It's hard to believe its been 5 years now, but I was really shocked to see how much apartments have gone up. I remember splitting a 2 bedroom place for $1,400 and now you'd be lucky to find a one bedroom for that price. Makes me really glad we decided to buy and not rent, especially with our baby on the way... but it also makes me wonder about how much longer I will "keep track" like I have been because we honestly couldn't afford these rates and be able to survive.
Complex A:
- 726 square feet. $1,480-1580 a month. $300 Deposit.
- $50 a month in pet rent, $500 pet security deposit.
- 780 square feet. $1,582.00 a month. $600 Deposit.
- $50 a month in pet rent, $500 pet security deposit.
- 672 square feet. $1,530 a month. $400 Deposit (already paid)
- $35 a month in pet rent, $400 security deposit (already paid)
In terms of livability, Complex A and B have more square footage then the original comp apartment and are closer to my condo's actual size... but the comp apartment does have a one car garage that we could toss a few boxes in for storage so I think it still evens out since the pricier complex B apartment has a garage... If we moved and got the rock bottom price for Complex A, we would be saving $35 a month and we wouldn't need to worry about the security deposits because ours would be refunded if we move from the current comp apartment since we have stayed so long.
I think the hassle of moving while pregnant would have us end up staying in the original comp apartment. Last year our unit rented for $1,285.00 and this year that unit rents for $1,530.00 a month. (A 19% price increase.) We will also assume our now 3 year old washer and dryer (that we hypothetically purchased at the beginning of in 2012) will continue to function in 2015.
Costs Associated with Apartment for 2015We don't include electric bills below since we'd have to pay for those at either place, but my HOA fee includes water, gas, and trash so those will be listed in the apartment costs.
Monthly: $1,738.00, Annual: $20,856.00
- Trash: $15 a month
- Water: $60 a month
- Gas: $35 a month
- Rent: $1,582 a month
- Renters Insurance: $11.00 a month
- Pet Rent: $35 a month
If we make any additional principle payments to our mortgage, we count it as an expense. Monthly: $1,112 | Annual: $13,344.00
- Mortgage: $771.99 a month (P&I + Property Taxes)
- HOA: $295.00 a month.
- Earthquake and Homeowners Insurance $530.00 ($45 a month)
I really don't know how we would afford to live in this area if we had to rent an apartment, especially with a baby on the way. I honestly don't think I'll "write off" any apartment savings anymore when I look at how much our condo has saved us because the figures are getting so far apart from one another.
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