Embarking on your college or university journey is an exciting step toward independence. But finding the right place can be overwhelming if it's your first time living on your own. Budget, lease agreements and timing are all crucial considerations for students searching for a home. This blog will guide you through everything you need to know to rent a venue for living!
On or Off-Campus?
The first decision on your path to independence is whether you want to live on or off-campus. Each offers a different experience with its own benefits. For instance, living on-campus can provide the convenience of a shorter walk to class, although you may lose out on space and privacy.
Checkout our pros to living off-campus:
- Autonomy: Off-campus living allows for more independence because you’re not subject to the rules and regulations of dorms, giving you more control over your living space and lifestyle.
- Potential for Savings: Depending on the location and type of housing, living off-campus can be more affordable than on-campus options, especially if you have roommates.
- Privacy: Off-campus housing offers more privacy, with fewer shared spaces and the option to live alone or with roommates.
- Diverse Choices: You have a wider range of housing options off-campus to fit your preferences, including apartments, houses or shared living arrangements, often with more space than a dorm room.
- Customization: You have the freedom to personalize your living space, from choosing furniture to decorating in your unique style.
- Budget Control: You have more flexibility in managing your budget, from rent to potentially saving money by cooking your meals instead of relying on meal plans.
Types of Leases
When deciding to live off-campus, you have the flexibility to choose a lease that best fits your lifestyle and needs. Here are some common types of leases you might come across during your apartment search:
- Month-to-Month Leases: Offers flexibility with no long-term commitment, allowing you to move out with relatively short notice. This is ideal if you're unsure about your long-term plans or need temporary housing.
- Six-Month Leases: Provides a balance between short-term flexibility and commitment. It's a good option if you are only staying for a semester as it offers stability without being tied down for a full year.
- 12-Month Leases: The most common lease term, offering a stable, long-term housing solution. This option often comes with the benefit of lower monthly rent compared to shorter leases.
- Promotional Leases: These leases offer special deals, such as Avenue Living Communities’ 13-month lease with one month free or student discounts like $100 off per month on a 12-month lease. These can be cost-effective if you meet the conditions and plan to stay for a full year.
Budget
Once you’ve decided on the type of lease and whether to live on or off-campus, the next step is determining what you can afford. A good rule of thumb is the 30% rule, which suggests that you allocate no more than 30% of your pre-tax income to housing costs. Keep in mind that many property management companies and landlords may require your income to be two to three times the rent to qualify for the apartment.
Another budget-friendly tip is to consider the potential savings from amenities offered by the building. For example, renting an apartment with a fitness centre could save you the cost of a gym membership, making a slightly higher rent more economical in the long run.
Determining Your Living Situation
Finding the right off-campus housing involves more than just picking a place to live—it's about creating a comfortable and supportive environment that suits your lifestyle and needs.
Here are some key factors to consider:
- Location: The location of your home directly influences your daily routine and overall college experience. Living close to campus can save you time and transportation costs, making it easier to attend classes and participate in campus activities. Look for local conveniences, like grocery stores, healthcare facilities, and entertainment options. For those without a car, access to reliable public transit is crucial.
- Amenities: Off-campus housing means you’re free to choose a home that has the amenities you’re looking for. These can make for a more positive living experience and even save you time and money. Common amenities to look for include in-unit laundry, secure parking, fitness centres, study lounges, and community spaces. If you enjoy cooking, a well-equipped kitchen might be a priority and can help extend your budget.
- Unique Needs: If you have specific requirements, it's important to ensure your housing choice accommodates them. For instance, if you have accessibility needs, look for features like ramps, elevators and wide doorways. If you have a pet, you’ll need to find pet-friendly housing and consider any associated fees or restrictions. Similarly, if you have dietary restrictions or preferences, having access to a kitchen or adequate dining options is essential.
- Neighbours: Dorm-life is often fun, but being surrounded by your peers all the time can be distracting. By comparison, off-campus communities are typically quieter. This allows you to separate your academic, social, and home lives when you need to. Being in control of your environment also means you’re free to choose when and how you want to socialize, and you have a space to study or relax when you need a break.
- Roommates: Deciding whether to live on your own or with roommates is a significant factor in your housing search. Living with roommates can lower your overall costs by splitting rent and utilities, making it a more affordable option. However, it’s important to choose roommates who are compatible with your lifestyle and personality. Consider factors like cleanliness, noise levels and schedules to ensure a harmonious living arrangement. Choosing to live off-campus broadens your options because you can look outside your school.
Timing is Everything
Once you've established your preferences and budget, the next step is to begin your search. We recommend starting to browse apartment listings three months in advance. This gives you a good sense of the market and will help you identify areas that align with your budget and needs. Although it might be too early to sign a lease at this stage, you can join waiting lists and learn what’s available within your price range.
Aim to schedule apartment tours and submit your applications about a month before your desired move-in date. Most property managers start signing new leases a month before the current resident’s lease ends, ensuring a smooth transition between occupants. By signing as soon as an apartment becomes available, you have a better chance of securing the perfect place.
Finding your college or university home can be daunting without knowing which steps to take first. But with the right approach, it can be a smooth and even fun experience. By mapping out your schedule and budget and carefully navigating questions like whether to live on or off-campus and which type of lease best suits your goals, you'll be well-equipped to find a place that truly feels like home.
If you're ready to start your search, check out our Student Rentals at Avenue Living Communities. With a variety of options and amenities tailored to student life, we're here to help you find the perfect space to begin this exciting chapter of your life!