If you are planning to rent an apartment, you should consider the hidden costs of renting a house to ensure that you only rent something you can afford. Here are a few examples of the hidden costs of apartment rental:
Landlords have insurance policies that protect their properties, but the coverage doesn't extend to the contents of the said properties; it only applies to the structure. It is your responsibility as a tenant to buy insurance coverage for your house's contents. To make matters worse, it might not be up to you to decide whether you need the insurance coverage, and how much coverage to buy. If you live in a furnished apartment, then the landlord has a say in both issues.
On the surface, the security deposit doesn't look much like a hidden cost; after all, it is something you get back at the end of the lease, right? That is how it should be, but it is rarely that way in practice. Landlords almost always find an excuse to keep the deposit or at least some of it. You may have to battle your landlord in a small claims court to get back your deposit or forget about it.
High-end apartments typically have high maintenance gardens that the tenants are expected to maintain. If you are living in such an apartment, it may not be up to you to get rid of the garden or replace it with a cheaper landscaping design. In such a case, you have no option but to take care of the garden as stipulated in the lease.
Pet Ownership Fees
Most pet owners know that not all apartments allow pets, some do not. What you may not know is that among those apartments that do allow pets, there are those that only do so at a "small" fee. In fact, in addition to the fee, you may also be asked to make a larger-than-normal security deposit before moving in with your pet.
Tips for Building Staff
Lastly, if you live an apartment with a large number of helpers, you will have to tip them regularly for their services. Building managers, parking attendants, doormen, and elevator operators all should be tipped by apartment dwellers. These can all add up to considerable money over the long term.
You may not know this, but you can use a real estate agent to help you land a great and affordable apartment. In fact, this is the advisable route to take if you are searching for a house in a competitive city.