When you pay your rent or calculate your monthly living expenses, the big number that gets more attention is the monthly rental fees you pay your landlord. But there could be many other hidden costs associated with the rental fee. Not most first-time renters would be aware of the various hidden costs there may be while looking for apartment rentals in Toronto. Since you need to budget for many things, it’s essential to know what you need to pay in addition to your agreed monthly rent to the landlord. Explore some of the hidden costs of apartment renting from below and inquire about them with the landlord.
Application fees
Landlords can charge you for the application fee; it’s usually for them to run a background check and credit check on the tenant. Most landlords charge the exact amount they are charged to do so, and some can charge extra for their time. This fee can range anything from $20 to $100 or more. While looking for apartment rentals in Toronto, you might not think much of this application fee, but it can add up if you are applying for more than one apartment.
Security Deposits
While signing a contract for an apartment, most landlords require tenants to pay the first and last month’s rent and a security deposit before moving in. Some can even charge you a flat fee. Ensure you know the requirements while looking for apartment rentals in Toronto and signing an agreement with your apartment. It would be easier to set aside enough money according to your budget.
Move-in Fees
There can be some landlords or property management companies that can charge a move-in fee. It could involve an administrative fee, elevator fees, and pet fees. They could be non-refundable fees.
Water, utilities, maintenance and parking fees
There are some apartment communities which charge for water and sewer services. Some apartments also charge for garbage management facilities. Apart from the unitality fees, they could charge you for apartment facility maintenance and parking fees if you have a vehicle. So make sure to inquire about these additional fees while renting and know what things you would be charged for before signing contracts. If you have a pet, look for apartment rentals in Toronto that allow pets and provide pet-friendly facilities. Know if they charge any pet fees too.
You may choose an apartment rental with attractive amenities, but there might be a fee you have to pay for services the landlord or HOA avail. If you choose not to use some of the amenities, you can ask the landlord not to include them in your rental fee. If you are looking for a quality rental apartment in Toronto, contact Kingsway Village Square to check out their rental properties.
Vinky Huslle is the author of this article.To know more about Apartment rentals Toronto please visit our website.
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