Which Living Expense needs to be included in the Budget of someone Renting an Apartment?
Most people think about rent alone when considering their budget to rent an apartment. However, rent is only part of your total cost of living. Renting involves a few different expenses that are wrapped up in the total cost of maintaining a home. In addition to rent, you'll want to consider the size of the deposit, the cost of local utilities, and the right renter's insurance policy for your space.
You may also want to build a few lifestyle essentials into your apartment rental budget to determine your total 'cost of living' in a new location. Here's a quick, helpful guide on how to build your apartment rental budget from start to finish.
Rent
Rent is the first number people tend to look at when considering an apartment. This is the baseline monthly expense to enjoy a home in your chosen apartment community. Rent is based on the community, floorplans, amenities, and the local market rates.
You can secure a rent cost each year's lease, and it will likely increase each year to match inflation and market changes.
Deposit
- 1-2 months rent upfront
Every rental home, including apartments, will require a deposit. Your deposit is usually equal to one or two month's rent, and may be returned to you after you move out.
The deposit, sometimes called a damage deposit, will cover the costs of any damage to the apartment during your stay (not including normal wear-and-tear) and taking good care of your apartment will ensure you get all or most of your deposit back. But you still need to budget for the deposit payment when you sign your lease.
Fortunately, it's a one-time expense.
Utilities
Depending on where you live, you might pay for some or all the utilities, so be sure to ask.
- Water
- Electricity
- Internet
- Trash
- Sewer
- Gas
Ask around to learn the typical cost of utilities in an apartment community. Core utilities include water, electricity, and internet. You may also need to consider trash, sewer, and natural gas, but these expenses vary by region and apartment structure. Trash and sewer are also quite often wrapped up into the rent cost, but not always. At The Ridge at Chestnut Apartments, residents are responsible for putting gas and/or electric inm their name. Our communities bill back for water, sewage, trash, pest control, and common-use gas.
Renter's Insurance
- Personal property
- Damaged by an accident like flooding
- Stolen or damaged by vandals
- Personal liability
- Loss of Use
Most apartments also require you to get a renter's insurance policy. This policy will protect you if your home is damaged by accident or vandalism. It usually includes loss of personal property, liability, and loss of use. Loss of use is particularly important, because it can provide funds for an alternate place to stay if repairs require you to move out for a few days if - for example - a pipe bursts and floods your apartment.
Lifestyle Essentials
- Groceries (Nearby Stores)
- Gas (Commute Distance)
- Household Supplies
If you're building a complete expenses budget, don't forget lifestyle essentials after you move into your apartment. These include groceries, gas, and household supplies.
Grocery costs vary by region and the pricing at stores close to your apartment community. Gas prices depend on local rates and the commute distance from your work or the travel requirements for your monthly routine.
Household supplies may include things like lightbulbs, air filters, cleaning supplies, and other little necessities that make an apartment into a functional home. You can also budget for decorations and furniture, if this is your first apartment.
Building Your Apartment Budget
Once you have a full view of your budget, you're in a much better position to weigh the pros and cons of different apartment options. It's not just about the on-paper rental price. You also want to look at how the other expenses might influence your budget — and, thus, your lifestyle.
Consider whether the deposit is sized to represent one or two months of rent in value. Consider how much renter's insurance is required to sign the lease. Learn how much utilities tend to cost in each neighborhood and if any utilities are included in the rent. Check around to find where the most affordable grocery stores are nearby, and the lowest priced gas stations on your commute.
Compare apartments not just by their rent, but by the lifestyle budget you'd need to live in each one. That's the best way to find the best price and enjoy the rest of your income for the finer things in life, like exploring local restaurants or planning vacations.
Discover a Complete Apartment Lifestyle in The Ridge At Chestnut
If you are looking for an apartment in Kansas City, MO, we invite you to consider the complete and welcoming lifestyle you'll find at The Ridge at Chestnut Apartments . We have a great selection of 1 bedroom and 2 bedroom apartment floorplans to choose from, pet-friendly policies, and beautiful grounds. You'll love the pool with it's own lazy river, vast green space landscaping, playground, garage parking and club house. There's even a community pond and volleyball court.
Contact our office for help building your budget to get a feel for how an apartment at The Ridge at Chestnut can become a core part of your lifestyle and the location for your next home.