The Double Costs of Studio Rental
Having a separate studio is oftentimes the dream of an artist, but renting can be costly, and it’s not just rent that adds up.
This week’s blog post highlights the double costs associated with having a studio or rented creative space, meaning the things that you often pay for twice when balancing the costs of home life and studio life.
Rent: This is the obvious double cost. In addition to your rent or mortgage payment, studios located outside of your home have a rental fee.
Internet: While this isn’t a necessity, it’s often nice to be connected to the world wide web whether it’s to search for inspiration, do some creative research, or just stream some music while you’re in the studio. But if you are paying for internet access at home and also the studio, you’re likely paying double.
Sometimes you can get this cheaper if you go in with a studio mate and share the cost or using a hotspot.
Supplies: This isn’t always the case, but it happened to me. I have a handful of tools and materials that are duplicated. While this is controllable, double supplies creep up on you. If you working at the studio and realize your Xacto knife was left at home, you may go out and buy a few-dollar replacement. Now picture that over a span of a few years of having a studio. You will end up with a set of tools at home and a set of tools at the studio.
Insurance: Some building spaces will make it a requirement to have insurance (and honestly it’s a really good idea to have it especially if you have open studio events). If you are already paying for homeowners or renters insurance, adding business insurance to your art studio will easily add $500+ to your annual business expenses.
Utilities: Depending on your rental agreement, you maybe responsible for additional utilities.
Participation Fees: Some art buildings, cooperatives, and art groups have fees to participate in open building events or community studio tours. Usually, these costs help cover promotion, door greater, printing maps, etc. So, not only are you paying rent to be in the space, you’re now paying to open your door to the public.
Additional Unplanned Costs: Once you move into a space, you will notice additional costs you didn’t notice upfront. In my space, this includes light bulbs. I have to cover the costs if a bulb burns out in my space in addition to the spotlights in the hallway. I have to cover the hallway because they are original building lights. This means I spend about $80 to replace them.