your first apartment: the real costs and how to not get burned
Moving out is exciting, and expensive in ways the listing price doesn’t show. Know the numbers before you tour anything.
- Rent is one piece. Deposits, fees, moving and setup costs add up fast.
- Many landlords want income around three times the monthly rent.
- Get renters insurance and document the unit’s condition on move-in.
- Never send money for a place you haven’t seen.
how much rent is okay
A common guideline is to keep rent near 30% of your gross monthly income, though it varies by city. Many landlords require income of about 2.5 to 3 times the rent. Remember utilities, internet, transportation and food when you run your own numbers.
upfront costs
- First month’s rent, and sometimes the last month’s too.
- A security deposit, often about one month’s rent. Rules and caps vary by state.
- Application and background check fees.
- Moving costs, furniture and basics like cookware and bedding.
- Utility and internet setup fees.
before you sign
- Read the lease: length, rent increases, late fees, pet rules, subletting and how to end it early.
- Ask which utilities are included and what the average bills run.
- Take dated photos and videos of any damage on move-in and email them to the landlord.
- Ask how and when the deposit is returned.
roommates
Put in writing who pays what and what happens if someone moves out. If everyone is on the lease, each person can be responsible for the full rent. Decide up front how you’ll split shared bills.
spotting scams
Be suspicious of prices far below the market, a “landlord” who is out of the country, pressure to wire money or deposits requested before a tour. See the unit in person, or send someone you trust, and verify who actually owns the place.
renters insurance
Your landlord’s policy covers the building, not your stuff. Renters insurance is usually inexpensive and covers your belongings and liability. Many landlords require it.
quick answers
Can a landlord charge any deposit they want? No. Many states cap deposits and set rules for returning them, so look up your state’s tenant laws.
What if I have no rental history or low credit? Offer a co-signer or guarantor, proof of steady income, references or, where allowed, a larger deposit.
Is renters insurance required? Not by law, but many leases require it, and it’s worth having either way.