Rental advice for students

Rental advice for students

Renting a property when you are a student has many cost implications. This ‘Rental advice for students‘ article offers some guidance about your financial obligations as a tenant, as well as your landlord’s responsibilities.

Understand the associated costs

The prospect of moving into your own rental property is exciting. After all you’re growing up and going into the world on your own. However, as a student, you have numerous expenses – tuition, stationery and social. The entire process can end up being more expensive than you realise if you don’t factor in all the associated costs before signing your lease agreement.

Lease agreement

Discuss all possible costs before you and your parents finalise your lease. This is so that there are no unexpected bills at the end of the month, or when you move out. Your lease agreement should also stipulate your contribution to the property’s utility costs. This means that you will be billed for water, electricity (unless there is a prepaid metre), sewage costs and refuse removal.

Rentals

The first thing you need to be sure of is your monthly rent and the deposit required to secure your property. The amount of this deposit may vary from one to three months’ rent.

Rental increase

If you stay longer than a year in your property you may have to factor in a rental increase. This increase can vary between five and ten per cent. An extension on a lease contract, accompanied by a rental increase, will also result in an increase in the deposit.

Miscellaneous

Other upfront costs may include a key deposit, remotes and access cards. If you are renting through a rental agent they’ll be an administrative fee.

The landlord

  • Firstly, the landlord is responsible for any indirect operating costs including levies and fees charged by the Homeowners’ Association.
  • Secondly, it is the landlord’s responsibility to offer you a property that is reasonably fit for the purpose.
  • Thirdly, the landlord is usually responsible for pest control for up to six weeks after occupation.
  • Additionally the owner of your property should also put in reasonable security measures.
  • Lastly, your landlord is responsible for maintaining the structure of the property, but you will have to make sure that the property remains in good condition.

So, be sure to consider all possible hidden and future costs when discussing your lease agreement.

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