Moving to university and starting your journey as a student is an extremely exciting part of your life. You may be moving to an unfamiliar city or area. It may also be your first time living alone or with people you don’t know. For this reason, you must have a good understanding of how lease agreements work so you can put yourself in the best position to have a successful start at university. From the application process to the fees you may be subjected to, below we will go through everything you need to know as a student looking for accommodation.
Difference Between Leasing and Renting
Before you start signing any accommodation contracts, it is a good idea to know what different kinds of contracts exist. The first question you must ask yourself is whether you want to lease or rent accommodation. You must know the difference between the two options. If you sign a short-term rental agreement, you will pay the landlord a fixed amount each month. These agreements are ideal for those who don’t want to commit to a long-term rental. Although the deal exists month-to-month, you won’t have to sign a new contract every month. Instead, if you want to end the rental agreement and move out, you must give the landlord one month’s notice.
For those looking for more of a long-term contract, leasing might be the right option for you. When you sign a lease contract, you agree to stay in the accommodation for a set time. When you end your lease, you can either move out or renew the lease for another fixed. Popular rent questions people have with this type of lease are, “Are you allowed to break your lease?” and the answer is sometimes. However, if you do end your lease early, you may be subjected to additional fees; therefore, it is a good idea to know whether it is likely that you will want to stay in the accommodation for the entire period of the lease agreement.
Rent Application Fee
It is helpful to know that you may have to pay a fee for applying for a property you are interested in renting. These fees cover the background checks that the landlord has to complete to accept you as an eligible applicant, which includes things like your credit score and past renting history. If you are a student, you may be able to get a discount by letting the landlord know that you are a student.
Renters Insurance
Having insurance is necessary for someone who is renting as this will help protect your assets and property. Renters insurance is a specific type of insurance for those renting accommodation, which will cover the tenants. This type of insurance will assist you in recovering the value of your property and assets in situations where they might have been destroyed, such as in a fire or accident or the event of theft. It is pretty standard for landlords to require students renting their property to have renters insurance. This type of insurance can range from around $15 to $30 monthly.
Lease Agreement
When the landlord has accepted to rent the property that you applied for, you will be asked to sign a lease agreement. This lease agreement is the contract between the landlord and yourself and will define everything agreed upon with respect to the tenancy. You can expect the lease agreement to include things like the property’s address, the duration of the contract, personal information, and the costs you will be expected to pay and when you have to pay them. You must take enough time to carefully read through the lease agreement to be fully aware of everything in it. This will ensure you are not surprised by something you missed, which can cost you money in the long run.
Deposit
Before you move into your new rental property, you must put down a deposit. The deposit is a set amount of money you will get back at the end of the lease and is used as collateral if the tenant damages the property. If you decide to break your tenancy agreement, then there is the possibility that you will not receive your deposit back.
So there we have it; now you know some of the most important things to understand regarding lease agreements as a student. Don’t rush the process of finding somewhere to live, as it can heavily impact your experience as a student. Location and the type of accommodation you want to live in are critical to consider. If you get this right, then you are much more likely to enjoy your time as a student.
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