Looking for a new place is something that pretty much everyone has gone through. Daydreaming about your own place is certainly a lot easier and cheaper than actually doing it. Luckily, there are definitive things you can do to get cheaper apartments.
Not only do you have to find the perfect place for you and your budget, but you also have to plan the move and expenses that go along with it. It can be pretty overwhelming, especially for first-timers. This article will boil down the process and key points to quickly getting an affordable apartment.
As with most things in life, it’s important to be armed with information before you take a dive into anything. That is amplified here because leases lock you into a contract, so breaking them can be very expensive. If you get all your ducks in a row, you’ll be able to avoid this scenario. The first step is to figure out how much you can spend on rent in the first place.
What Apartment Can You Afford?
The average person spends about 35% to 40% of their cash on rent. While that’s an okay starting point, it’s a lot safer to be more conservative with your finances. As such, professionals believe that your rent shouldn’t be more than 30% of your income month to month. You don’t want your apartment eating up your entire paycheck.
This isn’t just a suggestion either. A landlord has to approve of you renting a property, and your income plays a big part of that process. In many cases, they will require you to make around 300% to 400% of what the rent will end up being. Of course, these figures and numbers will fluctuate depending on the situation, but it’s something to be aware of.
If you don’t make enough to qualify but feel you can afford, you can sometimes get a Guarantor. A guarantor is someone else who co-signs the lease along with you, and is held liable if you are unable to provide rent. This can either be a family member or a professional guarantor service.
Something else to take into consideration is your expenditures. Rent will sometimes include utilities, but this isn’t always the case. Be sure to calculate any new gas or water bills. Also, will your new location have a parking? You might have to rent a spot at a nearby parking garage. Do your math ahead of time to ensure there are no financial surprises that can come out of nowhere.
Finding an affordable apartment for rent can be a daunting task, especially in today’s housing market. However, with a little bit of research and persistence, you can find a great apartment at a price that fits your budget. Here are some tips to help you find cheap apartments for rent:
Know what you can afford: Before you start your search, it’s important to know how much you can afford to spend on rent each month. A general rule of thumb is to spend no more than 30% of your monthly income on housing.
Do your research: The internet is a great tool for researching apartments. Use online resources like apartment search websites and classifieds to get an idea of what’s available in your area. You can also check out local newspapers and classifieds for rental listings.
Look for specials and deals: Many landlords and property management companies offer specials and deals to attract new tenants. Keep an eye out for these deals and take advantage of them when you can.
Look for older buildings: Older buildings often offer larger apartments at a cheaper price. Look for pre-war buildings, which are often less expensive than newer buildings.
Consider a roommate: Splitting the cost of rent with a roommate can be a great way to save money. Just be sure to find someone you can trust and get along with.
Be flexible: If you’re willing to be flexible with the location and amenities of your apartment, you’ll have a better chance of finding a cheap apartment. Consider looking for apartments in less desirable areas, or forgoing amenities like a doorman or elevator.
Negotiate: Once you’ve found an apartment that you like, don’t be afraid to negotiate the rent. If the landlord is willing to lower the rent, you’ll be able to afford a better apartment than you initially thought.
Look for government assistance: There are many government programs that can help you find affordable housing. Look into programs like Section 8, which provide subsidies for low-income renters, and check with your state housing agency for other options.
Check for move-in specials: Many landlords will offer move-in specials such as a free month of rent or waived application fee to entice new renters. Be sure to ask about any specials when viewing an apartment.
Be patient: Finding the perfect apartment takes time. Don’t rush into a decision and make sure you find the right place at the right price.
By following these tips, you’ll be able to find a great apartment at a price that fits your budget. Remember to do your research, be flexible, and negotiate when you can. With a little bit of patience and persistence, you’ll be able to find the perfect cheap apartment for rent.
In addition to the tips above, there are a few other strategies you can use to find cheap apartments for rent.
Look for sublet apartments: Some people may be looking to sublet their apartments for a short period of time. This can be a great way to find a cheap place to live while you’re searching for a more permanent option.
Check for apartments outside of city centers: Often, apartments in city centers are more expensive than those in the surrounding areas. Consider looking for apartments in nearby towns or suburbs, as they may be more affordable.
Look for apartments with included utilities: Some apartments include utilities like electricity and water in the rent. This can be a great way to save money, as utility costs can add up quickly.
Consider short-term rentals: If you’re only looking for a place to live for a short period of time, consider looking for short-term rentals like furnished apartments or vacation rentals. These can be more affordable than long-term rentals.
Network: You can find out about apartments that are available before they are advertised by networking with friends and family, or by joining local rental groups on social media platforms.
By being creative and resourceful, you can find an affordable apartment that meets your needs. Remember to be patient, persistent, and open-minded, and don’t be afraid to negotiate. With a little bit of effort, you can find the perfect cheap apartment for rent.
The most important thing outside of your budget is to have patience. An apartment is a commitment, and you don’t want to make that commitment without being sure it’s a good fit. That’s why the above-mentioned websites are so useful, because you can find a listing within your price range that you will love.
