My Child Is Moving Out Of The Dorms. How Much Does An Apartment Cost?

It’s finally time--your child is ready to live completely on their own in their first apartment as an adult!

They’ll have to cook, clean, take care of their responsibilities, and make choices all on their own. You won’t have much say in how they conduct their life anymore, but you might have some questions as to how they’re going to do it all on their own:

• Will they work?
• Can they afford rent? Groceries?
• Utilities? Are they included?
• How is laundry going to work?

Luckily, we have some advice on considering some of these factors and answering the bigger question: What’s the price tag?

If there was a simple answer, we’d give it to you, but unfortunately, there’s quite a few factors that go into apartment price and all the other amenities that come with it. Other factors include the type of lease you sign, the location of the apartment, and whether or not your child will have roommates or live by themselves.

Without giving exact numbers, these are some of the ways that having an apartment could be more or less expensive for your child when they sign their first lease. 

1. Are Utilities Included?

For the most part, many apartments will include utilities like water, electricity, and gas (if applicable).

Less often, apartments will also include internet and/or basic cable, but having these items included can increase your rent by a small amount each month. With these included, you won’t see random spikes and falls in payment each month due to weather extremes or excess water use.

It may be best for your child to find an apartment with this included so that their payments stay the same every month and they can budget accordingly.

What does your student need in his or her first apartment? Find out with our First Apartment Essentials Checklist.

2. Is Laundry Included?

Many students find it easier to take laundry home during the school year (it also helps that they get to see their parents!).

If your child makes trips home frequently, having laundry in the unit or the building may not be necessary and can help save money when looking for somewhere to live.

If an emergency arises, laundromats are always an option!

3. How Long Does The Lease Last?

For shorter leases (10-month rather than 12-month), the price can rise a little bit per month, but it may be cheaper in the long run.

If your child likes to return home for summer breaks rather than stay in their apartment to work, it may be cheaper for them (and you!) to have them sign a shorter lease. That way, you won’t be spending extra money for the months your child is at home.

4. Where Is The Apartment and How Many Roommates?

Apartments closer to campus are usually a little more expensive because everything is in walking distance.

Likewise, apartments with fewer roommates are also slightly more expensive.

Consider what your child would like before advising them to sign one lease over another:

• Do they want to have multiple roommates?
• Do they need to be minutes from campus?
• Are they able to drive there every day? Commuting to school can cost a little more in gas and having a parking pass, but it’s less costly in the long run than paying higher rent.

While considering where your child would like to live, and the needs they would have as a student, keep these factors in mind when deciding what’s important when they sign their lease. They might not need everything a their apartment, especially if they don’t need it!

Good luck apartment-hunting, and always be sure to check out the complex with your child before they sign the lease!