Money Matters

The first thing you need to figure out when moving off campus is your budget. In our society, its safe to say that money matters and you need to figure out how you’re going to finance your housing. Here are some ways to look into how to start to budget for moving off campus:

Budgets:

Financial Aid

  • In order to utilize financial aid, students need to contact their financial aid offer to ask if you will be receiving a residual check from your aid after your education bills have been paid.
    • Keep in mind: most Financial Aid Residual checks are not distributed until 2-3 weeks after classes begin
      • This means most student have too pay first month rent and security deposits before they receive their residual check. Discuss this with property management before signing a lease if you think it will be a problem.
    • Also, these checks will one be received August and January to cover the 10 month academic year

Fees:

These are the fees to keep in mind when first looking for housing.

  • Security Deposit: this will need to be paid upfront and it is a one time fee, sometimes equal to one month of rent or a little less.
  • Credit Check: this is sometimes funded by application fees at properties, but other times is paid by the potential tenant.
  • Activation of Utilities: not only do you have to pay utilities each month (unless your utilities are included) , sometimes you have to pay the company to have them turned on and switched to your name.
  • Use of Amenities/Parking: Parking being as awful as it is on UK’s campus is old news, its the thing everyone knows and everyone talks about, but nothing gets done about. Depending on where your complex is located, you might need to pay for a commuter’s parking pass, which you should include the cost for in your initial budget. Also, if you are going to pay for an external gym closer to your apartment complex, or other amenities each month include these in your budgeting as well.

Usual/Average Prices:

What’s normal to pay? Well, that depends on where you go, how close you want to be to campus, and what apartment complex you choose, but these are the average prices for the following types of spaces.

  • 4 Bedroom Space: $500-$600 per person
  • 3 Bedroom Space: $500-$600 per person
  • 2 Bedroom Space: $550-$750 per person
  • 1 Bedroom Space: $800-$1000 per person
  • Studio: $800
  • Application fee: $50
  • Deposit: $30-$100 or 1 month of rent depending on the company

Utilities and their pricing: depending on the apartment complex, the utilities included with rent will differ. Common utility expenses for tenants include electricity and gas:

  • Electric can be anywhere from $30-$100, depending on time of year and preferred temperature
  • Gas can be $40-$140
  • Cable connection may be set up with apartment complex, or you may have to set up the system yourself
  • Wifi may be included, but not always.
    • Keep in mind though wifi routers can cost $80+, but are a one time cost

 

 

 

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