Tuesday, September 27, 2022

How To Afford An Apartment In College

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Can I Find A Roommate

Getting An Apartment In College Tips & Hacks| Imani B

If you cant find someone to co-sign with you, finding a roommate who can split the rent and utilities can strengthen your rental application. But because both of your names will be on the lease, youre assuming some risk. If your housemate cant afford their portion of rent, youre liable for it, warns Andy Boyle, author of Adulthood for Beginners: All the Life Secrets Nobody Bothered to Tell You.

Thats why its so important to find a roommate you can trust. A lot of colleges offer roommate-matching services for students looking for off-campus housing. There are also websites like Room Surf and U-loop that help you find college roommates.

Check Into Section 8 Housing If Youre Over 23 Years Old

If you have a low income you might qualify for low income or Section 8 Housing. However, if you are under the age of 24, you will have to include your parents income on your application.

If their income is too high, you will not be able to qualify.

If your parents also have a low income, then you might qualify.

However, if you are 24 or older then you no longer have to include your parents income and you would just go through the regular application process.

Use Your Student Loan To Pay Rent

There are a host of student loans you can take advantage of to pay your apartment rent. Allocation for housing and tuition funds happens away from prying eyes. If you can have your apartment rent covered in a scholarship, loans or other facilities, you are set for the rest of your college life. Student loans are sent directly to the college. Once tuition and other college fees are paid, the balance is deposited into your account.

The disbursement of student loans is done at the beginning of the academic year. What this means is that you may have to pay rent from your personal resources, at least until you receive your deposit by mid-September. Once the deposit lands in your account, dont be deceived by the huge amounts since you will have to spread the funds across several months of rent payments. If you can avoid using a student loan to pay rent, do it. However, if its the only option at your disposal, take it.

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What Do I Need In Order To Rent In New York City

A lot of the renting requirements are pretty common sense.

You will need to have an identification card like a drivers license. You also will need to have a decent credit score, and also show proof of income.

If you struggle with getting income proof or having the minimum income to get approved, you may need a guarantor.

If you make the most of your income through freelance gigs, you will have a much harder time getting rental approval. In these cases, you may need to furnish tax returns and jump through additional hoops.

Thankfully, you can learn how freelancers get approval for renting through our own blog.

How To Afford An Apartment In College

How Do College Students Afford Apartments? Here

Do you want to save money while youre in college? Of course, you do. Thats why the best thing you can do for yourself is to find off-campus housing.

You can use some of the tips outlined here to discover how to afford an apartment in college. You can get a roommate, have a co-signer, or get a job. You do need to know what your needs are and look at the right places before you sign the lease.

Check out the Tools section of this site for free downloadable resources to help you get ready for college.

Also Check: How Much Does One College Class Cost

Consider Living With Roommates

Living with roommates can help you save on the variousexpenses that come with living in an apartment since you can split costs withthem. Opt to live with one or more roommates who are willing to pay rent andare not hard to get along with. Some of the factors to take into considerationwhen selecting a roommate include:

  • Choose to live with someone who has areliable source of income. This means that they will be able to afford theirportion of monthly rent and utilities instead of entirely depending on you and runningyour budget.
  • Inquire about any pets that they mayhave. Some rental units have a strict no-pets policy, and it is best to abideby it in order to avoid any trouble with your landlord. Inquiring about pets isalso important if you have allergies
  • Find out if prospective roommates arewilling to sign a lease and subsequently heed the terms that are indicated onthe contract.
  • It is important to agree on how youwill split up the various responsibilities in the apartment so that there is noconfusion in the future.
  • Inquire about their lifestyle choicesas well. You dont want to live with someone who is not compatible with yourway of life since it will only result in frequent disagreements in the future.

How Much Should You Spend On Rent Try The 30% Rule

One popular rule of thumb is the 30% rule, which says to spend around 30% of your gross income on rent. So if you earn $2,800 per month before taxes, you should spend about $840 per month on rent.

This is a solid guideline, but its not one-size-fits-all advice.

If you live in an affordable area, for example, you shouldnt pass up an apartment renting for $500 per month simply because its only 18% of your income. On the flip side, sticking to spending 30% on rent isnt always feasible in a place like Hoboken or San Francisco, where median rents top $2,000 per month for a one-bedroom apartment according to recent data from Apartment List.

