The costs of basement apartments for rent: A guide for landlords and renters

Who pays for what in a basement apartment if you’re both using the same utilities?

You may find more affordable living options if you search for basement apartments for rent. Homeowners who want to supplement their income may find renting out that extra space downstairs a convenient option. Whether you’re the renter or the landlord, it’s important to understand the costs and rules involved and how they may differ from more traditional apartment rental complexes. 

Basement apartment monthly rent 

How much can you expect to pay if renting? How do you create a fair price if you’re the landlord?

Expect to pay a little less in a basement rental.

Rent prices will obviously vary by city, size and amenities of the basement apartment. In Utah, basement apartments typically cost less than full apartments, but you can still expect a wide range of prices. A studio may cost around $800 while a two bedroom may range between $1,400 and $1,800 per month. 

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As a landlord, it’s a given you want your tenants’ rent to be a good source of income, but it’s important your monthly fees reflect market rates. It doesn’t make sense to charge $3,000 for a basement apartment when someone could rent a whole house for the same price.

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Utilities with basement apartment rent prices

With typical rentals, renters usually pay for electricity, gas and internet, and landlords usually cover water and sewer costs. However, some basement apartments may include all the above in rent prices. Landlords may also opt to charge a flat fee or percentage of utilities each month, or include internet service for free. It is up to the landlords to decide how utilities are divided up; always clarify in the lease what will and will not be covered. 

Maintenance costs in basement apartments

Most of these fees will be the landlord’s responsibility. Landlords should also cover regular upkeep such as HVAC services, plumbing and electrical issues, as well as major repairs such as leaks or broken appliances. Renters can expect to pay for minor upkeep such as cleaning or changing light bulbs. 

Basement apartment renovations

Making renovations is the responsibility of the landlord.

Homeowners will pay any renovations needed to make the basement liveable and compliant with Utah code in the first place. Typical renovations that may be needed for liveable standards include egress windows for fire safety and proper emergency exits. As new tenants move through, landlords should consider updating appliances or flooring, and refreshing the paint. 

Insurance costs for basement apartments

Renters should always invest in renter’s insurance, no matter their rental situation. The good news? It’s usually $30 or less per month and will cover any damage to your personal belongings and any liability for unintentional damages to the rental. 

It is not required by Utah state law for landlords to get landlord insurance. However, many landlords do to protect their property from damages or other issues. Landlord insurance will be a separate cost from homeowner’s insurance.

Miscellaneous costs 

Renters will usually bring all their own furniture, but some landlords may choose to provide a furnished basement apartment. If so, landlords can charge a little more for rent, but they must maintain the quality of the furniture. 

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Depending on the size of the basement apartment, renters may need to hire movers to get all their belongings there. This may be especially true if there are a lot of stairs to get to the basement apartment. 

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Ready to move? Browse KSL Homes to find a basement apartment in your area. Ready to rent out your basement? Create a listing today.

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