Applying to college is a stressful time as it is. The experience can be made even more stressful when you aren’t prepared for the costs that can pile up! That’s why we’ve put together a list of unexpected housing costs that all prospective and current students should budget for.
Security Deposit
As a private renter, you’ll be required to pay a security deposit. A security deposit protects the landlord from not being able to recover from property damage and unpaid rent. It is paid before you move in and depending on the state of the property at the end of the tenancy and it you’re up to date on rent, you might receive some, all, or none of your security deposit back.
A security deposit is a separate cost from your monthly rental payment. The security deposit amount is determined by your landlord but is typically equivalent to one or two months of rent. So it’s very important to budget that into your costs!
Depending on your credit history, your security deposit may be more or less expensive. Some landlords may even ask for a few months’ rental payment upfront for additional protection. One way around this is getting a guarantor or co-signer, like a parent with strong credit, on your rental lease agreement.
Pet Fees
Another thing to factor into your housing costs are pet fees. A lot of private rentals don’t allow pets generally, due to concerns around damage and smell. However, some landlords do accept pets and may request a fee. This fee can range from as low as $50 to as high as $500 or more, depending on your location and your pet’s size.
Furnishings
Many people can forget about how expensive furnishing a place can be. As you’re moving into a college rental, you’ll most likely have some existing furnishings already provided, but in some cases you may not. According to the National Retail Federation, dorm and apartment furnishing are among the top three spending categories anticipated for the back-to-college season, at $9.7 billion in expected sales.
Furniture costs are highly variable depending on where you live, whether you stick to essential furnishings or add decorative items, and if you choose to shop for new or used furniture.
Is this your first time renting on your own? Read of our previous article: How to Be A Good Tenant
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