Going to college is an expensive affair. Given the expenses involved, it is only normal for students and parents alike to worry about additional costs, especially that of housing. Students may choose to live in a variety of accommodations – on-campus dormitories, off-campus apartments or homes, homestays, and co-living spaces. Each of these options has unique opportunities, but it’s for the students to strike the right balance between affordability and comfort.
Tips to find affordable student housing options
1. Think about the budget
Affordability can mean different things for each individual. To get a better understanding of what is affordable, one needs to start by setting a budget. This can be done by accounting for one’s income and expenses.
While some students may work through college to afford their lifestyle, others may be dependent on scholarships, loans, or even parental support. This will largely dictate what one may be able to afford through school.
Expenses in college may include food, transportation, textbooks, etc. Break these into monthly costs, and use the 50/30/20 rule to guide the expenses. The rule suggests that one must allocate 50% of their income for essentials (rent, groceries, transportation, etc.), 30% for wants (such as clothes and entertainment), and 20% towards savings.
When thinking about the total budget to spend on rent, one must also think of some other factors.
- Security deposits: Some landlords may ask for a month’s rent as the security deposit at the time of signing.
- Utilities and amenities: The cost of utilities and amenities can quickly add up. Look into costs such as water, gas, and electricity and whether they are included in the total rental charges. Some homes may also have access to amenities such as fitness centers, gyms, pools, etc., which may come at an additional cost.
- Parking: Those who own cars may also want to check if the home has a parking spot available and budget for it accordingly. Some landlords may charge extra for the parking space.
- Pet care: Some apartments may also charge additional fees for pets, affecting the overall cost of rent.
2. Pay attention to the location
When it comes to finding cost-effective housing for college students, location is paramount. Houses located closer to the campus or the city tend to be more expensive than those in the suburbs. Students opting for a house at a distance will also need to factor in the cost of transportation to and from college.
Alternatively, one may also consider moving into university-managed housing, which offers two clear benefits – low-cost housing and on-campus living, helping reduce travel costs and giving easy access to college-run facilities in the area.
3. Look for deals
Just like shopping, one can also find student housing discounts and deals in a myriad of ways, such as student cards and discounts, early bird deals, and referral bonuses. These can help make rent more affordable.
4. Negotiate rent
In many cases, tenants may also be able to negotiate rents with their landlords or roommates. Negotiating is one of the most useful tips for saving money on student housing.
5. Go for shared living
A low-cost student living idea, opting for affordable shared housing for students can go a long way in bringing down the cost of rent. Splitting a flat, room, or apartment with a friend or colleague will help divide the cost of rent, utility, amenities, and other miscellaneous costs and also give individuals a chance to expand their social network.
6. Look for furnished apartments
With an unfurnished apartment, students will have to take on the additional burden of setting up the home. For freshers, this can be a major ordeal. So, look for homes that come pre-furnished.
Apartment listings can be found at the university office, on apartment listing websites, student forums, social media groups, and college bulletin boards.
7. Start the search early
One of the biggest reasons why students end up paying sky-high rent is that they procrastinate until it’s too late. Starting this search early (about 4 to 6 months before the move-in date) can increase one’s chances of finding affordable accommodation with cheap student rentals.
8. Understand all rights
When renting, tenants have several rights and responsibilities they must be aware of. Learning about these beforehand can help individuals better protect themselves in case of an emergency or dispute.
In addition to this, one must also pay attention to the terms of the contract. This can help one steer clear of hidden fees, penalties, or charges. Pay special attention to lease termination, pet policies, trash removal, maintenance, etc.
9. Create a checklist
Before finalizing the move, it may also be helpful to create a checklist of items one will require. Think about things one will need – kitchen essentials, furniture, appliances, cleaning supplies, and other essential household items.
To make this move more affordable, one can take over furniture from previous tenants, or buy it for less on online marketplaces. That being said, one must exercise caution when treading this path.
10. Get renter’s insurance
While this may come at an additional cost, renter’s insurance can help individuals save thousands of dollars in case of calamities, disasters, break-ins, and other unexpected events.