In today’s economy, finding cheap and decent apartment rentals can be challenging. There are many factors you must consider before venturing out to check the local classifieds and find something that fits your budget. Here are a few simple tips to help you find decent and habitable apartments while working with a tight budget.
The first thing to do is find a neighborhood that has colonies with cheap homes and apartments for rent. The location of the housing community affects prices directly, and the farther away you are from the city limits, the cheaper your accommodation will be. For example, an apartment listing in the borough areas of New York will be cheaper.
Determine your budget
Before you go apartment hunting for rentals, figure out your budget. Note that you must never spend more than 30% of your income on rent. Keeping this in mind, you will have to plan out the expenses to pay for all the necessities and then save some for the future.
Networking is key
It is not always necessary to find apartment listings through a broker or real estate agent. You can save on the commission costs and listing fees by finding apartment listings and deals by word of mouth. Talk to family members, friends, coworkers, and people in your circle to find affordable listings.
You can take advantage of home assistance programs and low-income housing services to find cheap apartment rentals and homes for families. The Federal government offers affordable housing for people who qualify the criteria, and the application process is quite straightforward.
If you find that the rent is more than what you can afford even after exhausting all possible avenues for minimizing the cost, find someone to spit the expenses equally. Finding a roommate to share everything from rent to utilities with is the best way to afford decent apartment rentals, perhaps even in the city, close to where you work. Staying nearby will also help save time and transportation costs. Find someone you know or trust to share the apartment space.
Negotiate the rent
There are many factors that influence the rent to be paid, including the condition of the apartment. Check to see the work that has been done by the landlord to ensure that the apartment is habitable, and negotiate the price if you feel that space is not worth the listing. It is okay to haggle and bargain a favorable price that is beneficial for both parties.