Moving out of your parents’ house or dorm is an exciting milestone. Still, it is easy to overlook some of your new responsibilities. If you’re considering becoming a first-time renter, having realistic expectations about your budget is critical.

Don’t be surprised — whether it’s a one-time charge or an ongoing expense, budgeting for your apartment entails more than just setting aside money for rent.

5 One-Time Move-In Costs You Must Save for a Deposit

A security deposit is required when renting a private room or apartment. These funds are used to pay for property damage or unpaid rent at the end of your lease agreement. Depending on the condition of your rental unit when you leave and whether you’re up to date on your rent, you may receive back some, all, or none of your security deposit.

This amount is in addition to your monthly rental payment. Your landlord determines the security deposit amount, usually one or two months’ rent.

Rent from the previous month

Paying your last month’s rent, in addition to a security deposit, is a preliminary move-in cost that not all students anticipate. The last month’s rent protects landlords financially if you fail to pay – or underpay – your final rent payment after giving your 30-day notice to end your lease. If you choose not to fulfil your renter responsibilities, the landlord has another option.

Given that your last month’s rent is usually paid in addition to your first month’s rent, you could be looking at a more costly payment immediately or even before moving in.

Fees for pets

Some landlords and management companies will charge an upfront pet fee if you intend to keep a pet in your rental.

Broker commissions

If you found your apartment through a broker, you may be charged a one-time broker fee. A broker fee is similar to a finder’s in that it is paid to the person or entity who found your new place and communicated with the landlord on your behalf.

Rental brokers typically charge a percentage of your annual rent. For your first year, you can expect to pay a one-time fee of 12 percent to 15 percent of the annual rent. This is an expensive expense, so look for your own place whenever possible.

Furniture

Yes, your apartment can be sparsely furnished — without a bed frame, a mattress on the floor, and a thrifted bean bag that doubles as a couch. However, having a comfortable place to live, eat, sleep, and study can also help you be a better student.

Dorm and apartment furnishing are among the top three spending categories for the back-to-college season.

Furniture prices vary greatly depending on where you live, whether you stick to essential furnishings, add decorative items, or buy new or used furniture. Include key furniture pieces, such as a bed, desk, and chair, in your moving budget.

3 Continuous Expenses to Include in Your Monthly Budget

Internet and utilities

You’ll have to pay utilities, internet bills, and your monthly rent and rental insurance. These necessary costs include utilities such as electricity, water, and gas. Of course, as a digitally connected student, you’ll require Wi-Fi access in your apartment, whether for virtual Zoom class sessions, email access, or online research for a paper.

Transportation

You’ll have to commute to classes and campus activities if you live away from campus. Suppose you live in an apartment that is not within walking distance of the campus. In that case, transportation costs must be factored into your monthly budget.

You can take public transportation, which is less expensive than purchasing a car.

You should expect to pay significantly more for the vehicle and its maintenance if you buy a car. The vehicle price, car insurance, routine maintenance, and repairs are all underlying costs of car ownership. Some landlords will also only provide a parking space for a fee. Don’t forget that if you can’t find free street parking, you’ll most likely need to pay for an annual campus parking permit.

Food

You won’t be able to rely on your school’s dining hall for daily sustenance as a new renter. When it comes to food, you’ll have to fend for yourself, which means additional weekly or monthly out-of-pocket expenses.

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