Expenses That Every Renter Should Plan For

Expenses That Every Renter Should Plan For

Expenses That Every Renter Should Plan For

Having a plan before moving into your new apartment in Springfield Missouri or Bentonville Arkansas includes preparing for any expenses that you’ll need to budget for. Knowing upfront what you will need to save for makes the entire renting process easier. In this article we are going to discuss a few of the items to expect when moving into your new apartment.

Woman Applying For An Apartment - Live Affiniti

Application Fees

Most every apartment community charges a fee to apply to live there. This fee covers the cost of running credit and background checks that qualify you to live at the community. Every property has different requirements on how to qualify for an apartment, so it is important to ask your leasing professional about the credit, income, and background requirement policies they employ. Application fees are often $30 – $35 per person (which includes co-signers should you need one). Again, this may vary based on location, so inquire with your leasing professional prior to applying for specifics.

Deposits and Admin Fees

In the past, when you rented an apartment you were always asked to pay a deposit. Many apartments, lofts, student housing and other rentals, including those managed by Affiniti, have made changes that prove to be more beneficial to renters in regard to securing your new rental.

In the past, renters would pay a deposit that often equaled the first month’s rent to hold the apartment. Upon move out, renters would receive their deposit back less any expenses required to restore the unit to its original condition. With this system, apartment associations around the country received constant customer complaints and reports of landlords returning little or none of the deposit after move out.

This system simply wasn’t fair to renters. Forward thinking apartment management companies like Affiniti made changes to provide more transparency, cost savings & convenience to renters. In place of an expensive deposit, you can now expect to pay an Administration Fee instead.

Simply put, this covers and administration costs associated with leasing your apartment and managing your lease. It also covers any “normal wear and tear” restoration needed for your apartment when you move out. We’ll discuss the definitions of “normal wear and tear” in a future article.

This fee often costs half or more of what traditional deposits charged. So, under this new system, you pay less upfront and since this is a fee rather than a deposit, there is no confusion on getting part or some of a deposit back at move out. Overall, you’ll pay less money with this new system and have an easier and more honest process when you move out one day.

One last note on deposits: in some cases, if your application was unable to be fully approved due to credit or income guidelines, you may be asked to pay an additional deposit on top of the Administration Fee in order to qualify. In most cases, this deposit is equivalent to one or two months rent and would qualify as fully refundable upon move out as long as you lease was fulfilled in full and your apartment was left in good condition upon move out. Each rental community has different guidelines on these situations, so always make certain to ask your leasing professional for information if you feel this applies to you.

Renter’s Insurance

Renter’s insurance is now required when you rent an apartment. Most properties require your policy to cover up to $100,000 in liability coverage. This will pay for any expenses up to that amount should you cause damage to the apartment or community in some way. Most policies also offer protection for your personal items.

The good news is that this required protection can be incredibly affordable if you choose the right insurance company. At Affiniti, we often suggest Resident Insure as inexpensive option that meets the minimum coverage requirements and provides amazing customer service. You’ll also find a convenient link to get this rental coverage in your resident portal which is available to you after your rental application is approved.

Furniture & Appliances

Luckily, many appliances come with an apartment. At Affiniti, it is standard that your kitchen will come equipped with an updated refrigerator, stove, and oven. Some apartment options will include a washer & dryer, but it is important to inquire with your leasing professional to see if this is the case with the apartment you are interested in. Affiniti offers complimentary washers & dryers at the following properties: 800 South, Beacon Springfield, MORe Student Living, and I STREET Modern Apartments. All of our other locations offer washer and dryer hook ups within your apartment. Many of our locations also have an on site laundromat available for those who do not purchase a washer and dryer.

Furniture and smaller appliances such as microwaves, toaster ovens, etc. are not normally included in an apartment. Always check with your leasing professional and property website to see what is included with your apartment. For renters looking for fully furnished apartments, Affiniti does have apartments completely adorned with updated furnishing: I STREET Modern Apartments in Bentonville Arkansas as well as Beacon Springfield, MORe Student Living, 800 South, Tall Grass Apartments, and Lake Shore Apartments in Springfield Missouri.

Utilities, Internet & Cable

Most apartment communities in Springfield Missouri & Bentonville Arkansas do not include utilities such as electricity, water, cable, internet, or trash services. Many companies that provide these services will charge deposits when setting up if you don’t already have an account with them in place. Check with your leasing professional and apartment website to see what services are included with your rent. Your leasing professional will also be a great resource to help you locate companies that provide such services.

At Affiniti, we have several communities that have rental options that include services such as electricity, internet, water, sewer, and trash. In Bentonville Arkansas I STREET Modern Apartments have some rental options with these services included and the following apartment communities have some apartment options in Springfield Missouri also offer these services included with your rent: Lake Shore Apartment Homes, Tall Grass Apartments, Beacon Springfield, 800 South, and MORe Student Living.

Pet Fees, Deposits & Rent

Many of us consider our pets as family & at Affiniti, we love your pet as much as you do! That’s why we offer many pet friendly apartments in Springfield Missouri, Ozark Missouri, Nixa Missouri, Rogersville Missouri, and Bentonville Arkansas!

Every apartment community will have different pet policies in regard to breeds, size, training, and number of pets per apartment. Please check with your leasing professional about your apartment community’s policies for having a pet in your apartment.

Additionally, pet fees, pet deposits, and pet rent can vary from location to location. Always inquire with your leasing professional prior to bringing your pet home about these items as well as any requirements and paperwork that need completed.

As you are searching for the perfect apartment in Missouri or Arkansas, always look ahead and budget for any of the expenses you’ll be paying. A bit of planning will help you in your apartment search and make for a less stressful process! At Affiniti, we were born in the hospitality industry and because of this, it is our mission to help you finding the perfect apartment simple and enjoyable! Any of our leasing professionals are equipped and excited to help you with any planning or questions. Take a look at all of our apartment, student housing and loft rental locations in Springfield Missouri, Ozark Missouri, Nixa Missouri, Rogersville Missouri, and Bentonville Arkansas by visiting our Locations page.

We’d love to show you what it’s like to “LiveAffinti Style”!