9 Tips for Your First College Rental

Photo by tellytom

Renting your first college apartment or house is very exciting, but it can also be exhausting, time consuming and overwhelming. 

There's a real liberation to being out of the dorms and on your own for the first time. You have the freedom to do what you want, go out when you want, cook what you want, study when you want, and so much more. But before you can experience this freedom, you have to find the perfect place to live. Check out these nine tips for a general guide through your journey.

1. Start Looking Early
Start looking the semester before you plan on renting. Get information on all the places in which you might like to live. Attend housing fairs for information about different properties without driving all over the city. Your university may also have an off-campus housi ng office where you can get housing, landlord, management company and roommate listings. These offices can also give you advice on how to conduct your search. Property management agencies can be helpful but ask about any service fees they may charge.

2. Prioritize 
Consider what's most important about your new place. Do you want to live close to campus or are you willing to drive a little further? Do you want an up-scale apartment or can you compromise for a better price? 

3. Don't Commit Early
Just because you start looking early doesn't mean you have to commit -- and you shouldn't. Once a landlord or leasing agent gets your contact information, they'll call you about upcoming rental-rate deals or specials. If they still have vacancies later in the season, their more likely to cut deals and offer better rates. The national vacancy rate is six to eight percent, according to AllBusiness.com so you can be picky. Landlords will do just about anything to get their vacant spaces rented out. However, the line between waiting just long enough and waiting too long is very fine. You don't want to run out of options because you waited too long.

4. Know your Roommates
You'll live with these people for at least a year so it's important you avoid the desire to strangle them. Before you start looking for a place together, discuss such issues as cleaning, parties, overnight guests, payments and privacy. Compatibility in these areas will become more important as the year goes on. Check out this article from EcampusTours.com for tips on selecting a roommate.

5. Read the Lease
It's surprising how many people will sign a legal document without knowing what they're committing to. Know every aspect of your lease so you won't be caught off guard when hit with extra expenses or security deposit deductions at move out. If you don't understand specific items on the lease, don't be afraid to ask the landlord. Also, CollegeBoard.com advises you negotiate lease terms before signing.

6. Understand You Payments
Know how much rent you'll have to pay each month and what's included in that amount. Will you pay utilities on top of that amount or are they included? Ask the landlord for details of utility costs from the previous year. Understand the deposit agreement including how and when you'll get your deposit back. See if there are any fees you might have to pay that aren't refundable, like a community fee or application fee. Ask about penalties for late payments and if there is a grace period.

7. Know the Fair Housing Laws
If you feel you're being discriminated against for such reasons as age, race, gender or appearance, report it to the Department of Housing and Urban Development. You can read the Fair Housing Act at HUD.gov.

8. Invest in Renter's Insurance
Renters insurance will cover your property from theft and damages and often the contents of your car. While this may seem like an unwarranted expense, consider the cost of replacing your belongings in the event of a robbery, fire or natural catastrophe. You can learn more about renter's insurance and get rate quotes at RentersInsurance.net.

9. Do a Walk-through
Before you move in, walk through the rental with your landlord and make a list of any pre-existing damages. This ensures you won't be charged because of damages that were already there. Make sure you're present at the final walk-through with the landlord, as well. This is for your benefit, so make sure to be thorough. It may be feel silly to document such small items as nail holes or minor carpet stains, but you could be hit upon check-out with the cost of repainting walls with holes or cleaning an entire carpet.