Let’s Talk Rent, Roommates, and Real Costs

Hi Honors students!

This month, I’ll be sharing advice on housing costs and roommate tips! I’ll start with a basic rundown of typical housing costs, then go over common roommate etiquette tips and conversations I believe you should have before you move in with someone to avoid any stress in the future.

I’ll be starting with application fees. These four fees are usually required when applying to apartments. However, fees vary by landlord and property management company, so please remember these are estimates.

1.) Application fee – this is the landlord or property management company running a credit report on you or the co-signer. Keep in mind that it’s typically $50-75 per person, but it depends on each, due to the competitiveness in the market.

2.) Administration fee – this can have a range from $300-500, it all depends on the property’s amenities and services.

3.) Credit score report – some places require a certain credit score, like anything over 700, but since a lot of places know they are renting to students, they allow co-signers, but it’s important to always ask before applying.

4.) First month’s rent – most places ask for this upfront once you’re approved

Once you’ve moved in, here are a few tips to save money on utilities. First, be mindful of leaving the lights on and unplugging any unused electronics. Also, try to limit gas or water usage when possible, but I know in the winter it’s harder to control.

Lastly, some conversations I recommend having with roommates prior to living together are talking about how you are going to split bills, split furniture, cleaning responsibilities, schedules, quiet hours, guest limit, and overall personal boundaries.

I hope these tips are useful as you search or settle into off-campus housing!