How Much Does Renting Cost?

These days, everything has hidden costs. I know nothing in life is free, but it would be nice to get something for free every once in a while, wouldn’t it?

Take home buying, for example, In addition to the cost of the actual home (mortgage, monthly payments, down payments, etc), the transaction itself can literally cost thousands (broker fees, agent fees, inspections, etc). When considering a home purchase, you have to think about how much home you can afford as well as the hidden costs of home-buying process.

This is just one of the reasons why I love apartment rentals. Apartment rentals are surprisingly affordable even in the hottest Houston neighborhoods and the costs of finding and initiating a lease are quite reasonable. They include:

  • Deposit, based on credit, $200-500
  • Administrative fee, $75-200
  • Application fee, $50

Based on these numbers, renting an apartment (in addition to first month’s rent) can cost between $325 and $750. You can keep these one-time fees to a minimum by maintaining a good credit score. And, some fees are waved during certain times of the year or for renters employed with preferred corporations.

If $750 makes your brain hurt a little bit, I understand. But the Houston commercial apartment rental industry actually does a great job keeping the upfront cost of renting to a minimum. None of this first and last month’s rent plus deposit business. In many cities around the country, the deposit can actually be more than the monthly rental rate. How crazy is that? And, you might never see a dime of that deposit again, while in Houston, you can receive your full deposit when you vacate if you leave the unit in good condition.

Always bring your I.D. and your check book when you appear to sign your lease so you can take advantage of any promotions. Also, don’t forget to ask your leasing agent (me!) how you can minimize your upfront costs!

Happy Renting!

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