3 Hidden Costs of Renting That Add Up Fast in The Summer

There’s a common assumption that homeownership becomes especially expensive during the summer compared with renting. If you’re a renter, you’re probably glad you’re not on the financial hook for replacing an air conditioner that goes on the fritz. However, renting isn’t always the cheaper option: there are hidden costs associated with renting in the summer, as well.

To keep from being blindsided by those costs, you need to know what they are ahead of time. MoneyLion explored a few of the less obvious expenses renters should be prepared for this summer.

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Utilities Can Be a Major Burden

Unless your utilities are included in your rent, you’re required to pay for them just like a homeowner does. And those bills can spike by hundreds of dollars during the summer months, when extreme heat can make blasting the air conditioner not just about comfort but also about health and safety.

Knowing that summers seem to be getting hotter, you might set aside extra money in a sinking fund within a high-yield savings account dedicated to covering higher utility bills throughout the winter and spring.

However, you can also ask about the average utility costs before agreeing to a lease. While leasing professionals at a prospective rental property might not be able to give you an exact amount, they may be able to share a ballpark estimate. You can also do some research online. Even a single search for average utility costs in a specific ZIP code can prove helpful.

Pet Fees Can Add Up Faster Than You Think

You’ve wanted a pet for a while. Why not make summer the time you bring your furry friend home? You figure you can use your summer vacation to help your pet acclimate to its new home.

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Whether you want a four-legged pal to take on summer strolls or to binge-watch TV shows with while enjoying the air conditioning, pets can add great value to your life. But if you’re a renter, you’ll likely need to pay for Fido or Fluffy to join you this summer, including an initial deposit and monthly fees.

Apartment List estimated that "most apartments charge nonrefundable pet fees upfront, which are usually between $200 and $500, plus ongoing pet rent that can range from $25 to $75 per month."

Think you can get away with sneaking your pet into your complex? You can try, but if you’re caught, you could get hit with fines, be asked to rehome your pet or even receive a lease violation.

Your Renters Insurance May Not Cover All You Think It Does

Once you’ve purchased renters insurance, you might assume you’re covered against most major damages, including some of the extreme weather events summer is known for. But are you really? If you dig into the details of your policy, you may find you don’t have all the coverage you hoped for.

The Harvard University Joint Center for Housing Studies found that many standard renters insurance policies don’t cover flood damage. If you’ve ever lived in an area with heavy summer rains, you know flooding can happen more easily than you might think.

If your rental home or unit is damaged by extreme weather or fire — let’s say a summer barbecue goes hideously wrong — and you can’t live in it while it’s being repaired, don’t assume your hotel stay is covered. Make sure your policy includes loss-of-use or additional living expense coverage to help protect you financially.

The Bottom Line

Summer isn’t always an inexpensive season for renters. Extreme weather, including heat and flooding, can lead to higher utility bills or costly property damage. Even fun milestones, like bringing home a pet, can come with extra fees. Still, being prepared in advance can help you enjoy summer while keeping your finances on track.

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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.