5 Costs to Consider When Renting an Apartment in Yonkers

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When it comes to renting an apartment in Yonkers, or wherever you are for that matter, budgeting is probably the most important thing to do. You must account for not only the rent but also the other costs involved with renting an apartment. Failing to do so can cause financial chaos for you down the road.

In this blog post, we will share 5 of the most important costs to consider before you rent an apartment in Yonkers to avoid any financial surprises in the future. Let’s take a look.

1. Monthly Rent

The most obvious expense that you need to account for is the monthly rent that you will be paying for the apartment. The good thing is that monthly rent is going to be fixed for the duration of your lease so you can budget accordingly, without having to worry about any fluctuations in this amount.

Pro Tip: to make sure that you are not stretching yourself too thin, choose an apartment with a monthly rent of less than 30% of your monthly take away income.

2. Renter’s Insurance

The second factor that is going to add up to your expense list when renting a Yonkers apartment is insurance. It’s not uncommon for landlords and even property management companies to ask for insurance that covers the property and the belongings in it for the entire lease term.

Pro Tip: renter’s insurance can come pretty cheap. Invest time in searching for the cheapest options available in the market. 

3. Bills

This is the second biggest expense, besides monthly rent. The most common utilities that you will have to pay for when renting a Yonkers apartment will include:

  • Electricity
  • Heating and cooling
  • Gas
  • Internet
  • Cable/TV

The average cost of utilities does vary from neighborhood to neighborhood, so it can be difficult to predict how much you will be paying in utilities before you start to live in the apartment.

Pro Tip: ask the landlord about the standard utility rates in the neighborhood to get an idea of how much you might be paying monthly in utility bills before you lock the lease.

4. Home Essentials 

Moving to an apartment and starting to live in it are two entirely different things. While you can sign the lease and move to the Yonkers apartment, you will need certain basic things to start living comfortably in it. This will include basic furniture, cleaning supplies, toiletries, food, and more.

While many in this list will be one-time expenses like the furniture, others like food, cleaning supplies, and so on would be recurring expenses. You must consider all of these costs when planning your budget for renting an apartment in Yonkers.

Pro Tip: break down the products in one-time and recurring expenses for more efficient budgeting.

5. Other Expenses

Lastly, there are a few other expenses involved when you rent an apartment in Yonkers or any other place as well. These include:

  • Security deposit
  • Application fee
  • Elevator rental or Move-in fee

While not too much, you must take into account all of these expenses when planning to rent an apartment in Yonkers to avoid any financial confusion or fiasco in the future.

Conclusion

Renting a Yonkers apartment can be exciting as long as you do your homework of budgeting and planning the costs involved in the process. The points mentioned in this blog post can be a great place to begin your planning to rent an apartment.

All the best!

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