When you decide to move off campus and into your first apartment, there’s a lot you need to know. It seems easy–you just find an apartment you like, sign a document, and it’s yours, right? Well, it’s a bit more complicated than that, and there are plenty of questions you need to be sure to ask along the way. We’ll walk you through them so you can be prepared for the rental process.
Questions to Ask
- Is there a security deposit? How much? Most apartments require you to pay one or two months of rent up front. Make sure you’ve budgeted to cover that cost. When you move out, you typically get your security deposit back in full. If there are any damages to the property, they’ll use a portion of your deposit to cover the repairs and you’ll get back whatever money is left over.
- Are any utilities included in the rent? At some apartments, heat and water may be included.
- What’s the typical cost of monthly utilities for this apartment? Most landlords should be able to estimate this for you.
Does the apartment have air conditioning? If not and you live in a part of the country where it gets hot out, make sure you factor in how much it will cost to buy fans or window unit air conditioners. - Is laundry included or is it coin/card op? Make sure you budget for laundry expenses.
- Is there an additional cost for parking each month? Some complexes will charge you for a parking spot; other apartments have street parking that’s free but tricky to find.
- Will this impact my financial aid? At some private universities, the financial aid office will decrease your financial aid if you move off campus. That’s because your aid is based on the cost of attendance of your school; financial aid usually estimates that living off campus is significantly cheaper than living off campus–meaning your calculated financial need decreases, and so does your aid.
Other Considerations
- Especially in these times, understanding your lease length, possible penalties for moving out early, or other contract considerations are extremely important. Many landlords want to entice renters, so make sure you’re getting the coverage you need in case national events necessitate a change in your apartment plans.
- You’ll want to make sure you take out a renter’s insurance policy. It may seem like overkill, but you’ll be glad you did it if any of your stuff gets stolen or damaged.
- Read the lease closely before you sign. You may want to ask your parents to read it over for you too. A second set of eyes never hurts.
- Budget for moving expenses. Do you need to rent a U-HaulTM? Will you need to buy a bunch of new furniture at IKEATM? Make sure you’ve considered these additional costs in your budget.
- Make sure you get everything from your landlord in writing, whether it’s information about late rent payments or security deposits. Some landlords are easily accessible by text, so if you have a conversation over text where you agree upon something, make sure you take screenshots.
Make sure you have your checking account set up before you start looking so you can quickly write that deposit check.
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