If you’re over dorms or just ready to move into an off-campus apartment, you’ll first need to know how much to save and budget for in order to pay for everything. Here are some things to take into consideration when moving off campus:
1. Application Fee: A nonrefundable application fee may be required when applying for an apartment community. Apply only if you are serious and your personal finances are in check, because a credit check may also be required. For help understanding and improving your credit score, pay off your debts and bills on time!
2. Rent: Your monthly payment should not be more than 25% of your income for rent and utilities. Be sure to ask if utilities are included and the average monthly cost, to better gauge what will be coming out of your pocket. Save even more by living with a roommate or visiting ForRentUniversity.com for apartment prices based on a single room lease.
3. Security Deposit: This deposit is held in case the landlord or property manager needs to deduct for unpaid rent, repair, damages, or cleaning that may be required when you move out. Keep your apartment clean or similar to the condition when you started renting to ensure you receive your deposit when you move out. Tip: Walk through with a rental condition checklist or a piece of paper and write down any issues that need to be addressed.
4. Utility Deposit: When creating a new utility account, there may be an initial setup fee. Ask your property manager or landlord if this is included or necessary.
5. Parking Fees: If parking is limited in your area, there may be a monthly fee per vehicle. If you don’t bring a car, ask about the policy for renting out your spot for an opportunity to earn extra cash.
6. Moving Transportation: Cut down on moving costs by enlisting the help of family and friends instead of renting a truck and movers. Offer to buy or cook lunch for everyone!
7. Moving Supplies: Moving boxes can be expensive. Collect them from packages you order or ask family, friends, and local places like the grocery store in order to save big! Consider using dollar store laundry bags to move your items as well.
