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Renting an Apartment as a Student: What You Need to Know

Updated on:
September 26, 2024
Renting an Apartment as a Student

Image Source: Canva

Finding the right place to live can sometimes be a major decision for students, one that influences how well they do in their school work and even their personal growth. But it is more than merely a place to stay, it signifies freedom, responsibility and growth. Renting as a student helps you prepare for what you will need to know when renting in life. This structure allows for a feeling of independence, a sense of having ownership over the space in which one lives and more personal responsibility.

To effectively navigate these challenges, it is essential for student renters to understand what it takes to secure apartments for rent. Student tenants who fully understand the rental market, common pitfalls and best practices create a completely different, stress free renting experience.

Figure Out Who You Will Be Living With

The first thing to consider before you begin your apartment search is if you want to live solo or with roommates. This way, you can think about what works best for you all, your preferences, budget and lifestyle. If you decide to stay with roommates, have a conversation about expectations, boundaries and preferences beforehand. Open communication and understanding can help make for a positive living experience for everyone. Define who does what right from the start so you are not stepping on anyones toes and everyone feels supported and treasured.

The greatest advantage to living alone is all the privacy and freedom you have. You can decorate the space however you would like, and organize it in a way that benefits only yourself. It is a moment to indeed turn that space into your study cave, room where you relax and recharge. The trade-off is that it can often be more expensive to live alone (since you are the only one on the hook for rent and utilities).

However, living with roommates can cut down living expenses significantly. You can really cut down on your budget by sharing the rent, using half of the utilities and even grocery shopping together. Not to mention, it gives you a friend (or friends) right off the bat, which is crucial when moving to a new place like going off to college. Furthermore, you may end up making life-long friends and sharing experiences with roommates.

To ensure a harmonious living arrangement, it's vital to find compatible roommates. Start by considering factors like study habits, cleanliness preferences, social lifestyles, and even schedules. Look for roommates whose habits align with yours to avoid unnecessary conflicts in the future. 

The Role of Co-Signers and Guarantors

One of the biggest issues student tenants face is landlords requiring co-signers. This is often necessary because students typically lack an extensive credit history - something landlords prioritize when evaluating potential renters. Without a strong credit history or proof of income, students struggle to meet the standard landlord requirements intended to ensure rental payments. As a result, landlords frequently require student renters to have co-signers, usually a parent or guardian who can provide the financial assurance needed to confidently sign a lease agreement.

The reliable co-signer needs a good credit score and a steady income source that indicates financial stability. It is important to demonstrate that a co-signer has specific attributes, such as the ability to cover rent if the student tenant faces hardship and cannot make payments. Additionally, a good co-signer should fully understand the commitment they are making and be prepared to fulfill it to protect both the tenant and meet the landlord's expectations.

Image Source: Canva

Navigating Lease Agreements

As a student, one of the many tasks ahead of you is securing an apartment, making it essential to understand the different types of tenancy agreements. Joint leases and individual leases are among the key differences that students encounter.

With joint leases, all tenants are collectively responsible for paying rent and covering any damages that may occur in the rental unit. This means each tenant is fully accountable for any issues, according to the landlord.

In contrast, with individual leases, the responsibility for rent and damages is assigned to each tenant individually, meaning that only the tenant in question is held liable.

As a student, paying close attention to lease agreements can significantly improve your renting experience. Be sure to review key details such as the lease term, renewal options, and early termination penalties. The duration of the lease defines the period of the tenancy, outlining how long the rental agreement will remain in effect. Understanding this aspect is essential for planning ahead and aligning your housing arrangements with your academic schedule.

Get to Know Your Neighborhood, Building, and Apartment

Starting with the map, it is good to identify essential zones within the area of your interest, which may include, among others, a subway, grocery stores, medical clinics, and other crucial establishments. It is also good to know the position of these amenities since it will assist you in using the new surroundings better and also promote safety and comfort as a student tenant.

In addition, to get more used to your new specs, it is helpful to learn some details about the history of both your apartment and the area where it is located. Delving into the historical background of your abode and its location will explain a wide variety of more information. For instance, it may be affected by certain factors such as the historical values based on the condition of buildings or even the relevance of the locality in the past. Hence having such information is key towards enhancing your adjustment process in the new apartment.

As you are getting used to the rented apartment, putting aside some time on your side to attentively and actively explore the neighborhood, the building and the individual elements of your apartment can be of great value in your life quality. By becoming a part of the local culture, you may find one or two nice little coffee spots, warm cultural hubs, or areas which are great for both work and play.

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