Move-in Costs: What Are They? And How Can I Save Money?

Move-in costs are expensive, but don’t let the initial expense discourage you from getting that new place you want. I’m here to explain what your move-in costs would be at University Edge, what those costs are paying for, and how you can save the most wherever you choose to sign.

When you move into an apartment at University Edge, you will pay the following sums: Security Deposit, First Installment, and Last Installment.

Security Deposit:

The Security Deposit is the only sum due at the signing of the Lease Agreement. A Security Deposit for a standard unit will cost $300; a Security Deposit for a renovated apartment will cost $350.

First Installment:

The First & Last Installments are prorated, advanced rent that you will be paying on the front end of your Lease Agreement (the first and last installments are due on the day you choose to move-in). These amounts will cover the first month’s rent and the last month’s rent of the Lease Agreement. We call these sums installments rather than months of rent because they are prorated sums. Our rent cycle is from the 15th to the 15th of each month. Your first installment will charge you accordingly to bring your Lease Agreement within our rent cycle.

So, for example, if you choose to move into your new place on the 1st of the month, your first installment will be greater than one month of rent; this is because your first installment–or first month’s rent– is covering form the 1st of the month to the 15th of the following month. Your first and last installments are calculated at a daily rate, so you are only paying for the days that your Lease Agreement will cover. You will save the most money if you chose to move into your new apartment on the first day of that company’s rent cycle. With University Edge, that day is the 15th of any month.

Last Installment:

Your Last Installment will work in the same way. At University Edge, your Lease Agreement will end on one of the three following move-out dates: February 14th, 2020, May 24th, 2020, or August 4th, 2020. Your last installment will cover from the 15th of the preceding month to whichever move-out date that will work best for you. We keep our move-out date in correlation with SIUC and JALC academic calendar, so your move-in date will match your obligations in the Carbondale area. Renewing your contract is easy and beneficial–because your security deposit will transfer to your renewed contract! No hassle, no moving, it just doesn’t get better than that!

Guarantors:

The biggest money saver for apartment shoppers is a guarantor on your contract. A guarantor is a risk reducing agent within a contractual agreement. Because a guarantor reduces the risk of the contract, it too reduces the total cost of the contract. A lease guarantor is someone who guarantees payment on the lease if it couldn’t be paid for some reason. A guarantor can be anyone that is willing to extend their credit to pay for delinquent balances on your Lease Agreement, if any occur. It is for this reason that the lowest offered rate requires a guarantor.
A guarantor is someone with established credit history, no bankruptcies, no collections, someone that could make rent payments on the tenant’s behalf if the tenant were unable to make such a payment for any reason.
A guarantor is not required by University Edge; however, if a guarantor is provided, special discounts on monthly rent and move-in costs are applicable.

Best Advice:

In closing, the best advice I can offer apartment shoppers is to start the process early. If you sign a lease 4 months prior to the expiration of your existing Lease Agreement, the only cost you will incur at University Edge (and most housing firms) is the security deposit. Signing early allows you to incur low initial cost, and it increases the time you have to pay off your move-in costs–which will be your higher costs. At University Edge, we can provide an amortized schedule of payments upon request; this will spread the higher costs of your First and Last Installments over a greater period of time, which in turn, will allow you to slowly pay off your move-in costs and make your transition from one apartment to another much easier.

Apartment shopping is stressful, but it is only as stressful as you allow it to be. Forward thinking and proper planning are an apartment shopper’s greatest ally. You may be shocked at how small your move-in installments on a new apartment can be when you start the process early and plan your transition months in advance.