So, I'm panicking. I've been searching for a roommate for the 2007-2008 school year for the past two months with no luck. If I don't find a roommate or manage to lease the entire apartment to someone else, I will be taking out a $5,100 loan to cover the cost, and also use a summer internship pay for the difference. Goodbye retirement savings for those years. Goodbye car.
It's tough because I'm leaving Ann Arbor in about 2 weeks, and won't be able to show the place in person to prospective tenants. I don't know how I'll be able to find a roommate while living 2,000 miles away in the summer.
What surprises me is that on campus housing is actually priced competitively with off campus deals. Accounting for the losses incurred in summer subleasing, and food/utilities costs, many dorms here are close to par with the apartments. If I'm thrifty (mainly by eating at home), I'd only save about $1,000 per year by living off campus. A grand isn't pocket change, but it's small compared to my total college expenses (about 4%) and far short of massive savings most upperclassmen expect. I wish I'd realized this before deciding to skip out on the dorms. I forgot how much subleasing an apartment for the summer can cost in the depressed apartment market.
Another round of Craigslist ads. Here goes nothing. At least I only have one final exam this semester.
