Generally, try to keep your total monthly housing costs to about one week's gross pay or less, depending on market supply and demand.
In addition to the monthly rent, housing costs may include the following:
- Maintenance fees
- Utilities
- Insurance
- Recreation fees
- Pet-owner fees
- Trash collection
- Water
- Sewer taxes
- Parking garage fees
Rental Deposits
Most rentals require a deposit when you sign the lease agreement. This deposit can amount to as much as two month's rent, which represents security plus the first month's rent.
The deposit can be used by the landlord for the following:
- Cleaning deposit - for cleaning/painting the unit after you leave (usually not refundable).
- Damage deposit - returned to you when you vacate the rental unit, unless you caused unreasonable physical damage to the property or economic damage by failing to notify the landlord (in writing) about moving. Document (by writing notes and/or by taking photographs) any damage at the time you inspect the unit prior to occupation.
- Security deposit - may be interchangeable with the damage deposit, but the lease may state that you have to live in the unit for a certain amount of time before the security deposit will be refunded.
- Pet deposit - an additional deposit for any damages your pet might cause or for professional cleaning or extermination after you leave.
- Advance final month's rent - your landlord may want you to prepay your final month's rent.
