Renting your first apartment as a student is both thrilling and terrifying. On one hand, you finally get to say goodbye to dorm rules, cafeteria food, and communal bathrooms. On the other, you suddenly realize that apartments come with things like utility bills, Wi-Fi contracts, and landlords who don’t care that you’re “just a broke student.” Navigating the rental world takes more than luck; it takes budgeting. And yes, budgeting is less glamorous than scrolling through Pinterest for apartment décor inspiration—but it will save you from surviving on plain toast by week three.
Here’s a practical budget guide to make your first rental experience smoother, and hopefully, less financially devastating.
1. Start With the 30% Rule
A golden rule of budgeting for rent is this: don’t spend more than 30% of your monthly income (or allowance, if your parents are footing the bill) on rent. Sounds restrictive? It is. But it keeps you from signing a lease that forces you into ramen-only living.
If you earn $1,200 a month from a part-time job and side hustles, your rent should ideally not exceed $360. If that makes you laugh because you live in New York student apartments or San Francisco student apartments, don’t worry. That’s where roommates, smaller apartments, or more affordable neighborhoods enter the picture.
2. Factor in the “Invisible” Costs
Your rent isn’t the full story. Apartments come with a cast of supporting characters:
- Utilities: Electricity, water, gas—sometimes included, often not.
- Wi-Fi & Cable: Because studying without the internet is basically impossible.
- Trash & Maintenance Fees: They seem small but add up quickly.
- Laundry Costs: Unless your building has free machines, prepare for quarters or apps that feel like legalized robbery.
A good trick? Add about 20–25% of your rent to cover these “extras.” For example, if your rent is $600, expect around $150 more for utilities and other hidden charges.
3. Budget for Groceries (and Don’t Underestimate This One)
Many students assume food will just “work itself out.” Spoiler: it won’t. You’ll either overspend on takeout or buy a month’s worth of pasta only to never touch it. A realistic grocery budget for students ranges from $150–$300 per month, depending on your city and eating habits.
Tip: Learn to cook at least three cheap, filling meals you won’t hate after week two. Your bank account will thank you.
4. Transportation Costs Count Too
Whether it’s subway rides, gas for your car, or a bus pass, commuting isn’t free. If your apartment is far from campus, factor in these costs before you sign that lease. Sometimes a “cheaper” apartment on the outskirts ends up costing more once you add transportation.
Pro tip: Always compare the rent savings with the added commute expense (and the value of your sleep time).
5. Save for Move-In Costs
Here’s the part students often forget: before you even get the keys, you’ll likely pay a security deposit, possibly the first and last month’s rent, and sometimes even broker fees (depending on the city). Translation: if your rent is $800, you might need $2,000 or more just to move in.
Plan ahead so you’re not panicking when the landlord asks for a check larger than your bank balance has ever seen.
6. Roommates: Your Budget’s Best Friend (and Occasional Enemy)
Having roommates is the single most effective way to reduce rent and utility costs. Splitting bills makes adulting manageable, but it also comes with challenges—like arguments over dishes, cleaning, or whose turn it is to buy toilet paper.
Choose roommates wisely. Your budget might thank you, but your sanity needs to survive too.
7. Emergency Fund = Lifesaver
Even if you’re a student, having a small emergency fund is still very important because you never know when your laptop needs to get repaired or when the sudden medical emergency comes up. Aim to keep at least $200–$500 tucked away. Think of it as your “sleep at night” fund.
8. Don’t Forget Fun (Yes, It Belongs in the Budget)
It’s easy to cut fun out of your budget, but let’s be real—no one can live off textbooks and lectures alone. Movies, concerts, weekend trips, or even a random late-night ice cream run are part of the student experience.
Set aside at least 5–10% of your budget for fun so you don’t blow your entire savings on one spontaneous night out.
Final Thoughts
Renting your first apartment as a student is an exciting step toward independence, but it comes with financial responsibilities. You will have to take care of your room, washroom, kitchen appliances if you are cooking, etc.
Budgeting may sound like the boring part of moving out, but in reality, it’s the safety net that allows you to fully enjoy your freedom.
How can amber help you?
amber helps you secure student accommodation of your choice on your study abroad journey. Having served 80 million students (and counting), amber is your one-stop shop for all your accommodation needs. Download the amber app from the Google Play Store or App Store to book an affordable home for your adventure.
About author
Kajol. M is someone who’s passionate about sharing stories, ideas, and anything that sparks a little inspiration. When not writing, you’ll probably catch me buried in a book, playing an instrument, or getting lost in a playlist.
