It’s an annual rite of passage that scores of college students look forward to every year: moving off campus. According to a New York Times article, 8.7 percent of students live off campus in student rental units and the Rental Protection Agency estimates that those aged 15-34 make more than 40 percent of renters in the United States. With plenty of companies offering off-campus student rental units, there’s no shortage of space for lease as students look for a place to escape the rigors of college classes.
Whether you’re searching for student rental units or an apartment, the average American moves about 12 times in their lifetime and it’s a safe bet that a few of those moves involve renting an apartment.
More people are renting than at any point in the past 50 years. According to Forbes, studio apartments and one-bedroom apartments make up more than 50 percent of the apartment rental market due to millennial demand. Millennials are the most likely of all age groups to rent. In 2016, 65 percent of households headed by young adults were renting.
While it may not be the same as homeownership, there are plenty of benefits when it comes to an apartment rental or with student rental units.
- Freedom: When it comes to living in an apartment complex, there’s plenty of freedom to move around if you need to as life unfolds. Need to move for a job? Moving to follow a love interest? Leaving to see the world? It’s a lot easier with apartment rental. Depending on the apartment complex, you can lock into a month-to-month lease which doesn’t tie you down long term.
- Amenities: A typical apartment complex has plenty of amenities to enhance your living experience. Whether it’s a pool, a community clubhouse, a fitness center or maybe an outdoor tennis court, many complexes offer plenty of amenities at an affordable price.
- Maintenance: If you’re a homeowner it means there’s a lot of chores that are your responsibility. Living in an apartment complex means the rental company or landlord takes care of all the maintenance you might not want to do whether it’s lawn care, snow removal and trash pickup, not to mention also taking care of all your repair needs.
- Security: Many complexes have good security systems and surveillance to keep you safe and give you peace of mind.
- Financial flexibility: As a homeowner, you’re usually responsible for a monthly mortgage payment, property taxes, city taxes and the general cost of upkeep of your house. Renting an apartment eliminates many of those hassles and puts more money in your pocket. Many complexes and rental company also have incentives where you get a referral bonus for recommending a friend.
Renting an apartment may also allow you the chance to live in a nice neighborhood or bigger city without having to pay top-end prices for housing. Living in these nice areas and bigger cities also affords you the chance to meet new people and experience life in a new city if you’re new to the area.
Renting an apartment comes with plenty of benefits, but you want to be sure to take time to find a reputable company or landlord who can walk you through your options and give an idea of exactly what you’re in for. According to BestColleges.com and other financial experts, your monthly rent and utility bills should represent no more than 30 percent of your monthly net (after tax) income.
To get started Apartment Finder can help you find exactly what type of student housing you’re looking for in your area.