You may think that living in the dorms is the cheapest option for room and board while you’re at school.

However, living in an apartment is typically more cost-effective than living in a dorm.

Here are the factors you need to check before making your decision.

What’s Included In Rent?

When looking at an apartment, you may be swayed one way or the other by the hard number of the monthly rent.

One question you should ask is what the cost of the rent covers.

In some rental agreements, rent may only include the cost of renting the space. In others, it may include some bills, such as:

• Internet
• Water
• Electricity
• Parking
• Cable TV

You may find that bundling all of these bills together is cheaper than paying them separately. Plus, it helps you focus on your homework and activities instead of tracking which bills to pay every month.

Is The Deposit Refundable?

Deposits are typically paid at the signing of the lease. The landlord holds the money in case you damage your apartment or dorm while you live in it.

Compare whether the dorms and apartments you’re interested in require a deposit and whether they refund it. 

It turns out that dorms often require more money for deposits that are non-refundable. Apartments, on the other hand, can offer lower deposits that are refundable.

What Does The Meal Plan Look Like?

Meal plans are typically required for students living in dorms, and they usually charge more than what you need if you were to shop for your own groceries.

Apartments typically offer full kitchens. Students who live in apartments, and who buy and cook their own food can save an extra 20-25 percent each year—a significant $3,000. You can use that money for your spring break trip, to take an extra class, or to begin investing.

Do You Like Personal Space?

If you’re one who enjoys personal space, you may consider an apartment over a dorm.

• Dorms are smaller than apartments.
• Dorms monitors may require you to check in after a certain time of night.
• Dorms kick you out as soon as school is over.

On the other hand, apartments offer more space.

• Apartments are generally bigger than dorms.
• You have the option of getting a personal bedroom and bathroom in an apartment.
• Apartments don’t require you to check in.
• Apartments let you stick around until your lease is up.

What Else Do You Need To Consider?

Apartment living and dorm living has a few other factors for you to think about.

• On-Campus vs. Off-Campus - On-campus housing is a little more expensive than off-campus housing because of its proximity to school.
• Service Fees - Both dorms and apartments will charge service fees. You need to consider what your fees will be for each and which is more affordable for you.
  Furnishings - Some apartments come fully furnished, which will make move-in easier.
  Tuition - You must include the cost of tuition in your college budget.
• Bedrooms - The cost of an apartment increases with the amount of bedrooms, but a 4-bedroom apartment with four people splitting the rent can still more affordable than a single person living in a dorm suite. 

Think about these factors as you hunt for your next apartment.