The True Cost of Memphis Apartment Renting
Sep 20th, 2007 by Memphis Apartments
There are many costs associated with Memphis apartment renting. If you make the mistake of thinking that your rent payment is the only cost you have in Memphis apartment living, you will soon find yourself in financial trouble. By knowing what the actual cost of renting is you can create and manage a sound budget.
Of course the largest monthly expense associated with Memphis apartment living is your rent payment. Many landlords take your income into consideration when approving your tenancy request. They may not approve you if your rent is greater than half of your monthly income. They want assurance that you can pay your rent no matter what emergencies arise.
The second highest monthly expense you have is your utilities. You are likely to pay for electric and gas if you live in a Memphis apartment. Many renters think it is best to find a place to rent that include utilities in the rent amount. This generally means that the landlord pays the utilities. This is not always a good thing with today’s rising utility costs.
If your landlord pays for the gas, he might not turn on the gas until mid-November. He is also likely to monitor the temperature in your Memphis apartment. If he does and it is not warm enough, you will turn to alternative ways to heat your Memphis apartment such as space heaters. This will increase your electric bill. You need to be prepared for these high bills.
If you pay for the utilities yourself, keep in mind you might have connection fees and security deposits in order to get the utilities turned on in your name. You also need to be prepared for the spikes in utility bills during peak seasons. You are likely to have one or two months when the electric and gas bills are excessively high. These will be the end of summer months and the mid to end of winter months. You might be able to get on a budget, which allows you to pay the same amount each month.
Cable wiring is available in many Memphis apartments. You have to decide if this is an additional cost you want to add to your budget. If you are not at home much, it may not be worth the cost. You might need to get cable if you need Internet connectivity. Broadband services are provided through your cable service. You only need to pay for regular cable services. You do not have to go overboard and get every channel available.
Your phone bill is an additional housing cost. Of course, today, many people forego a house phone and only have a cell phone. You only have one phone but you also have only one bill. Phone bills can easily get out of hand so do your best to manage this expense.
If you do not have an in-suite washer and dryer, an additional expense for you is laundry. You will need to have money on hand to wash and dry your clothes. You might have a laundry facility in your Memphis apartment building or you might have to go to a public laundry mat. Either way, it will cost you. If you are doing laundry for a family, it will cost more.
A final expense that is probably included in your monthly payment to the landlord is the cost to park. This is likely if you are paying for the privilege to park in a parking garage out of the elements. If it is not included in your payment to your landlord, you will have an additional payment to make.
Understanding the true cost to rent helps you select a Memphis apartment in the appropriate price range. Everyone wants to live in a nice Memphis apartment. But the nicest Memphis apartments cost more money. Be sure you can afford all of the costs associated with renting before signing a lease.