Make sure to pay your utility bills on time because utility companies can turn off your utilities if money is owed. Landlords often pay for some utility costs but not all. What bills do you pay in an apartment? As a renter, you may be responsible for paying for monthly utilities, such as electricity, heat, water and garbage. If you own a vehicle, bundling your auto and renters insurance may cut costs even more.

Obtain a few quotes and compare insurance costs to ensure your customized insurance policy fits your lifestyle and budget. While relatively inexpensive, renters insurance can save you thousands of dollars should a fire or theft occur. As part of your lease agreement, it's common for landlords to require this insurance. Protect against damage to your belongings when unexpected events occur by taking out renters insurance. Also, budget for a security deposit, which will be paid at your lease signing. You should be prepared for your rent to likely increase each year you renew your contract. However, a monthly contract could include rent increases, so be sure to read the fine print. If you choose the yearly option, your rent amount should stay consistent from month to month. That percentage may be adjusted depending on your location.

You may be wondering, “what do I pay for in an apartment?” Here are 7 expenses to consider when moving out that you should be budgeting for so you are financially prepared for apartment living.Īim to spend 30% or less of your monthly income on rent.

Apartment expenses per month