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OK, the house has been rented, but what does it cost to move in? The following represents one scenario of costs associated with moving into a 'typical two-bedroom property with gas heat. It is critical that we support programs and initiatives in our communities that assist low-income individuals and families in defraying these costs!

Costs can vary dramatically depending on many variables, most especially city, location and credit history. These figures represent a non-scientific survey, we called around, of rates for the types of services listed. Your actual mileage may vary.

Description: Cost: Cost Per Category: Cumulative Totals:
Application Fee (1) $30    
Credit/Criminal/Work History (2) $20
Security Deposit (3) $681
1st Month Rent (3) $681
    $1412  
Electric Deposit - gas heat (4) $125    
Gas Deposit - Gas heat (4) $175*
Phone Deposit (4) $90+
Water Deposit (4) $75
    $465 $1877
Renter's Insurance (5) $150    
Moving Fees (6) $150
Transportation Costs (7) $50
    $350 $2227
Stove - Used (8) $150    
Refrigerator - Used (8) $175    
    $325 $2552
       
GRAND TOTAL:     $2552

The Fine Print:

This estimate does not include the cost of:

  • lost time at work
  • additional daycare deposits, costs or babysitting needs
  • furniture needs
  • cleaning supplies
  • food
  • other miscellaneous expenses

All information was collected through mid-January of 2005 and may vary or is based on one or more of the following;  [a] actual amounts may vary from vendor to vendor,  [b] individual surveys of landlords representing low to medium income rental units,  [c] averages from utility companies.

(1) Source: Survey of Charlotte, NC landlords listing with socialserve.com. Application fee ranges from $20 - $40 per adult over the age of 17, with the majority of landlords/property management companies charging $20.
(2) Source: Equifax
(3) Source: The average rent for a two-bedroom unit in the Charlotte-Mecklenburg market. This varies depending on the source; however, with current market conditions being growth-oriented, this average will continue to increase for at least the near-foreseeable future. Security deposits are customarily set at the same amount as the rent. Again, this varies by landlord and even by property in some instances.
(4) Source: Utility companies charge for hook-up with no prior credit history. Each of these figures can vary dramatically based on an individual's credit history, past service record with the utility provider, and the number of gas vs. electric appliances. Gas deposit is based on the average of the two highest winter-month bills at the address of the unit. Utility bills in excess of $300+ per month are not uncommon.
(5) Source: Local costs between Allstate, Nationwide and State Farm for annual renter's insurance. Varies widely by coverage request.
(6) Source: Average rental truck cost for a full-day plus gas/mileage/insurance, etc.
(7) Source: Based on utilizing public transportation [bus and/or taxi] to submit rental application, sign lease, move small personal items and purchase food and cleaning supplies.

 
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