Rents are at an all-time high, and multiple studies show that individuals in the country pay at least 30% of their income on rent. That said, there are ways to reduce this number and find apartments with good living conditions and affordable rents. This article lists six tips and ways that can help one bring down the amount they pay in rent and save up a bit.
1. Look for smaller units
Living in a smaller apartment can significantly help cut rental costs. One could move into a studio apartment, reducing costs by a few hundred dollars each month.
2. Move to a different neighborhood
Most people don’t like moving to a new neighborhood because they are comfortable in the one they live in or don’t want to spend money on moving. Reducing moving costs can easily be done by asking friends to assist in the moving process. Relocating to a new neighborhood, especially one that is farther away from the city center, is an excellent way to save on rent. Furthermore, neighborhoods that are not centrally located often have bigger apartments for a lower price.
3. Ask family and friends
If one has family or friends living in the neighborhood one wants to move to, one should ask them for advice on finding an affordable apartment or to keep an eye out for “for rent” signs. Asking family members or friends for help can help one directly contact an owner and avoid potential brokerage fees.
4. Rent further away from public transportation
Apartments located closer to public transportation stations are often costly. Therefore, if an individual owns a car, works from home, or does not mind a longer commute, they could look for units not right beside a public transport station.
5. Look for rent-controlled apartments
A rent-controlled apartment has a limit on the amount a landlord can charge for rent. Government programs set the limit, while municipalities put rent-controlled laws in place. The regulation protects renters from high and unexpected rent spikes and potential disputes.
6. Look for income-restricted apartments
An income-restricted apartment is a rental available only to people whose income falls into a specific bracket or range. The city usually owns the apartment, or private landlords receive government subsidies. The country’s median income for each metro area is determined by the Department of Housing and Urban Development, which is indicated for people whose income is low.
