Payment

While you don’t need a big down payment to secure a rental property, you still need to allocate an amount of money to move in. Along with your first month’s rent, there will be other initial expenses including:

• Application fee, credit check fee – These fees normally run $20-$100, depending on your area.

• Security deposit – Security deposits range from a couple hundred dollars to a full month’s rent. The landlord holds on to this payment to cover any unpaid rent or damages to the property at the end of the lease. The remaining amount will be refunded to you.

• Pet deposit, if applicable – If you have pets, and the landlord allows them, you will probably pay a pet deposit. This deposit is a few hundred dollars per pet and is usually nonrefundable.

You should budget 25-30% of your monthly gross income for housing. In addition to your rent, keep in mind the other monthly expenses you will have to pay such as utilities, food, entertainment, and savings. Find out from the landlord or management company what utility payments, if any, are included with the rent.