As a student, finding a rental property can be one of the most exciting, and nerve-wracking, parts of university life. Whether you’re leaving home for the first time or moving closer out of halls, there are plenty of factors to consider. One of the most important aspects is understanding the living costs associated with renting a property. Not only do students need to account for the rent itself, but there are other hidden costs that can quickly add up. Here’s a guide to the typical living costs students should expect when renting a property.
1. Rent
The rent will be your biggest monthly expense, and it can vary depending on your location, the type of accommodation, and whether you share with others. In university towns and cities like Leeds, the demand for student rentals can drive prices up, so it’s essential to compare different areas and types of properties.
2. Utility Bills
Many rental properties do not include utility bills in the rent, so it’s crucial to budget for them separately. Utility bills typically cover gas, electricity, water, internet and sometimes waste collection. Costs will vary depending on the size of your property, how many people live there, and your usage habits.
3. Insurance
Although you might not think about insurance immediately, it’s an essential cost that can save you a lot of money in the long run. Renters’ insurance, also known as contents insurance, protects your personal belongings in case of theft, fire, or damage. Typically, contents insurance for students can cost between £5 and £15 per month, depending on the value of your items and the level of coverage.
4. Food and Household Supplies
In addition to rent and utilities, you’ll need to consider your day-to-day living costs. Eating out and takeaway food can add up quickly, but cooking at home is often more affordable. Budgeting for groceries and household supplies is key to managing your living costs effectively.
5. Transportation
While some student accommodations are within walking distance of campus, others might require public transport or even a car. Transportation costs can vary depending on where you’re living. This is a factor to take into consideration when choosing a property,
6. Other Additional Costs
There are also a few other smaller costs to consider when renting a property:
- Deposit: When you rent a property, you’ll usually need to pay a deposit upfront, which typically amounts to one month’s rent. This is refundable at the end of your tenancy if the property is in good condition.
- Maintenance and repairs: If something goes wrong with the property (e.g., a broken appliance or plumbing issue), you may need to cover the cost of repairs or maintenance. However, your landlord is typically responsible for major repairs.
- Miscellaneous expenses: Don’t forget other random costs like laundry, entertainment, and decor. You’ll want to budget for these extras as well.
Renting a property as a student requires careful consideration and budgeting. At sbliving we insure there are no hidden costs and we go through the fees and what’s included, upfront. By understanding the various living costs you can make sure you’re financially prepared for this next chapter of your life.
