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Cost of Renting - Financial Considerations

Cost of Renting - Financial Considerations

Source: Standard Installation Topic Exchange System (SITES) for LIFELines

The 25% income formula determines the maximum rental the average person should be comfortable paying. Of course, only you know what other expenses you have and the amount of rent, which is comfortable for you.

Some other considerations to take into account include:

Utilities: Always ask if any utilities are included in the rent. Sometimes this is the case. If not, your budget can be affected considerably.
Apartment Insurance: A renter's policy is recommended for your rental apartment, condominium or house rental in the new area. Your annual premium will depend on location, type and size of unit, and especially on the value of furnishings and your personal possessions. For more specific information, contact your insurance agent.

Amenities: If you are interested in amenities such as garage, fireplace, recreational facilities and central air conditioning, you will find them more consistently available in the middle and upper priced luxury rental and condominium complexes.
Before you get your lease: you will go through several steps in the renting process:

  • Make a formal application to rent. The application process protects the renter's or owner's right to choose a qualified tenant. 

  • Pay a non-refundable fee which covers the processing of this application and the credit search that the manager or landlord will do.

  • Make sure that you and the building manager develop a written list of any repairs to be made. 

  • Once your application is accepted, another deposit can be required. This will be put toward your security deposit or your other non-refundable fees, such as a cleaning deposit or administrative fee.

Your Lease - your rights: Itemize the amount of rent you will pay and any late charges you would have to pay if you make late payments. List whether utilities or other services are included in the rent payments. State how frequently and by how much the rent can be raised. Check to see if rent stabilization guidelines apply if you have selected an apartment. This could further protect your rental rights. The lease will also contain:

  • Property description 

  • Beginning and ending date the lease covers 

  • Who is responsible for maintenance of the unit 

  • The kind of notice required to end the lease 

  • Whether the tenant can sublease 

  • Whether children and pets are allowed in the building 

  • If laundry and recreational facilities are provided and if there is an additional charge for them 

  • Procedures for the return of the security and other deposits 

  • What arrangements are included for parking spaces, covered or uncovered 

  • Other rules and regulations that the landlord applies to tenants 

  • A military clause in case of early transfer

  • Other rights and responsibilities for the tenant

Helpful Web Sites:

  1. Relocation Central Focused on apartments nationwide and rental furniture providing personal service and area tours.

  2. Military Acclimate Provides a wide variety of resources that include a moving calculator, cost of living analysis, as well as information to find the best community for your family’s lifestyle.

  3. Home Store Designed to provide comprehensive nationwide information on buying, renting, building, moving and improving your new home; free credit reports and pre-approval for home loans are also available.

  4. Home Fair This site is designed to provide its customers with valuable moving tools such as a moving calculator, special reports, realtors and more.

  5. Monster Moving Geared to aid customers with moving needs by providing storage quotes, reservations, help finding professional movers and truck rental services.

  6. Landlord Tenant Law in the US Rental law and consumer protection in the United States by State.

DoD Housing Referral Access to rental properties worldwide as well as other useful information on finding affordable housing.

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