When going apartment shopping for the perfect college apartment, often it’s tempting to go with the one that has the lowest rent in good condition. The apartment with the lowest rent is not always the best option, though, when finding a college apartment to fit your budget. There are a variety of other expenses to take into account.
Three Expenses
Utilities
When renting a college apartment, how much you pay in utilities will depend upon a wide range of factors. First, some landlords include certain utilities in the rent or will cover the utilities up to a specific amount each month. While you might be paying $20 or more in rent each month for this apartment, you might actually be saving if utility costs for the apartment are more than that per person.
Second, how much you pay in utilities may also depend upon the number of people in the apartment. If all tenants are responsible for paying utilities, splitting the bill between more people will likely cost each person less money. Of course, the more people in the apartment, the more utilities, particularly things like electricity, are going to be used.
A third thing to consider is the apartment features. If you have a larger space, you’re going to have to heat or cool down a larger area, thus using more utilities. The amount you spend on heating and cooling can, though, be reduced by the location of your apartment. By living on the top floor of a multiple story apartment complex, you might be able to reap the benefits of your downstairs neighbors’ heater, particularly in colder climates. In warmer climates, you may want to get a lower-level apartment to reduce your reliance on air conditioning.
Deposit
You’re likely to have to pay a deposit on any off-campus apartment. This will be required before you can move in. Generally, if you keep the apartment in good condition, you will get back all or at least most of your deposit. Often, but not always, your deposit will be equal to one month’s rent. You can check with current or past residents to get a feel for how much of your deposit you can expect to get back. Some complex owners are looking for a reason to charge people as they move out while others are more understanding about a little wear-and-tear.
Laundry
Most college apartment complexes have laundry rooms on site. If not, it’s a good idea to know where the closest Laundromat is located. Although it’s a little less common, you may even be able to get both a washer and dryer in your apartment. You will need to weigh the financial cost vs. the convenience of having these appliances nearby.
Of course, there are other expenses you may need to take into account when picking out a college apartment. This may include travel expenses, particularly if the apartment is several miles from campus. If you’re already living in an apartment, what were some of the added expenses you did not consider prior to moving into your apartment? What have you found to be the best way to weigh the costs of different apartments to find the best deal? Let us know about your experiences in the comment section below.
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