Start by estimating monthly recurring expenses, as well as one-time move-in costs.

Recurring Costs

• Rent
• Utilities (electricity, gas, water, trash)
• Internet and trash service
• Groceries and food
• Transportation (parking, fuel, rideshare)
• Renter's insurance
• Streaming services/subscriptions (optional)

One-Time Costs

• Security deposit
• Application fee
• Furniture & household items
• First month's rent (often due up front)

Living with roommates requires clear communication and shared responsibilities

• Decide early how you'll split bills like internet, utilities, and household supplies
• Agree on who will hold which accounts.
• If possible, put everything in writing in a roommate agreement to avoid future confusion.

In many cases, you'll need to contact providers yourself to activate electricity, gas, water, and internet.

• Ask your landlord which companies service the property.
• Set up service before you move in, especially if there's a delay between signing and occupancy.
• If you're splitting bills, decide who's responsible for each account and how you'll divide the cost.
• Some landlords bundle utilities into rent, others don't. Make sure you know before signing.

Renters insurance typically costs less than $20/month, and while it is not required for off-campus students, it's highly recommended.

• It covers your belongings in case of fire, flood, or theft.
• Some landlords require it before move-in.
• It can also provide liability coverage in case someone is injured in your unit.

Receive a quote from either of the following university compliant vendors:

• GradGuard Insurance
• URMIA Student Property Insurance

In the event of an incident, reach out to your insurance agent directly to discuss next steps specific to your policy.

Always read your lease carefully, especially the parts about money.

• Is rent fixed or can it increase during your lease?
• What happens if you pay late?
• Are there hidden fees, admin charges, or penalties?
• What happens if you break the lease early?
• Who pays for repairs and maintenance?
• What are the deposit terms? Know how much is required upfront, and what conditions must be met to get it back.

Students currently receiving aid who have questions about how residing off campus will impact their aid are strongly encouraged to reach out to their Financial Aid Officer.

• Vanderbilt’s DoRE MoneySmarts program offers personal finance resources, workshops, and one-on-one help to build smart habits and stay on track.
• The Center for Student Wellbeing offers Financial Wellbeing Coaching to ensure you make smart financial decisions during and after your time at Vanderbilt.