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Mark A. Stein,
Rate.com
When you move into a new apartment, you expect your new landlord to ask for first, and maybe last monthâs rent, and possibly a security deposit. After that, you just need to make sure you pay your rent on time, right? Not these days.
Over the past decade, renters have been subject to a welter of new fees, many for amenities or services once included in their rent. The change coincides with the investment of billions of dollars in rental properties by institutional investors.
These firms boost their profits by cutting costs and increasing revenue â not just by raising rents, but also by collecting more in fees. One private-equity owned company disclosed it collected $14 million in fees and $12 million more in unrefunded deposits in one year.