While the idea of moving into an apartment can be exciting, once that initial thrill fades there are several factors to consider before signing a lease agreement.

Texas Tech helps students think through these factors by encouraging them to talk with Red to Black Peer Financial Coaching.

Lauren Winkelman, president of Red to Black and a student in the personal financial planning master’s program, said these free coaching sessions are often one-on-one.

“We have a spreadsheet where we break down some of the costs and the amenities,” she said. “You take it and say, ‘OK, I have Apartment A and I’m going list those costs for Apartment A. It’s going to cost me X amount for rent.’ Then you do the same for Apartment B and then you compare the two.”

She said it is important to keep in mind that one apartment complex might charge $500 for rent while another complex only charges $425, but there could be additional fees at the lower-priced complex which might ultimately defeat the point of choosing the lower rent cost.

For example, complexes sometimes charge an application fee, a security deposit or even a cleaning fee, which would be due when the renters exit their contract, Winkelman said. However, these are not the only kinds of bills to consider.

“If you’re moving from home and you’re going into apartment living with new roommates, you might not think, ‘OK, well, do they offer washer and dryer? Are the bills all-inclusive? Is it close to campus so I can walk or am I going to have to pay for parking?’,” she said. “And so all of these things you may not think of until you get down the road and you’re thinking, ‘Oh my goodness, if I had just gotten closer to campus this would have cost me less.’ Or vice versa.”

Several apartment complexes near Tech’s campus tend to take these extraneous factors into consideration and help students choose the living situation that best meets their financial and environmental needs.

The Holly apartment complex’s general manager, Jere Mitchell, said the staff works to accommodate the needs of students who come to their apartment complex searching for a place to live.

“A lot of people are scared because they think they can’t afford to live off campus because they think it’s so expensive,” she said. “So, if they are scared about pricing, I would definitely go with one of the cheaper options.”

At apartment complexes like The Holly, Mitchell said four-bedroom apartments tend to have less expensive rental rates when compared to one- or two-bedroom apartments.

Another way to minimize a housing bill is to monitor things like electricity use and the thermostat’s temperature, she said.

“Especially in the winter and the summer, your electricity bill is gonna get higher because, for example, you’re putting the heat on when it’s colder out,” Mitchell said. “And for the summer you use your AC a little more, but I would say keep it at like 72 or 75 (degrees Fahrenheit) during the summer.”

However, even with the guidance of thoughtful advice, Winkelman said choosing the right apartment complex and managing the expenses that come along with that new apartment can still be tricky.

Often times, this financial process proves to be a transition period for some students as they go from paying rent with the help of their parents or a scholarship to trying to afford it independently.

“When (students are) in that transition phase, that’s where (Red to Black) can ask, ‘Are you willing to work off campus or on campus?’ And if they’re in a position where they can move off campus and maybe save more money, they need to consider what the moving cost is,” she said.

Jon Thornton, an assistant manager at the ULofts apartment complex, said the majority of their residents are Tech students who need to ask themselves these kinds of questions.

The students who rent at ULofts either are receiving financial assistance from their parents or — as ULofts’ many graduate students often do — paying for their apartment independently because they want to live alone or with one roommate, he said.

“Typically speaking, we have people coming in that are looking for a one bedroom, so they already know what their price range is,” he said. “Because you know you’re going to pay a little more to live by yourself.”

Ultimately, though, Winkelman said one of the most important things to remember is that for every student, a different arrangement will be appropriate for their current situation.

Some students might be able to manage all of these decisions themselves, but others are entering financial contracts like a rental agreement for the first time. So, she said Red to Black tries to sort out all the numbers in order to give Tech students the freedom to choose what they feel most comfortable with.

“We want every student at Texas Tech University to have the option to take control over their own finances,” she said.