Renting Student Apartments: The 5 Most Important Factors Moving into your first apartment as a student is one of the most exciting rites of passage you’ll experience as a young adult. Before you make any hasty decisions, let’s consider a few of of the most important details that go into this choice. Keep Your Specific Needs in Mind The first thing to take into account is the specific features and qualities you’ll need in your new living space. As a student, the distance to your campus will be central to your choice of location. Further, consider whether you want to have a roommate. That will determine how many bedrooms to look for. You may also have certain individual requirements, like parking or laundry. Of course, rather than spend too much time worrying about things that may not matter, you should concentrate on getting the important details right.
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Length of Your Stay
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Generally, property managers and landlords try to sign full-year leases. This can be at odds with your study period, depending on the academic schedule your school uses. The usual way around this is to sublet your apartment during the four summer months, so be sure to ask whether that will be possible. Naturally, you could also just stay where you are during the summer. In any event, it’s essential that you think about this beforehand. What’s Your Budget? Of course, the price point will be one of the most important aspects of your decision. A common rule of thumb is to make sure your rent is no more than 30% if your income, though this is not always realistic for a student. Finally, remember that there can be secondary costs that you don’t anticipate, such as furnishing or electricity. Ask the landlord or property manager exactly what utilities and furniture are included so that you can calculate your budget accurately. Know if You Need a Cosigner Young apartment hunters are often discouraged to find out that they are not able to rent on their own without proof of income. You will often need to have a cosigner who becomes part of the contract and assumes part of the responsibility for rent payment. Anyone you know who trusts you could potentially perform this function for you. If you’re lucky, the landlord will release your cosigner from his responsibility once you’ve shown that you are committed to paying your rent on time. Any Pets? Have a beloved dog or cat that you’d like to take along? That could end up being an issue. While some buildings are fine with it, others will have sharp restrictions. With careful research, you’ll have a smooth transition to your first apartment. Good luck!
