7 Costs to Consider Before Moving to a Different Apartment or Home Rental

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  • Moving to a new apartment or home rental may come with additional costs.
  • Pet deposits, utilities, parking, and moving expenses are some costs to consider before signing a new lease.

Moving to a different rental could impact your finances.

If you're unhappy with your current home, you may be thinking of moving to a new place. While it can be exciting to move into a new rental home, you want to make sure that you can afford your new living situation without ignoring your monthly budget. Find out what expenses you should consider before moving to a different apartment or home rental.

1. Rental costs

One of the highest costs to consider is the monthly rental price. You want to make sure that the cost of your new rental fits in with your budget. Housing prices, including rentals, have been rising in recent months, so you may end up paying higher rental prices. Before signing a new lease, make sure that you won't be putting yourself in a difficult financial situation.

2. Utilities

Not all rentals have the same utility costs or come with the same utility responsibilities. Some rentals include some or all utilities, while others require renters to cover all utility costs. As you look at rental options, figure out which utilities you're responsible for and estimate what you'll pay.

A larger space could also result in higher utility costs. It's also worth noting that some utility costs like internet and cable can vary from one ZIP code to another.

3. Security deposit

Most rentals require a security deposit to be paid before you move in. This fee helps protect the landlord against any damage you may cause to their property. If you take care of the property, you will get this money back when your lease ends.

Security deposit fees are often equal to one month's rent -- but that may not always be the case.

This is an added expense to consider as you look at potential rentals. Since you likely won't get your previous rental security deposit back until after moving out, you'll need to make sure you have extra money put away in your savings account.

4. Pet fees

If you have pets, you may need to spend more money as a renter. Some landlords require renters to pay an additional pet deposit in case of damage to the home. You may also have to pay an additional monthly fee to allow your furry companion to live with you.

5. Parking

A new home could also mean an entirely new parking situation. If you're moving to an area with limited free street parking, you may want to explore other parking options. If available, it may make sense to pay extra for a paid parking spot or onsite parking garage.

If you're moving to a new home where free parking is plentiful, you may be able to reduce or eliminate your current parking expenses.

6. Amenities

Some rental apartments or homes come with additional amenities to improve your living situation. These added amenities are usually built into the monthly rental price you pay.

Consider what amenities are included with a rental and decide if it's worth the extra cost. If you don't plan to use the amenities, paying a higher rental price may not be worth it.

In some cases, you may be able to eliminate some of your own monthly expenses. For example, if your new apartment has fitness facilities onsite, you may be able to get rid of your monthly gym membership fee.

7. Moving costs

A move will likely impact your bank account. Buying quality moving supplies, getting a moving truck or van, and hiring movers all come at a cost. Even if you plan to move without professional help, you will likely have to spend extra money moving from one home to another.

Moving to a new home is a big deal. Consider your financial goals and review your budget before committing to a new rental. This can help you avoid added financial stress.

If you want to get better at managing your finances, you may want to use one of the top budgeting apps. For additional tips, check out these personal finance resources.

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