Relocating is challenging enough; add attending college, and it’s a double whammy. If this is your first experience finding residential housing for college, it can be intimidating to know where to start. The only no-brainer is the timing. Whether you’re planning to stay in your current apartment, look for a new place, or consider off-campus housing for the first time, one piece of advice that’s consistently shared by experienced students and landlords alike is: sign your lease early.
While it may seem tempting to put it off until closer to the start of the school year, signing a lease early can have a variety of benefits, which we’ve listed below.
1. More housing options
The college housing market can be competitive, especially in cities or towns with a large student population. Popular on-campus apartments or houses can fill up quickly, leaving students scrambling for off-campus options only. According to the Urban Institute, almost 60% of full-time college students live on campus. You can guarantee that signing a lease early dramatically increases your chances of securing the living situation you want. Perhaps you prefer off-campus housing; you are still battling with 40% of the student population.
The earlier you start looking, the more choices you have. You can consider various locations, sizes, and amenities, whether you want a quiet apartment close to campus or a spacious house with multiple roommates. Cost can also vary depending on distance, so it’s best to have options to fit your budget needs. A research institute published in November of this year that the average price of a bed for student housing within a 1/2 mile radius is 1,114 dollars while housing further distances becomes cheaper.
2. Preferable rental rates
Leasing early can also help you lock in lower rent prices. Rent tends to rise as availability decreases, and the closer you get to the school year, the more likely prices will increase. Landlords know that students are looking for housing in the months leading up to the semester, and they may raise prices to take advantage of demand. Considering the ROI business incentive of driving the prices up as the school year approaches, you may pay close to double the early-offer rate. By signing the lease months in advance, you can avoid getting caught in the price hikes expected in competitive rental markets. You may also be able to negotiate better terms—like a reduced deposit or more than one assigned parking space if you’re willing to sign your lease earlier in the year when the market is more favorable. This is a never-guaranteed agreement, but landlords appreciate having the security of a long-term tenant. As someone prepared to sign immediately, you have the upper hand in negotiating.
3. Reduced stress and anxiety
Finding the right place to live can be one of the most stressful parts of preparing for the next semester, particularly if you wait until the last minute. This is mainly because touring apartments, applying for leases, negotiating terms, and finalizing the paperwork can take time. If you’re doing this in the weeks leading up to the start of school, you risk cramming up your schedule and rushing to decide. The last thing you want to have to worry about is homework and where to live. It is also common for Greek life housing to require more time commitment before school starts. If you are considering Greek life, it is crucial to plan ahead so you can complete all critical deadlines. Your stress during the process of moving should be as minimal as possible so that you can take in the whole experience.
4. Roommates are easier to find
If you plan to live with roommates, signing a lease early helps ensure everyone is on the same page and that all parties are committed to the living situation. It also gives you time to find suitable roommates for you. You can easily research ahead of time through various websites, but after finding the right fit, coordinating a move-in date and dividing responsibilities may become more complicated as the semester approaches. If you can establish a comfortable relationship ahead of the semester, you are more likely to feel comfortable discussing the more daunting topics like rules and expectations of each other. You can also soak up this time to find furniture and figure out what your roommates plan on bringing with them. The last thing you want in a shared space is to deal with double couches, tables, and appliances.
5. Greater flexibility with move-in dates
Another advantage of signing a lease early is having more flexibility regarding move-in dates. Let’s say you have a long summer trip planned or a job back home that stops at the last minute. Having most of your basics and heavy furniture secured in your new long-term spot may benefit you. Many landlords offer flexibility regarding when you can move in after discussing a lease, allowing you to decide when is most convenient for you. You have a lot of stuff if you’re anything like 99% of all other college students. You can work ahead to coordinate a moving team, trailer, or transportation for your items. Additionally, it is no secret the weekend before the semester begins is a nightmare with foot traffic. If you don’t want to play “Who gets the elevator,” you should plan on moving in at least two weeks before.
6. Peace of mind and financial planning
Signing a lease early also allows you to better plan your finances. You’ll know exactly your rent, which can help you budget for the coming months. College comes with many unpredicted costs- school supplies, transportation, new wardrobe, etc. Students who can budget their housing costs earlier can focus the rest of their budget on what they want. Early commitment also gives you a better chance at ensuring the place is move-in ready. Many students find themselves in a rental that should have had some repairs beforehand. You can have ample time to discuss any repairs you expect before you move in.
For college students, signing a lease early offers many benefits, from more housing options and lower rent prices to reduced stress and greater flexibility. By securing your living situation, you set yourself up for a smoother transition into the next semester and gain peace of mind, knowing that one of your most essential responsibilities is already taken care of. You can confidently feel settled and look forward to the experience instead of feeling overwhelmed (save that for when the semester begins). Don’t wait—sign that lease early!
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