Finding an affordable apartment is key to staying on budget. As rent prices continue to increase, the process is getting more difficult. Below are some tips and tricks to find the apartment of your dreams that’s within your budget.
Start Your Search on Apartments.com
To begin your apartment search, start by using our search feature on Apartments.com. First, enter your desired city into the search bar and then click search. Next, you can use our filters and enter your minimum and maximum price. By putting in your desired range, you won’t have to look at rentals that are not in your price range. Once you see a rental you like, you can click on the heart icon to save the rental to your favorites so you can easily go back to it to schedule a tour, contact the property manager, or even apply for the rental property.
Consider Getting Roommates
Even though living alone is typically ideal, getting roommates can help make your rent more affordable. Not only does this help them save money on rent, but it also can create long-lasting friendships. If sharing your space with people does not sound appealing to you, don’t worry! We have more tips that don’t involve you sacrificing your space.
Make Some Compromises
Even though you may have certain standards and things you want in your apartment, you may have to make some compromises to find a rental you can afford. Therefore, you may have to get a smaller apartment with less square footage. If you’re looking for a one-bedroom apartment, consider looking for a studio apartment to find something more in your price range. Even though you want an apartment with a pool, you may have to compromise and find a complex without a pool since those tend to be more affordable. If you are trying to find an apartment with an in-unit washer and dryer, you may want to start looking at units that have an on-site laundry facility instead.
Join Housing Groups on Social Media
Another great resource is housing groups on social media. Here landlords may advertise properties available for rent. A lot of current renters join housing groups to advertise their current apartments for subletting. These groups are another great place to meet new people that could be good potential roommates. If you find a home you like on a group, make sure you message the landlord or renter and tour the property before you sign anything or give them any money to make sure that the property is the real deal!
Look in Different Neighborhoods
You may be looking to live in a major metropolitan area that is close to your job, but rentals tend to be more expensive inside the city than they are in the suburbs. Therefore, consider living outside the city to find an apartment within your budget. Check out different neighborhoods throughout the city to find the more affordable areas. You may have to commute a little longer to work, but it will be worth it if that means you will be saving money.
Ask About Rent Specials
Sometimes apartment complexes will have rent specials, such as discounts if you sign the lease at a certain time. It never hurts to ask the property manager or landlord if they have any rent specials. If you decide to move during the off season like winter or fall, prices in general tend to be cheaper, and sometimes landlords or property managers will offer a discount on rent such as half a month off or a full month’s rent paid.
Search for Middle Floor Plans
Typically, when people are looking to move into high-rise apartment buildings, they want to live at the very top of the building or the end of the building. But if you decide to look at floor plans in the middle of the building, you could find a cheaper apartment. These apartments tend to be cheaper because there are neighbors on all sides and middle units often don't have the best view.
Consider Subletting
Subletting is when you take over a lease from another renter. Sometimes renters who decide to sublease their apartment will make the rent cheaper so they can find someone to fill their apartment quickly. To find rental properties to sublet, you should join housing groups in the desired area you would like to move to. Once you find a property you would like to sublet, you could message the current renter and try to negotiate the price to get cheaper rent. Subletting is a great option to find an affordable rental, but make sure the property allows the renter to sublet because you don’t want to be kicked out by the landlord or property manager after you have already moved in.
Rental Assistance Programs
If you cannot find anything that's within your budget in your area, local Rental Assistance Programs might be able to help. Rental Assistance Programs help those who qualify pay for housing costs through state and local organizations. These organizations distribute money to help renters that are struggling to pay rent or any other bills. You'll have to meet certain requirements and there's often a waiting list, so check and see what's available for your city or state.
If your income falls within 30 to 50 percent of the median income for your area, you might be eligible for Section 42 housing. Section 42 is a rental assistance program that provides tax credits for property owners who set aside a certain number of units for low-income renters.
Check Out Older Buildings
Finally, if you’re looking for more affordable rentals, check out older apartment buildings and older houses for rent. Older apartment buildings often don’t have the amenities and features that newer apartment buildings can offer and will have cheaper rent because of that. Older houses also tend to be cheaper to rent than newer houses. If you live in one of the few states and cities that have rent control laws, some of these older buildings might also be rent controlled, meaning rent likely won't go up.
Searching for an affordable rental can be challenging, but hopefully with these tips, you’ll be able to find your next perfect home!
