Budgeting for Utilities
Whether you’re searching for your very first apartment or looking to make a move to a new community, budgeting for utilities is often the last thing that comes to mind. And we get it! It’s sometimes not hard to care about water and electricity bills when you have hardwood floors, a walk-in closet and your very own private balcony?! That being said, no apartment is complete without heat, air conditioning, running water and – of course – Internet access.
Get an idea of how much you can expect to spend each month on utilities. Happy budgeting!
Water & Sewer
Average national monthly bill: National average $34 can range between $20 and $60
Some apartment communities charge renters a flat rate for water and sewer costs, but if you receive a separate bill for these utilities, it will probably be between $20 and $60 per resident. Keep costs down by opting for quick showers rather than lengthy baths, turning the faucet off while you’re brushing your teeth and shaving, and letting maintenance know immediately if you notice any leaks!
Average national monthly bill: National average $58, but can be between $30 and $50 in the winter; and between $80 and $130 in the summer
Depending on where you live — and how frosty you like to keep your home — your electricity bill will likely peak during the warmer months of the year. To minimize this expenditure, turn your air conditioning off while you’re at work, alert your maintenance team if you notice any cracks around doors or windows, and keep lights turned off when you’re not using them.
Average national monthly bill: Around $90 if bundled with Internet
If you choose to sign up for cable, you can save a lot of money by choosing a package that also includes Internet. If a $90 monthly bill is still too much to swallow, consider signing up for an online streaming service instead. Netflix and Hulu are available for less than $10 a month each!
Average national monthly bill: Around $45
Internet access is a necessity for virtually all residents, but an easy way to reduce this bill is by splitting it among roommates. Just be sure to choose a password that everyone can remember!
Average national monthly bill: Around $20
With the rising popularity of smartphones, many residents opt out of having a landline. However, if you value the reliability of a home phone (or if you just love to dramatically slam down the receiver), this amenity comes with a pretty reasonable price tag.
Average national monthly bill: Around $12
Out of all the utilities available to apartment residents, renter’s insurance is the most affordable and arguably the most important. For less than the cost of a large pepperoni pizza, you can be financially protected in case of a burglary or natural disaster!
There you have it! You’re ready to put together a budget and sign the lease on the apartment of your dreams. For help finding a community that meets your needs, contact a Greystar representative today!