Comparing apartment rates can be confusing. Apartments usually quote a monthly rate, while RPS quotes prices by the academic year. To make an accurate comparison, some basic math is required.
If a one bedroom, one person apartment in town costs $600 a month and the contract term is 12 months, that apartment is going to cost $7,200. Next you need to determine if that amount includes utilities, such as, electricity, heat, water, local phone service, cable, and internet. If it does not include these things, renters need to add these expenses to the rental amount to get a more accurate cost estimate.
For the purpose of this exercise, assume the rental rate does not include utilities and the monthly expenses are as follows: $30 for electricity, $25 for heat (gas), $25 for water, $25 for local phone, $70 for cable and internet. The utilities would then come to an additional $175 a month. That means the apartment in this example costs $775 a month, or $9,300 over 12 months.
The same thing can be done for the RPS quote. The cost is $8,700 for a one bedroom, one person apartment for 10 months including the extension to move in mid August and move out in mid May. The extension will cost $200 for a total of $8,900. The cost would then be $890 a month, but is billed through the bursar in two installments of $4,450. All utilities are included, so there are no other additional charges.
Other things students should consider when looking at off-campus apartments are the cost associated with transportation to and from campus and if the apartment can be subleased if the student will not be staying in Bloomington for a portion of the summer, as many students leave Bloomington for internships or to return home.
As explained above, an apartment unit in the new complex may be more cost effective for students. Students should assess their individual needs and to make an informed decision about housing for next year.
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