How to Find An Apartment While Managing Student Loans

real estate for students

There are several reasons why renting is more feasible for Americans right now than buying. For one thing, many millennials are younger and not quite sure about where they want to live for the long term. People are taking longer to find their permanent careers. Real estate prices are also rising, meaning that many people are priced out of the areas they would want to buy in, even in the best of circumstances. But the biggest issue is that many Americans are dealing with student loans, whether they’re still studying or out of school.

Student loans can be financially crippling; but if you play your cards right, renting can still be an option for you. As of 2016, about 65% of households led by people under 35 rented, compared to 57% in 2006. Most of the real estate for students is made up of rentals, a few current students or students fresh out of college can afford to buy. With that being said, let’s look into how you can balance that rent with paying off your student loans.

1. Get A Roommate

In some cases, you may be better off looking at real estate for students with multiple bedrooms, rather than one. A single-bedroom apartment may be difficult for you to afford. But if you rent one with multiple bedrooms and split it with a roommate, the rent may be more affordable. Some landlords offer rental apartments by the bedroom outright. In other cases, you may want to sublet an apartment.

2. Stream, Rather Than Paying for Cable

It’s understandable if you want entertainment in your apartment. You don’t necessarily have to give this up just because you’re managing student loans. Essentially everyone today has to purchase internet packages, especially if you work from home. It may be less expensive for you to pay for streaming services on top of that, compared to paying for cable.

3. Take Public Transportation

Rather than buying a car and making payments on it (along with the cost of gas and insurance, as well as parking permits), you could take public transportation. You can typically buy passes for public transportation, and take buses or metros depending on where you live.

Cutting costs takes an effort. But if you’re careful, you can pay for an apartment while balancing student loans.

How You Can Save Money While Looking for An Apartment in College

There are two different options you can take when attending college. You can either live on campus, in a student dormitory; or you can live off-campus, either at home with your family (commuting) or in one of the apartments near college. While in the past it was more common for university students to live on campus, there are many downsides that have forced them to rethink this in recent years. For one thing, student dorms are often small and uncomfortable, while costing as much or more than fully-fledged apartments near college. For another, they come with restrictions that you won’t have to observe in your own apartments, like dry campuses or curfews.

For many college students, their college apartment is their first rental. According to Trulia, the share of households that rent jumped from 36.1% in 2006 to 41.1% in 2014, with 71.6% of millennials renting that year. If you’ve never rented before, however, you may be uncertain about how to save money during your apartment hunt. With that being said, let’s look into how you can do so.

1. Choose An Apartment Near Campus

There are pros and cons to choosing an apartment near your campus. But while apartments near college will come with certain price expectations, you’ll also be able to save money that you would spend on commuting. You may find that there isn’t a big difference between an apartment near college and an apartment a twenty-minute drive from the college. But if you’re able to walk to school, you can save money on gas. Additionally, if you can use public transportation and otherwise walk to grocery stores, you don’t even have to pay for a car.

2. Eat At Home

This may seem simple, but one of the biggest mistakes college students make is eating out too much. While you may not be used to cooking for yourself, doing so will ensure that you save a good amount of money each month.

3. Find A Good Landlord

Ask questions of other students, and look online for advice about the best landlords. A good landlord will offer reasonable rent prices, often bundling in utilities for tenants. Additionally, they’ll be less likely to raise prices an extreme amount.

Tread carefully. Many apartments aren’t as good as they may seem, but there are hidden gems out there! Contact us today with any questions.