1. Home

Apartment Money Basics

What You Need to Know About Affording Your Apartment


Apartment Money Basics

Fortunately, you don't need a financial background to rent an apartment.

© Fernando Mengoni / SXC

Like it or not, money plays a major role when it comes to apartment living. How much money you have determines what type of apartment you can rent. Once you sign a lease and move into a rental, you'll need to come up with a certain amount of money each month to pay the rent and meet your other expenses.

Fortunately, you don't need to be a financial whiz or have any background in finance to look for or live in an apartment. But it's important to know the basics of money's role in apartment living so you can afford your apartment, avoid unpleasant surprises, and enjoy your apartment experience without unwanted financial stress.

Top Money Basics

Here are some basics you should know when it comes to money and your apartment:

  1. Anticipate all your expenses. Too many renters find themselves in the uncomfortable position of discovering that their apartment living is more expensive than they had anticipated.

    To prevent problems, it's important to know how much you should expect to pay before you start your apartment search. This way, you can make sure you have enough money to secure a good rental and afford to call it home for as long as you wish.

    Check out this overview of the items apartment dwellers typically pay, organized by when each item is owed.

  2. Consider negotiating with landlords. Many apartment hunters don't negotiate with landlords over their rent, often because they assume it's not negotiable. Others worry that if they try to convince a landlord to offer a lower rent, it will lead to arguments and the landlord won't want to rent to them any more.

    But it probably never hurts to try talking to a landlord about giving you a better deal on a rental. The next time you go looking for the perfect apartment, keep in mind the situations in which you're most likely to be successful when negotiating with a landlord.

  3. Commit to saving money. Between rent and all your other apartment-related expenses, apartment living is sure to make a dent in your bank account. Fortunately, you can make your apartment experience more affordable by looking for ways to save money.

    Read about top ways apartment dwellers save money on apartment living and keep more of their hard-earned money.

©2014 About.com. All rights reserved.