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3 Financial Factors To Consider Before Moving Into Your College Apartment

student rental unitsChoosing your first apartment as a college student is an exciting time. You round up a troupe of your friends, make a list of the best apartments for rent in Newark DE, and go on your first tours. But it isn’t all fun and games.

Before you look into student rental units, there are important financial factors to consider. Here are three important financial matters to mull over before you take the big leap for off-campus housing.

Do you have a cosigner?

Many off-campus apartments for students require a cosigner to guarantee you’re able to pay the rent each month. This is particularly common for students and other young adults who lack a significant credit history. Without a verified record that you’re able to pay your bills consistently, there’s no way for an apartment rental to ensure you’re able to make the payments on time.

A cosigner is there to be held responsible in the event you’re unable to pay your rent. Your cosigner is usually a family member, like your parent or an established older sibling. Think about your family’s financial situation before you take on an apartment lease, even if you have student loans to ensure the payments. If your cosigner is denied, you may be in hot water.

Are the utilities included?

Most landlords are required to include water and trash removal. Anything outside of this can rest on the shoulders of the student renters. An affordable price might be at the top of your budget if you don’t consider outside costs like electric, heating, parking, and internet.

On top of that, you’ll need to pay for food, toiletries, and a pet fee if you plan to live with a small dog or cat. Budget accordingly so you don’t overextend your bank account.

Will you have to buy furniture?

Many apartments, especially those intended for student housing, will be fully furnished for the ease of the renter. This means you won’t have to bring your own furniture (unless you want to) but it also means that you have to treat the furniture with respect. Don’t spill any drinks, clean them regularly, and manage your guests when they’re over.

If your apartment does not come fully furnished, or you’d rather bring your own furniture, you’ll have to work out extra costs with your roommates to see who’s bringing what.

Student rental units come with a few different financial factors the average college student may not consider. But you’re not alone — an estimated 27% of Americans rented in 2016.

Before you move into off-campus housing, talk over your options with your parents and rely on the best student rental units in Delaware; with the Lang Development Group, our fully furnished student rental units are designed with the college student in mind. Call or visit today for a tour!

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