Whether you move straight into an off campus apartment or say good-bye to the dorm as an upperclassman, there are important things to know when it comes to off campus housing. The must-knows include leases, deposits and renter’s insurance.
Leases
Likely, moving into off campus housing will be your first experience with a lease. A lease is a legal agreement between you and the apartment complex or owner of the rental property. It’s legally binding and enforceable. It outlines your duties and the duties of the landlord. Be sure to take your time and read it carefully. If you’ve got questions or concerns, don’t be shy about asking questions. This will help avoid some tenant pitfalls down the road. For example, if you move out before the end of the lease, you may be legally responsible to pay monies for the remaining rent.
Security Deposits for Off Campus Housing
When you rent an off campus apartment, you’ll be required to deposit a specific sum of money. It’s a fee designed to reimburse the landlord for any failure to pay rent or for any damage to the rental unit. Typically, security deposits range from half a month’s rent to a full month’s rent; this amount is at the discretion of the landlord. At the end of your tenancy, the landlord must return the deposit. If part of the deposit is withheld, there must be a written explanation of why. Generally, the reason will be specified, such as “damage to the carpeting”.
Renter’s Insurance
It’s really penny-wise and pound-foolish not to purchase renter’s insurance for your off campus housing. The landlord’s property insurance or apartment complex insurance does not cover your personal property in the event of a mishap. Renter’s insurance comes in handy if your personal property is damaged, stolen or lost. And the replacement cost can tally up high for computers, laptops, TVs and other gadgets. Go ahead and purchase a personal property insurance policy from just about any insurance company. You’ll be glad you did.
Questions to Ask Before Renting Off Campus Housing
Get all of your ducks lined up in a row by asking all the important questions before renting. You’ll want to know how much the rent is, when it’s due and the starting date. Ask questions about your deposit. You’ll want to know how much it is, how it’s used and when it will be refunded. Be sure to ask about damages. It’s important to know who pays for damages over and above the normal wear and tear. Is it all occupants or individuals? And if you’re considering subletting, find out if it’s allowed and what the procedure is. Another important topic to cover is roommates. Do all roommates sign the lease? If someone moves out, who pays the difference?
Signing a lease for a college apartment is a big step. Be sure to cover all the bases before you sign on the dotted line. And if you’re seeking an off campus apartment in Boone, be sure to check out The Standard at Boone. We’re an upscale community featuring amenities such as heated outdoor spas, private bathrooms, a courtyard with an outdoor grill, a fitness center and much more.