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Scan Apartment Listings Specifically For College Students

Renting an off-campus apartment that isnt directly affiliated with your school is often the priciest strategy, but it doesnt have to be. Many schools, including the University of Arizona and the University of Oregon, team with Off Campus Partners to provide lower-priced listings.

If your school doesnt have an Off Campus Partners website, ask if it offers an alternative. Places4Students.com, for example, works with 59 schools in the U.S.

Property managers who post listings on these sites are open to student applicants. Thats a plus because some landlords might be hesitant to rent to college students.

Theres no shortage of non-school-specific websites, such as Apartment Finder. Be sure to compare rent quotes before scheduling visits to rooms and apartments that fit your budget.

Keep in mind that an apartments lease might span a longer period than a dorm room for an academic year. Dont sign on for a 12-month lease if you plan to return home for the summer. Youll also likely be on the hook for a security deposit equal to a months rent.

Look For Local Landlords

Part 2/3 – HOW MUCH CAN YOU AFFORD?? (Living Alone After College)

There’s a difference between a property management company and a private landlord, and college students may see this distinction better than anyone. Landlords renting a privately-owned home will often be more understanding and accessible when renting to college students than a property management company would be. Plus, neighborhoods nearby colleges and universities tend to be full of private rental homes and apartments.

Regardless of your decision, understanding how much rent you can afford is the first step when considering an off-campus rental. Review your income, weigh the pros and cons of your various housing options and make an informed decision. As long as you follow our expert advice, you’ll pass “Renting 101” with an A+.

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Get Clear On Your Needs

You want to get an apartment you can afford, but not at the expense of your quality of life. You need to figure out what you want in your apartment. You need to think about noise, location, layout, and more.

Do you want to get a roommate? Thats a great way to cut down costs, but you need to room with the right person. How far away from campus can you be?

If youre OK with being a little far away from campus, remember that youre going to have to fight for parking before you go to class. Once you know what your needs are, you can do searches online in your town.

For example, if youre looking for apartments near UC Davis, you can look at sites like .

You should think about furniture, too. Many college towns have second-hand stores because students are always coming and going. You can get decent furniture at a bargain.

How Do College Students Afford Apartments Find A Couple Of Roommates

Of course, one of the easiest ways to be able to afford an apartment as a college student is to have roommates.

Most apartments will be set up to accommodate several roommates in one space.

With one or two or even three roommates you can share expenses and your monthly obligations will greatly decrease.

Just be sure you find roommates that you can live with and get along with. Otherwise, you may find yourself looking for a new place in the middle of the term or being miserable with people you thought were your friends.

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How On Earth Do I Afford Rent In New York City As A College Student

Being a college student is always difficult, especially when youre trying to make ends meet in New York City.

Traditional renting policies say that you need to earn at least 40 times your monthly rent in order to be approved for an apartment.

Of course, most college students dont make that much. Thankfully, there are some options on the table that you can consider.

The most common way to find a place to rent is to get roommates, and if you have friends attending the same school as you do, this is a great option.

Another option is to look into getting a guarantor to sign your lease. Depending on your situation, your school may also have housing resources that can make the move easier.

What Is The Cheapest City In California

How to Afford an Apartment in College: Tips to Save on ...

There are places to live in California that are cheaper than the coast or major cities.

You should consider, Simi Valley, Ventura, Camarillo, or Oxnard.

To Sum it All Up:

Theres no getting around the fact that living in California is expensive. Even so, if you can find ways to cut your housing and transportation costs, you will be able to afford living there. Consider living in a smaller city and getting rid of your car. It might not be the California life you were dreaming of, but you will still be living in California and will have more money to enjoy all the state has to offer.

See more

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Tap Into Your Schools Resources

Four-year schools typically help students find off-campus housing. Search your schools website for its related department or office and get in touch. In addition to pointing you in the direction of potential living situations, it could offer helpful tips, including how to build a resume for potential landlords.

Youd also be wise to touch base with your schools financial aid office to discuss how living off campus could affect your aid package. In the typical college award letter, your school estimates the cost of living as part of its overall cost of attendance.

Unfortunately, those estimates could be incorrect. In fact, as of three years ago, more than 40% of colleges report a COL thats at least 20% above or below their counties estimates, according to a report by the Wisconsin HOPE Lab.

And the situation may not be improving. A 2019 report from the University of Pennsylvanias Graduate School of Education showed that the net price calculators provided online by many colleges and universities often contain out-of-date data instead of information from the current year.

