fees
One of the first fees you can expect to pay when looking for an apartment is credit check fees. Most apartment complexes will charge you a fee to run a credit check and background check on you. The cost of this fee varies based on what company the apartment agency uses for a credit check. Credit check fees are non-refundable.
Security Deposit Fees
Another common fee you can expect to pay when renting an apartment is a security deposit. A security deposit is generally one to two times the amount of the monthly rent, but some apartment complexes charge reduced security deposits as part of a move-in special. As long as you pay your rent on time and do not damage the apartment, you can expect to get your security deposit back when you move out.
In addition to security deposits, some apartment complexes have begun charging cleaning fees. The cleaning fee helps to cover the costs associated with cleaning an apartment before and after you move out. Some companies will return the cleaning fee if the apartment is left clean, while other companies simply charge it as a fee that is not refundable.
Key Deposit Fees
The last fee you might have to pay when moving into an apartment for rent is a key deposit fee. The key deposit fee generally covers the cost of keys, such as the key to the apartment door, the mailbox key, and any keys to amenities, such as pools or the gym. When you move out, you will receive your deposit back as long as all of your keys are returned.
Each and every apartment complex is different, and as such, the type of fees you will be expected to pay and the amount required for those fees will vary. Take the time to ask apartment complexes like River Park of Cocoa about their move-in fees before signing a lease so you know what types of fees you will be expected to pay and whether you will get those fees back at the end of the lease or not.