In today’s economy, prices are rising in every aspect possible, so people look for various ways to save a buck. Affordable apartments are increasingly popular, and properties that include all bills in rent prices are especially attractive to renters on a budget. If you’re on the hunt for a new apartment home, consider weighing the pros and cons before limiting your search to only properties that are all bills paid:
- One Monthly Bill: If you have a hard time tracking your money paycheck after paycheck, the prime advantage of renting an all bills paid apartment is not worrying paying utility bills to multiple providers on different due dates. You remit the same amount for rent and utilities every month.
- Easier to Budget: It takes commitment and work to be financially responsible, and some people don’t have the focus or the time to do so. It’s easier to budget your other expenses, like your car payment, insurance and groceries, and have money to put aside for savings and entertainment.
- Comfortable Summer and Winter Months: Living in regions where summers are burning hot or where winters are unbearably cold causes utility bills to sky rocket. With utilities included in your rent, you can crank the heat or air conditioning up or down as you need to, or take as many showers to cool down or warm up.
- Higher Costs: Note that some affordable apartments claim to be all bills paid, but they might account for utility charges by inflating their rent, or they charge electricity and water usage based on individual meter readings. In these situations, you pay the apartment community directly and not the utility companies. If you have a past due balance with your utility service providers, this could still be beneficial for you.
- Limited Availability: All bills paid apartments have become a rarity and can be hard to find an open opportunity. The properties are usually older, and many times these affordable apartments retain long time tenants. A time sensitive move-in date may be problematic if there’s a list of tenants waiting for availability.
- Irresponsible Neighbors: Affordable apartments attract a variety of renters who are budget savvy, lower income or have had past money problems. While not everyone who has had financial troubles are necessarily bad neighbors, generally, tenants who pay utilities separately are more responsible and value a clean and comfortable apartment living environment.
What’s your take on apartments that cover all of your bills? Weigh in on the pros and cons in the comment section below!