Finding a new place to call home next year can be exciting — and daunting. The financial steps to rent a house, though intimidating, can easily be understood by anyone preparing to move into a new apartment or house.
Out of the renting options, living on campus in Poly Canyon Village seems to be the easiest transition from the dorms to renting life, though not the cheapest.
For students who plan to live at home over the summer, this may be the best option as Poly Canyon offers a nine-month lease designed for students who plan on being in San Luis Obispo for just the school year. It costs approximately $763 per month for a private bedroom and $617 per month for a shared bedroom for the 2011-2012 school year. This includes all utility bills, such as cable, Internet, electricity, water and garbage. This also includes a housekeeping service that services the bathrooms in the apartments.
University Housing Outreach and Program Coordinator Tessa Stevens said one positive aspect about living in Poly Canyon is each tenant is only responsible for his or her rent.
“Students can have peace of mind by signing an individual nine-month academic year lease for their own bedroom in an apartment with their roommates,” Stevens said. “This is very convenient for students as they are only responsible for the rent for their own bedroom, or bedspace if they are sharing a bedroom. If plans change or if financial difficulty arises with a roommate, students can rest assured that they are only responsible for their private individual lease and rent.”
Cal-West Real Estate property manager Ellie Malykont said she advises students who have lived on campus to rent an apartment before renting a house with several friends. After being in real estate for 19 years, Malykont said she has seen a pattern of students who get out of the dorms, live with several of their close friends and then find themselves living in a one or two-bedroom apartment after a year of roommate troubles.
“Having to deal with four or five other roommates is not easy,” Malykont said. “That’s what my experience has shown me. There are always a lot of kids who want to live with a lot of their close friends. It’s not always fun when you’re trying to get your studies done.”
For students who are hard-pressed to live in a house, there are several financial considerations to take into account. First, a lease must be signed with all tenants and the landlord.
Signing a lease makes the signers responsible for paying rent. Malykont typically has a group of students sign a “joint and several” lease, making all renters responsible for rent payments. If you have a flaky roommate, Malykont said, that means you’re still responsible to pay his or her share of the rent if they decide to leave.
The lease, in most cases, must be signed with a co-signer. Landlords need co-signers because students don’t have collateral.
“Students don’t have credit nor do they have property,” Malykont said. “We can go after (the co-signer’s) assets if they don’t pay their rent.”
Secondly, a deposit must be paid. Similar to the process of renting an apartment, deposits for house rentals can typically cost up to as much as first month’s rent. When renters move out, they can expect some of the money to go toward cleaning expenses, Malykont said. Additional money will be taken out for any damages done to the property.
Other fees besides rent may include yard maintenance, all utility bills and parking.
Important factors to consider when renting includes the location of the apartment or house. Helberg said it’s a good idea to live in an apartment complex where students live close to other students and noise ordinances seem to be less of an issue.
“You’re going to have more of your peers around you as opposed to a house where you may be living next to a family,” Halberg said.
“In houses, it seems to be more prevalent with noise violations than among any apartment complexes in San Luis Obispo.”