Is It Worth Renting an Apartment Near Campuses?

interior small living room renting

Renting a fun apartment close to a college or university campus initially sounds exciting. Undoubtedly, many would jump at the excellent occasion without thinking. And for a good reason; everybody associates college years with wild parties and a culturally and artistically exciting period. Regardless of age, living close to campus is inspiring. And it certainly implies fulfilling one of the daring dreams of being “close to the action’ and part of an electrifying community. 

Renting an apartment next to campus comes with a set of rules you must adapt to. In this regard, it’s like an out-of-the-ordinary scenario, like dwelling near a noisy airport or thriving on ranches and gated communities. Still, you have to consider the idea thoroughly because, despite your best intentions, your plan can backfire on you.

We dedicate this article to two age categories. On the one hand, students should read this to find out more about living off-campus. On the other hand, we recommend it to adults and young professionals driven by an adventurous spirit. 

Students, should you try living off-campus?

Choosing the most suitable form of accommodation is a tough nut to crack regardless of age. However, picking a dorm, renting, or buying an apartment for students becomes even more demanding. Renting a home of your own close to your college or university campus is a challenge, and we would endorse you to do so. 

What does living on campus mean to your budget?

First of all, you must examine the cost factor. Regularly, apartments are less pricier than college dorms, yet they don’t always come furnished. Suppose you’re fresh out of high school and go with living on campus. In that case, you might want to consider various loans, such as a student loan or parent student credit, to cover your expenses because they will grow exponentially. Is it hard to believe? Newsflash: payment for living in a campus dorm can reach $10,000 or even more per year. 

You must know that colleges ask for money before moving into the dorm. And they charge you the cost of the dorm by semester. Did you know that money doesn’t cover holidays? You must leave as the holiday season kicks in, no matter if you don’t have anywhere else to go. 

Living in a rental means fewer rules to obey

Terms of paying your rent make a critical part of what to discuss with your landlord 101. Unlike college dorms, no one can kick you out of your apartment once you pay the rent upfront. Besides, you must adjust to significantly fewer rules and regulations than in a dorm. Curfew times can be a real bummer, for instance. Similarly, no sleepover for your guests at campuses!

Which one should you choose ultimately?

So, the amount you pay for accommodation puts an apartment rental at an advantage. Note, however, that renting an apartment close to your college requires that you will have to fix it up with furniture (meaning extra expenses.) How come then that so many students prefer college dorms to rental units? Because living on campus encapsulates the real college community life. Subsequently, you are exposed to many brand new impulses and people from different backgrounds.

Still, we recommend you rent an apartment to take the first baby steps and experience adulthood in all its complexities. You will enjoy more liberties and freedom than in a dorm, for example, re-decorating the place spectacularly. Secondly, the rent won’t affect your or your parents’ budget to such a degree as paying for a college dorm. Additionally, you’ll still be close to your college and hang out on campus.

Adults, Is renting a unit next to campus a good idea?

As we established earlier, living next to campus can be stimulating if you don’t prefer spending time indoors and are open to new experiences.

What are the perks of renting an apartment next to college?

In the best states for education, the economy and job market thrive in the vicinity of colleges and universities. Many companies decide to branch out locally, hoping to reach more clients. Top businesses, restaurants, bars, and grocery stores are open almost daily. And don’t forget; they are hunting for new talents! Consequently, your chances of finding a job vacancy suitable for your qualifications and taste boost are high. 

The college location acts like a genuine city within the city. In the best college towns in the United States, such as Ann Arbor, MI, Fairfax, VA, Chapel Hill, NC, etc., living in close-knit communities goes in its separate way from the rest of the city. A lively atmosphere full of motion, opportunities, and possibilities replaces the monotonous city routine. 

Besides, residents are roughly the same age. As a result, they go out with a smile and socialize easier. Bonds and friendships are formed effortlessly. You can’t put a price tag on that. And with some luck, you may even find an apartment below one grand.

What are the disadvantages of living next to campus?

If you’re an introvert and prefer a calm and quiet environment instead of bustling neighborhoods buzzing with movement, music in the air, and human interactions, don’t rent an apartment near campuses! Students roaming the streets and corridors can be a severe distraction from your work or relaxation. 

Additionally, apartment complexes designed primarily for student tenants might be in a slightly worn and run-down condition. First, they may not be conscious about taking care of their environment. On the other hand, knowing that the building is prone to future damages, the landlord may not invest in keeping it in tip-top condition. Also, free parking lots can be hard to come by.

Final thoughts

If you’re a student, renting a property close to your college should be a no-brainer. The experience will open the door to adulthood. Secondly, it’s a more cost-effective accommodation than college dorms.

If you’re a young professional, renting an apartment next to a college means investing in your future! Suppose you’re open-minded and, even to the tiniest degree, extrovert. In that case, we most certainly recommend you give it a shot. We assure you that it will open your eyes to new perspectives. In addition, living close to a college can get you an excellent job and reduce your overall expenses.

About Beni Restea

Beni is very passionate about real estate, finance and traveling, which is the motivating force behind the inspiring topics he writes about for RealEstateAgent.com

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