Lets say your school projects youll need $5,000 for living expenses but you actually need $6,000. That presents a problem because you could become ineligible for another $1,000 in financial aid if youve already met the schools cost of attendance.

How Do I Avoid Renting In A Dangerous Neighborhood

Research is your best friend here, and so is getting a feel for the neighborhood.

The easiest way to avoid renting in a high crime area is to Google the address to find out the history involving the region.

Most police records can also be obtained online, as well as neighborhood crime statistics.

A more personal way to avoid renting in the wrong area is to revisit the apartment at night.

Do you feel safe?

If you dont, you probably shouldnt rent there. Reputation matters too. A lot of the best neighborhoods in Brooklyn and Manhattan got their solid reps because of their low crime rates.

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Tips For Living Off Campus

Theres a lot to consider when youre hunting for the perfect place to call home. We encourage you to think carefully before making your selection.

Things to think about when apartment hunting

Resources for off-campus living

Off-Campus Student Services offers a variety of services and enables you to be successful throughout your college experience.

We can provide you with educational information on a variety of topics, including:

  • Rental requirements

Look Out For Student Co

Part 1/3 – HOW MUCH CAN YOU AFFORD?? (Living Alone After College)

If your schools financial aid office cant give you a leg up on how to pay for college housing, it could at least point you in the direction of affordable off-campus options. It might have a physical or digital bulletin board of listings, for example.

Better yet, your school might be located near a student housing co-op. These are community-oriented, member-managed properties. The North American Students of Cooperation hosts a map of properties spanning the United States.

The savings with a student housing co-op could be significant. For example, room and board in a studio apartment through the Berkeley Student Cooperative costs $6,864 for the school year versus room and board in a University of California, Berkeley residence hall, which costs $17,952 in 2020-2021.

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Will You Need To Pay A Security Deposit

Moreover, most landlords charge renters a security deposit to cover any repairs or cleaning that may be required once the tenants move out. This chunk of money has to be forked over before you move in.

Every state allows landlords to charge a security deposit, but the amount varies. In some states, limits are as low as $100, while others are allowed to ask for several months rent. You can check this list of security deposit requirements by state to see how much yours will set you back.

Know What Type Of Home You Want To Buy

Once youve settled on where you want to live, you should think about what you want to buy. For example, most neighborhoods will have single-family homes and condos, but there are also townhomes, duplexes, and other types of homes you can consider.

If youre looking for a traditional single-family home, this fun guide from RealtorMag shows you over 30 different types of home architectures so you can see what suits your style. You may not be able to afford what you want right out of college, but this will at least allow you set your sights on something for the future.

Which leads me to my next point:

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Importance Of Budgeting For Your First Apartment

Depending on where you live, you might find that renting is more expensive than you originally anticipated. Or perhaps you discover that your salary doesnt get you as far as you had hoped.

Either way, its important to know how to budget for your first apartment or living situation, whatever it may be. With a proper plan in place, you won’t be spending more than expected, and that way will have more funds in store for other things, such as weekend events.

If you don’t plan ahead for the price of rent, you may end up breaking a lease, which can hurt your . There are legal consequences of illegally breaking a lease too, including the possibility of your would-be landlord suing for breach of contract.

What About Subletting

How to Afford an Apartment in College: Tips to Save on ...

With subletting, youre leasing from someone who is currently renting an apartment. Just like with regular apartment rentals, you will still probably need to have a credit score check and ID.

Unlike regular 12-month leases, subletting is a short-term offer that typically involves less hoops to jump through.

If youre looking for a quick fix, a sublease can be a good option for you.

Learn more about your options by reading How to Rent an Apartment in New York without a Job.

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Factor In Other Costs

Where you live affects everything from your commute to your workout routine. Factor in additional costs you might incur depending on your rental choice.

Living further from the city center, for example, is often less expensive. But you could spend hundreds each month on transportation costs to commute to and from work and social engagements.

Some rentals include utilities like gas and water, have an on-site gym or a washer and dryer in-unit. Factor in those perks when comparing the cost of rentals. An on-site gym, for example, could save you $100 per month or more on a gym membership. And in-unit laundry equals savings on time and money versus coin laundry or trips to the laundromat.

I Have No Job What Now

Dont worry, youre absolutely, positively not alone!

Most landlords require college-aged renters to either show full-time employment proof, but there are loopholes.

Many landlords will also allow renters who show that they have proof of full-time student matriculation. In some cases, this is mandatory, even if you do have a guarantor.

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