Landing your dream apartment is a rite of passage that is fulfilling — but know that your work isn’t done.
Signing the lease is one thing, but you’ll need to keep up with the monthly expenses that allow you to stay. As an apartment resident, make sure to learn all you can about your utility bill so that you can pay it with confidence.
Now that you’re a proud renter, read these tips so that you get a handle on your bills and all other expenses.
Breaking Down The Utility Bill
The little things you do in your home make a huge difference on your utility bill.
For example, did you know that you can save more than $100 annually on your electric bill simply by unplugging your printer?
When shopping for apartments, understanding which utilities you pay is an important first step. Some landlords will include some utilities so that you’re not responsible for them all.
The main utilities you’ll need to be aware of include electricity, gas, and water.
The electricity generally handles the HVAC system, which uses a good deal of your power. Check out the kitchen to see whether you have an electric or gas stove. In many cases, the heating system will also use natural gas.
Your water utility bill typically also includes sanitation and waste removal.
It’s crucial that you learn to read the bill, to include the precise measurements of energy you used. For instance, electricity is broken down by kWh, while gas utilities bills are broken down into BTUs. Your water bill will be broken down into gallons.
The more you know about your utility bill, the smoother your apartment living will be.
Focus On Your Insurance Needs
You need to get renter’s insurance to safeguard your apartment. With renter’s insurance, you’ll have a policy that protects you from theft and other problems. This is why it’s crucial to know the value of every item in the apartment. Having a renter’s insurance plan will also help you to pay any damages you create.
Only 41 percent of renters maintain a renter’s insurance plan, so make sure you’re not among these people. And, make sure that you understand your renter’s insurance bill so that the claims process is straightforward if you ever need it.
Buying a renter’s insurance policy for your apartment will cost an average of approximately $200 per year.
Consider Locality-Specific Fees
Different states, counties, and cities have fees for apartment renters.
In most cases, this fee is tacked on to the cost of rent and is an obligation. For instance, the city of Los Angeles has a fee in place for rent stabilization and to enforce renter’s codes.
These fees change based on the discretion of your locality and typically are voted on regularly.
Make sure to ask the apartment community about these sorts of fees, and get them in writing before you sign your lease.
These tips will help you learn all about the utility bill and other expenses that come with renting an apartment. Think about these points and check out our blog to learn more about renting.