What Does Renting Really Cost Beyond the Rent?
Quick answer: The listed rent is rarely the full amount you'll pay. Before you sign, add up utilities, internet, parking, tenant insurance, laundry, commuting and moving costs so you know your real monthly total and aren't stretched in month one.
Why the advertised rent isn't the whole story
You find a beautiful apartment online, the rent fits your budget, and you can already picture yourself living there. But in Alberta, the listed rent is often not the full amount you'll pay. If you only budget for the base rent, your first month could be more stressful than expected.
7 costs to add to your rental budget
1. Utilities (the winter factor)
Some listings include heat and water, but many don't. In Alberta, electricity and heating costs can change a lot from season to season, and a drafty apartment in a cold Calgary January can add hundreds of dollars to your monthly expenses.
Tip: Ask the landlord for an average utility estimate before signing.
2. Internet and setup fees
Wi-Fi is a must for work and downtime, but it's rarely included in rent. Beyond the monthly bill, watch for one-time installation or activation fees.
3. Parking fees
Found a great place downtown or in a busy neighbourhood? Underground or energized stalls often cost extra each month. If you have a vehicle, build this into your rent budget.
4. Tenant insurance
Most professional landlords require proof of tenant insurance before handing over the keys. It's usually affordable, and it protects your belongings and covers liability.
5. Laundry day
In-suite laundry is a luxury. If your building uses shared, coin-operated or card-loaded machines, those loads add up. A few loads a week can add up quickly over a month.
6. The cost of distance
An apartment farther from the city centre might save you money on rent, but extra gas, Calgary Transit passes or parking near your office can wipe out those savings.
7. Getting in the door
Aside from your security deposit, moving costs money. Boxes, a truck or movers, and stocking up on basic household essentials like cleaning supplies, toilet paper and pantry staples can be a big hit in week one.
Know your real total
Before you sign a lease, build a simple spreadsheet that includes all seven of these costs. Knowing your real monthly cost keeps you in control of your finances.
Related resources
Related: What's the Biggest Mistake Renters Make Before Looking?
Want the full guide? Read Renting Your First Home in Edmonton? Read This First.
About Power Properties
Since 1980, Power Properties has helped Albertans rent, manage, buy and sell residential property. Our award-winning team manages more than 1,000 properties across Calgary, Edmonton, Lethbridge and Medicine Hat, offering full-service property management and real estate. Contact us to see how we can make owning a rental property easier.
