Rachel is expected to pay $3,950 upfront to rent the one-bedroom apartment in Glen Gardens.
Rachel is expected to pay upfront, we need to consider the various fees associated with renting the apartment. Common upfront costs typically include:
- Security Deposit: This is a refundable amount paid to the landlord to cover any potential damages to the property. It's usually equivalent to one month's rent.
- First Month's Rent: The first month's rent is typically required upfront when signing the lease.
- Application Fee: Some landlords or property management companies charge an application fee to cover the cost of processing the rental application.
- Move-in Fee: Some apartments or buildings may charge a move-in fee to cover administrative costs associated with moving in.
Rachel is required to pay a security deposit, the first month's rent, and an application fee. If we add these together, we can calculate the total upfront cost:
Total Upfront Cost = Security Deposit + First Month's Rent + Application Fee
If the security deposit is equal to one month's rent, and the application fee is, for example, $50, the calculation would be:
Total Upfront Cost = (1 x $1,300) + $1,300 + $50
Total Upfront Cost = $2,600 + $1,300 + $50
Total Upfront Cost = $3,950
Therefore, Rachel would be expected to pay $3,950 upfront to rent the one-bedroom apartment in Glen Gardens, assuming the security deposit is equivalent to one month's rent and there's a $50 application fee.