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As you accept that new co-op job (congratulations!), you may have to embark on a second search, one for a place to live. What follows are some ideas on how to find a place to rent, how to go about selecting roommates, and how to sublet your current room if you happened to sign a lease over a period of time when you won’t be living in the house.

 

There are many things to consider when finding a place to rent. Things like the location (distance to work, accessibility to bus routes, etc.), the basic amenities (furniture, appliances, laundry, etc.), and utilities and services (electricity, water, internet, cable, etc.) are all factors that will influence the price of your rent and the amount of money that you are required to set aside to cover your housing costs. Thus, it is important to have an idea of what you desire to live comfortably, and to understand the price tag associated with it. This way, as you search for a place to live, the monthly bills do not arrive as a surprise.

Living with roommates has many benefits, especially for students. However, these savings should never come at the expense of your sanity. Finding the right roommate may save you money in the long run, because it may mean the difference between living with someone who mooches off your food and supplies, does not pay of their share of utility costs, or worse, fails to come up with rent. Once you find your roommates, there are several rules of thumb to avoid some of the unpleasant scenarios described above.

If you won’t be living in your space for a while (like summer break), you can sublet your space. Subletting is the action of renting your room or apartment to another person. The first thing you must be aware of, is whether subletting is allowed under the conditions of your lease. As a sublettor, you remain responsible to your landlord under the conditions in your original lease agreement. So, when it comes to selecting a subtenant, it is important to be just as careful in your selection as if you were living with this person, as under the eyes of the law, this person is living in your space as you.

Hopefully these resources may guide you on your search to finding an awesome new place to live. Good luck!

 

Welcome to Financial FAQs! Each week we select relevant resources that provide student focused responses to common financial questions. While each student’s financial situation is unique, We hope the following posts can help guide you on the path to graduate richer.

 

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