Five Things to Consider When Looking for Cheap Apartments for Rent |
Posted: April 29, 2019 |
Five Things to Consider When Looking for Cheap Apartments for Rent As more and more people choose to rent instead of buy, finding an affordable apartment becomes even more challenging. Especially since the increase in demand is driving up rent in many markets. Most personal finance experts suggest you keep your rent under 30 percent of your income. But for many people (especially those living in large cities), that’s hard to do. Searching for an apartment that fits your needs, feels right, and is affordable can be discouraging and exhausting. If you are looking for a new rental, it's time to roll up your sleeves and get busy. There are several things you can do to find a lower monthly rent. Look Outside the City For those looking to live in large cities, while living in the city center may seem ideal, it won't mean much if you can’t afford the rent. Did you know that living right outside the city can lower your rent by hundreds of dollars? Check out the surrounding suburbs and focus your search on apartments in these cheaper areas. Make sure it's within a conveniently commutable distance to work. Also, don't forget to consider transportation costs, whether it’s a bus pass or gas money.
Look for an Apartment with Less Square Footage The price of an apartment is directly related to its square footage. Therefore, less square footage equals a lower monthly rate. You'll be surprised at how much you can save - even if it’s not your dream home. During your search, check out apartment buildings that offer smaller rental options, such as a studio apartment. After all, do you really need that second bedroom to use as an office, or that large kitchen when the apartment's just for you? Look for a Roommate Another thing to consider doing when looking for cheap apartments for rent is to look for a roommate. Having a roommate will cut your living expenses in half, including your rent and utilities. Ask friends and family if they know of anyone else looking for cheap apartments to rent that would be willing to share the rental. Having a personal connection not only acts as a character reference, but it can also help you verify the potential roommate is responsible and friendly. If that doesn't work, try posting that you’re looking for a roommate on your social media as well as popular websites like Spare Room or Craiglist. Make sure you include some necessary information such as the type of roommate you are looking for, as well as the fact that you are "on a budget." Make sure you meet with the potential person at least once to get an idea of their personality as well as how well the two of you might get along. Also, ask for and verify several references including their place of work. Avoid Popular Moving Times As mentioned above, an increase in demand for apartments drives up rent prices. The same thing holds true when it comes to looking for an apartment during the most popular moving times for renters. In fact, that demand can cause rent prices to increase substantially. During the “off” seasons, landlords and rental companies are more likely to give you a "deal" on rent to keep up their occupancy. So how do you avoid looking for an apartment during the big moving times? First of all, take into account the area you are looking to live in. Are there colleges or universities nearby? These are areas that tend to experience the highest turnover of renters between quarters and semesters. This is especially true during the summer months. The weather also plays a role in busy moving times. A lot of moves happen during the most weather-reliable seasons as well as during the summertime. It actually makes a lot of sense when you think about it. People try to avoid moving during seasons that are known for having the most inclement weather. Try to Negotiate the Rent Down Another option is to try to negotiate on the rent. Sometimes in lightly populated areas with little renter turnaround, landlords will be willing to negotiate. Ask to set up a meeting with the landlord. Make sure to be professional, respectful, and polite. Show them that you would make an ideal tenant and then make an offer for rent. If they accept, that’s wonderful! Just make sure to get everything in writing, and you’re good to go. Also, you could try to bargain with the landlord. If you're a handy person and you find an apartment that needs a little work, see if the landlord would be willing to let you fix the place up in exchange for a lower rent. It never hurts to ask! In Conclusion Looking for an affordable apartment is rarely a simple or enjoyable experience. Just remember to use the above tips, and soon you'll have an affordable place to call home. Good luck, and happy hunting!
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