Tips for First-Time Apartment Renters

Let’s face it. When you finally move out of the house and rent your own apartment for the first time, the only thing you’re really thinking about is: freedom. No more Mom & Dad looking over your shoulder 24/7, telling you to clean your room or do your chores or do your homework. And they certainly can’t tell you what time to go to bed or who you can invite over and when.

Your first taste of freedom is sweet. But the truth is, first-time renters usually make the mistake of forgetting that “with great power comes great responsibility”–yeah, movies have morals and comic book characters learn life lessons. Miracle, right? The real miracle will be if you can make it through the first month of being a first-time renter without plunging yourself into debt and winding up back at home.

Want to avoid the unsightly move back into Mom & Dad’s? Follow these tips for first-time renters and you won’t have to worry about your college friends offering you binkies and baby food when you’re ornery during your 6am BioChem class:

Budget for your rent

One of the biggest mistakes college students make is not taking the time to budget. Rent is the largest expense (next to tuition) a college student has to manage and apartment managers don’t accept IOUs. Rent is due on the 1st day of every month although most apartment complexes, especially student apartments, will give you grace until the 5th of the month–that means you won’t pay extra fees if you’re a couple of days late. But go past day five and you’ll be singing the blues as you shell out up to $75 per DAY in late fees. And if you go too long, it won’t BE long until you find yourself without a place to live. If you get paid once per week, the best thing you can do is set aside 1/4 of your rent payment each week–that way, you don’t have to worry about paying it all out of one check. And if you have roommates, you better make sure they understand that you can’t float them this month or any month.

Know what the rent pays for and what it doesn’t

If you’ve lived on campus before, then you know that rent for the dorms usually pays for meals, water, electricity, heat, cable, internet and a variety of other goodies. When you move into a student apartment, you should find out which amenities your rent will pay for. Typically, rent pays for water and sewage, and in some cases cable and internet. In an apartment you should always expect to pay for electricity, gas, cable and internet, unless your lease says otherwise. This is yet another part of budgeting. Paying the bills is just as important as making the rent. If you think not, maybe an ice cold shower (when they turn off your gas) in the middle of winter will teach you a thing or two.

Be choosy

Choosing your first apartment is an important step because, like it or not, you’re going to be stuck there for a year–that’s right, the typical apartment lease runs for at least one year, even in student apartments. You might be able to go month to month, but avoid it unless you’re ready to pay the extra expense. Before you sign a lease, make sure you tour the grounds and ask questions–is there a pool? a laundry facility? a 24-hour maintenance tech? how close is it to the school? how close is it to your work? how loud is it? are the apartments clean? smoking or non-smoking? can I have pets? are these student apartments only or can other people live here?–and don’t forget to manage your bearings. If you’re attending college in a warm climate, the last thing you want to do is get stuck with an apartment right above the pool…and yes, you do have a choice.

Moving away from home has its ups and its downs. Being ready to rock and roll as a first-time renter means taking on some responsibility for your own finances and well-being. Play the cards right and college apartment life will be a night in Vegas every day. Play it wrong and you may end up sucking your thumb all the way back to Mommy’s house.

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