Are you having a hard time finding apartments for rent, especially if you are on a tight budget? Well, you are not alone. Rent prices have gone up tremendously, making it difficult for many people to find an apartment on a budget.
According to the latest rental data from Zillow, rent prices are 29.4% higher than they were three years ago. That has made it challenging to find affordable apartments, especially for young professionals.
Fortunately, finding a good apartment without overstretching your budget is still possible. Here are 13 smart hacks for finding cheap apartments on a budget.
Start Your Search Early and Time It Right
Finding affordable apartments is easier during the off-season, as most rent hikes happen during summer. Go apartment hunting during the cold season and start your search at least two months in advance. Beginning your search in advance allows you to explore various options and negotiate the best deal.
Have a Realistic Budget and Account for Utilities and Amenities
When considering a rental budget, most people do not account for other expenses like groceries and utilities. Take time to evaluate your income, determine how much you can set aside for rent, and account for additional costs such as internet, transportation, utilities, groceries, and other personal expenses. While experts suggest setting aside 30% of your income, sometimes you may have to adjust this, especially if you live in high-cost areas. Factor in other hidden costs like security deposits, moving costs, renter’s insurance, and furniture.
Negotiate on the Rent
Negotiating rent may seem daunting, but the right approach could help you save some money every month. Some landlords will negotiate if you agree to sign on for a longer period or if you prepay part of your rent. When looking for a new apartment, check out other apartment listings in the area to get a good sense of the rent price and determine how much you can negotiate. Remember that the best time to negotiate might be during the off-peak season when demand is low or during the end of the month when landlords are looking to fill up empty houses quickly.
Make Use of Rental Hunting Apps and Websites
Finding affordable rental apartments is possible by scouring through rental hunting applications and websites. While some platforms have a global reach, others offer local options, making your work easier. Zillow, Trulia Rentals, Apartments. Com, PadMapper, and Zumper have real-time rental listings. Some provide detailed filters to help you narrow down your search according to your preferred location and budget.
Consider Apartments That Are Not in Your Ideal Location
Although having an apartment in the city gives you access to transportation, amenities, and other conveniences, keeping up with the rent may take time and effort. Consider moving to another less popular location where you’ll find rental listings at competitive prices. Find out where the amenities are, how secure the place is, and the nearest transportation options to find a fit.
Attend Open House Events
Attending open houses for rental listings gives you a firsthand impression of your preferred neighborhood, and you can assess the property’s condition and layout. Additionally, you can discuss rental terms and have options, as there’s less competition than searching for an apartment online.
Check Socia Media for Rental Listings
Social media groups are great resources as they frequently feature rental apartments at affordable rates that you won’t find advertised on websites or apartment listings. That’s because some landlords prefer to find recommendations from these communities to find reliable tenants. Network in these groups and make regular community connections to get leads.
Ask Around to Find Cheaper Apartments
Your friends, family, colleagues, and neighbors may have valuable information about affordable apartments. That’s because some rental properties prefer not to list publicly and prefer to get referrals to fill vacancies. Ask your trusted contacts for any leads. You could land a good deal and earn extra points when someone recommends you.
Search for Rent Controlled Apartments
Opting for a rent-controlled apartment protects you from potential rent increases. Apartment buildings constructed between 1947 and 1974 are rent-controlled, but call to confirm before signing a lease. Alternatively, you can look for rent-stabilized apartments on sites like Street Easy.
Consider Getting a Roommate if You’re Alone
Having a roommate can help you cut down on your monthly rent. Sites like Spare Room or Craigslist are excellent resources for finding a roommate to split the rent. You can also ask for recommendations from your friends and family for trusted contacts. Be sure to include details about the type of roommate you’re looking for and provide contact information for them to get in touch.
Consider Older Apartment Buildings
While buildings with flashy layouts, modern amenities, and new design elements may seem attractive, they are pricey and may be out of your budget. Look into older buildings with dated architectural details to score an affordable apartment.
Opt to Move to a Cheaper City or State
If you have a remote job, consider moving to a cheaper state or city. Areas close to downtown may price you out. Opt for nearby communities, certain suburbs, and transition areas if you don’t have to commute to work daily. Most of these areas are a short commute away and offer cheaper rents.
Look Into Rental Assistance Programs
Sometimes, finding a cheap apartment can be challenging, particularly if you’re searching for one during the peak season. If you find it difficult to find options within your budget, consider local rental assistance programs. The program helps those eligible for housing costs cover their rent expenses. However, you have to meet certain requirements in your city or state. Check with your state housing authority to see if you’re eligible for section 42.
Afford Your Home
Finding an affordable apartment may mean stepping out of your comfort zone, being patient, and keeping your standards simple. By following some of the listed smart tips and being open-minded, you’ll soon find a comfortable and affordable place to call home.
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