Home Rental: Thrifty Alternative for College-Bound Students
For many parents of Mecosta County high school seniors, these are hold-your-breath days — the time of year when college acceptance letters begin showing up in mailboxes. If all goes well, after settling on a school, next comes tackling the array of decisions that follow. Chief among them: where he or she will live. Many parents tend to take the common course, assuming that a college dorm is automatically the best answer — but a college’s room-and-board plan is actually only one of the possibilities. In fact, it may not be the best financial, social or developmental choice for parent or student. Renting a house can be an intriguing alternative. Here are three of the reasons why some Mecosta County parents decide a home rental makes more sense:
Sharing a home rental is often significantly less expensive than renting an apartment — or even a dorm room. Prices vary, but it’s more than possible to end up paying as much as $4,500 per semester for student housing. If your student lives on campus during the summer, fall and spring terms, that would create a $13,500 bill for the year’s housing (the equivalent of paying more than $1,000 in rent per month). Considering that most dorm rooms are tiny, that translates into a much higher cost per square foot than does a shared home rental.
Renting even a one-bedroom home near campus can give your child more space and quiet time to study without interference from fire alarm-pulling pranksters or noisy roommates. Every student is different, and having a place to escape the hustle and bustle of campus life can provide some kids with the extra focus they’ll need for success.
When students live in crowded dorms, many parents worry that they are more likely to catch colds or other communicable diseases. Being packed into a dorm with hundreds of people who may or may not behave responsibly is a dire way to view dorm life, but that is some parents’ view. When their child lives on his or her own or teams with a select group of roommates, some parents breathe easier.
With a home rental, any student will learn more about responsible adulthood than when campus authorities assume parental-like responsibility for day-to-day living. Students who are on their own may be wholly or partially enrolled in school cafeteria programs, or may learn to shop for and prepare their own meals. Household and maintenance chores will be theirs to handle, rather than being the province of college employees. In that way, a college home rental can serve almost as a youngster's "starter home." They will graduate from college with a rental history, self-sufficiency skills, and home stewardship experience that will prepare him or her to better care for their own home later in life.
Of course, it’s not universally the best answer to the student housing problem: every institution and child combination are different, and different youngsters respond to independence and responsibility in differing ways. But if you haven’t thought about the possibility, it could be worth looking into. If I can help with a referral to a rental agency — or if you’d like to consider buying — do give me a call!