The most important thing you'll need to do before getting your first apartment is put together a budget. Take a look at how much cash you have coming in each month, and then determine what percentage of that will go towards utilities (check with your potential landlord, depending on the building policies, specific utilities may or may not be included in your rent), how much you're going to need for your cell, cable, internet, entertainment, food, clothing and personal items and then, from what's left over, you'll be able to determine how much you'll be able to pay in rent. In order to help you better understand how to manage your monthly rent costs, the following tips, tricks and explanations may simplify the renting process.

There are more costs to renting than just the rent!

What's the difference between a fee and a deposit? Why pay 'last month's rent' before you even move in? It seems that every landlord and property manager can have different financial requirements in addition to the monthly rent. And when you're getting ready to get your first place, all these things can be quite confusing.

Most importantly, there is a difference between a fee and a deposit. A fee is nonrefundable. Once you pay a fee, you won't see it again. Depending on your building, you may be assessed a monthly parking fee. Additional fees also may be charged for using an onsite computer service or using the workout area or pool. If you find yourself locked out of your apartment and need the building management to let you in or if you need to have non-standard maintenance help in your apartment (i.e. changing a light bulb, hanging a picture) additional service fees may be added to your monthly rent. Late payment fees and late check fees are typically standard, but other fees, like the ones above, may differ from building to building. When you're looking at your potential new apartment, make sure you ask if there are any fees associated with any of the amenities offered by the building.

A deposit is refundable. In most cases, deposits are refunded only after you have moved out. Security deposits are the most common deposit required.

The line between a fee and a deposit can be blurred. Sometimes a landlord will request a $200 fee, half refundable. If you see this, first ask what the fees are for and then know that you may only get back half.

Fees and deposits vary widely across the nation and change with each city. Often, in an effort to rent more apartments, building management may offer move in specials where deposits and/or fees may be waived. Keep your eyes peeled for this type of offer as it will save you a good chunk of change.

Below are some of the most common fees and deposits that a renter will encounter:

• Application Fee.often the first thing you pay, used to process your application and run a credit check.
• Administrative Fee.sometimes paid in addition to an application fee, used for other expenses related to leasing to a new tenant.
• Redecorating Fee.covers the cost of new paint, carpet cleaning, and possibly door lock replacement to make an apartment ready for a new tenant.
• Pet Fee/Deposit/Rent.these charges can vary greatly. Fees are paid up-front, sometimes every year. Deposits are refundable if your pet has done no damage to the apartment, but often carpet stains can be unavoidable - make sure to get a list of possible charges when you move in. Some apartments will add pet rent to your monthly rent. Be sure to factor that into your budget.
• Hold Deposit.this is required to reserve an apartment for the time period before you actually sign the lease. Often this amount is applied to your security deposit once you do sign the lease. If you change your mind and decide not to sign a lease, this money could be forfeited.
• Security Deposit.refundable, paid at move-in or lease signing. Like a pet deposit, deductions can be taken for any damage to the apartment found after you move out. When you move out, if the apartment is in the same condition as it was when you first rented it, you will probably get this deposit back. Again, make sure to ask what items in the apartment are covered under the security deposit. Management may also request an additional deposit on particular items within the apartment (a carpet deposit may be an example of this type of cost).

  **Important to note - you might be entitled to interest earned on your security deposit during the time that it is being held by your Property Manager. Be sure to look for more information about this in your lease or contact a renter's organization in your area.

• Last Month's Rent.essentially a security deposit, it is equal to one month's rent and is paid at move in