Students’ Guide To Making Payments On Time
One advantage to renting over home ownership is fewer responsibilities on the part of tenants — maintenance, repairs, and even landscaping are all performed by the landlord, which works out for busy students. Renters also don’t pay mortgages or worry about homeowners insurance. One expense they do have to manage, however, is monthly installment payments.
Installment payments involve nuances that may bewilder first-time renters, including students in off campus housing near Clemson University. Avoid late-payment fees by following this student guide to paying on time for your apartment from The Ridge Clemson.
What Are Installment Payments?
Installment payments are a renter’s monthly payments to a landlord for the use of an apartment. Each community has its own policies, which are outlined in the housing contracts received by tenants. The Ridge Clemson offers 1-year housing contracts with a total of 12 installment payments. Some Clemson student apartments ask that roommates sign one contract and pay altogether. As a result, if one student is short on cash, it affects everyone else. Our residents sign individual contracts and they make installment payments for their portion only.
3 Tips For Paying On Time Every Month
There’s no question that student life can be hectic. In addition to the rigorous class schedules at Clemson University, students are encouraged to take advantage of what the city has to offer — Clemson is among the nation’s highest-ranked college towns for student experiences. At The Ridge Clemson, residents also have a variety of community amenities to fulfill their free time without having to leave home. With the wide range of activities to choose from, remembering to make an installment payment may slip your mind. Consider the following three tips to ensure that you remember to pay on time for your apartment each month.
1. Set A Recurring Reminder
Whether you tell it to Siri, add it to your Gmail calendar, or write it in your planner, a verbal or visual reminder for due dates to upcoming payments is an effective way to avoid missing a payment. If you’re using technology for the reminder, the most fail-proof method is to add it to your online calendar and set the reminder to repeat once every 30 days.
2. Keep An Eye On Your Bank Account
Many students rent with cosigners, some of whom take care of installment payments. But those renters who make their own payments — even if they receive financial support — should monitor their bank account, while paying special attention during the end of the month. Payments made on time may be considered late if the account has insufficient funds.
3. Use The Buddy System
Classmates at Clemson often remind one another of critical dates regarding assignment due dates, test days, and upcoming social events. Those same peer-to-peer reminders work wonders for monthly apartment payments. Set up a group text or social media alert — all it takes is one clever student to remind everyone else of the due date to a monthly payment.
Why Is Paying On Time So Important?
Well, there are several reasons. As a renter, you accumulate landlord feedback and a credit report which contribute to your overall rental history. Payments made on time, every time reflects well in your history and increases your chances of becoming approved to rent apartments in the future. As Clemson off campus apartments are in high demand, having a positive rental history may edge you above another renter for an apartment near campus.
The other advantage is financial in nature. Most installment payments are due on the first day of the month. However, landlords allow a certain degree of leniency by providing renters with a few extra days to make payments. After the hard deadline, which is usually during the first week of each month, payments are considered late, and the renter is subject to late fees which may accumulate with each successive day the payment is considered to be late. In other words, that great deal you got on a student apartment could wind up costing you more than you bargained for or budgeted for due to the consequences of late monthly payments.
The Ridge Clemson offers flexible housing contracts and features convenient payment methods, including an online resident portal. Learn more about our off campus student housing or schedule a property tour to see why Clemson students love living here — contact us today!
