With both once-off and ongoing payments part of the rental experience, it’s smart to familiarise yourself with the costs involved.While you won’t have costs like stamp duty and council rates to worry about, there are still expenses to budget for. Option Fee (if applicable) An Option Fee is sometimes required when applying for a rental property. If the owner approves your application, the option provides you with the right, but not the obligation, to enter into the lease.Rent in advanceYou will be required to pay a rental advance before moving into your rental property. The amount can vary, but it is usually your first two weeks rent. BondA bond is a once-off security payment that protects the owner in the event of damage to property or unpaid rent. It is usually the equivalent of four weeks rent and is deposited with a central Bond Administrator through the Department of Commerce. This money will be returned to you at the conclusion of your lease, less any damage deductions that may have occurred during your tenancy. Rental paymentYour rental payments are an ongoing cost that last the duration of your tenancy. The payment cycles vary, but most commonly you’ll be required to pay fortnightly. How much rent you pay is dependent on the property type, quality of premise and location. UtilitiesDuring a tenancy you will be required to pay for household utilities like electricity, gas and water. Some of these bills are received bi-monthly and vary in amount based on consumption volumes. You may also be required to pay a once-off connection fee for these utilities. If you are on a tight budget, research ways to reduce your energy consumption. InsuranceContents insurance, while optional, is an imperative one. Insurance is paid annually and covers your personal belongings in the case of damage or loss. The price of your insurance depends on how extensive the coverage you choose is, with different types and levels available. Make sure you do your research and find the cover that's right for you. Are you a first time renter? Find out our top budgeting tips to help you secure your first rental property.