More and more, hidden rental fees are a wicked surprise.
You sign an apartment lease, thinking you know what the total rent will be.
Then theres all the tool fees you have to pay just to land a spot in the first place.
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Its a pain when youre trying to navigate your way through thisexpensive rental market.
How much will youreallypay at this place or that other place?
Now three of the biggest online rental platforms are taking steps to help renters with this problem.
That way, youll know what youre getting into when youre deciding where to rent.
This is all part of the Biden administrations crackdown on what it callsjunk fees.
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This is a long list, so dont get overwhelmed.
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All of this will allow apartment hunters to comparison-shop more easily.
Itll make everything less of a mystery.
The National Consumer Law Centerrecently conducted a surveyabout rental fees.
Nearly 90% of survey respondents reported that their landlords had imposed rental tool fees.
Nearly as many (87%) said their landlords charged excessive late fees.
Did you know?
In other words, you might pay a bunch of expensive utility fees and still be out of luck.
A Crackdown on Junk Fees
So whats the purpose of all this?
The administration is also calling attention toextra fees being charged by airlinesand by concert and live-event ticketing platforms.
Renting is like any economic transaction: Its always to your advantage if you have more than one option.
That way you could play different options against each other.
Know what rates other apartment complexes and landlords are charging and what theyre charging for.
No one likes a nasty surprise.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
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