Estimating Apartment Utility Costs

When you’re searching for a new rental, utility costs aren’t always the first thing that comes to mind when configuring your financing.  You’re aware you need to plan for them, but the costs aren’t always clear, so before you sign the lease, be sure to account for extra rental expenses. During the winter months, you can expect to pay between $30-50 a month for electricity, largely depending on how much you’re at home, how careful you are about turning off the lights, and how energy efficient your appliances are.

Photo Courtesy of Movingtoday.com

Photo courtesy of Movingtoday.com

If you live in a multi-unit building, there is a chance there will be no extra costs for heat, and the Landlord will have added the additional costs for heat into the cost of rent. If you’re renting a house, and have gas or forced air heating you could be paying at least $100 a month in the winter time, but the best way to determine the costs would be to ask the landlord or a previous tenant. If you don’t want to spend time trying to connect to your neighbor’s Internet for free, you’ll need to plan for $30-45 a month for Internet costs, which can be cheaper if you’re bundling with cable or a phone line. It’s also never a bad idea to look into getting renter’s insurance, especially if you’re a first time renter. You never know what can happen, and planning ahead to be safe is actually very affordable, sometimes around $150 a year. For a general rule of thumb if you leave out the cable, you can expect to pay roughly 20% of your rent in utilities if you live alone, and 10% if you’re living with a roommate.

Helpful Tips to Get the Landlord to Pick You

As a new prospective renter, you’ve probably spent countless weekends searching for the perfect rental for yourself, and finally stumble on the right one for you; only problem is, 20 other potential tenants have applied and think it’s the perfect place for them too! Are there things you can do to help yourself standout amongst the other applications? Yes of course! Zillow has provided a few useful tips to set you ahead of the rest. First and foremost, you should really only be pursuing rental accommodations that you can afford. If you go into a showing knowing the maximum rent you can afford with your income, you’re in great shape. You’re landlord needs to know that you’re capable of paying your rent, and paying it on time, so being knowledgeable of this is important at the time of viewing.
Knowing your credit history is also important, as almost every landlord these days will be doing their homework, and checking your credit score prior to giving the OK to accept your application. Credit scores generally range from 300-850, and according to Zillow, a score of 550-580 should be sufficient for a first time renter with a decent income. You can actually go online and check your credit score for free through the Federal government once a year, and you’ll want to do so before searching for an apartment so you can keep that in mind. You should also dress presentable when meeting with a potential landlord to view an apartment (remember while it may feel like you’re interviewing them for finding the right home for you, their actually interviewing you to make sure you’re the perfect fit to work with their company, and the building’s tenants too!). Be on time, and dress business casual, or dressy casual will do the trick, as the first impression on how you appear, and present yourself during this initial meeting is crucial to setting yourself apart from the rest. For other tips, and things you can do to give yourself a head-start in the rental world, visit Zillow’s Blog.