Finding affordable apartments can be tricky if you are on a budget. In this article, you will find some tips that you can use to ensure you get an apartment you can afford.
Rent increases and inflation play into finding affordable apartments
As a rental consumer, you are no doubt aware that a big chunk of your monthly paycheck goes towards the price of your shelter. Luckily, there are a lot of ways to make your housing expenses more affordable. This includes finding an Apartments for Rent near your job or even taking up telework. If you’re lucky enough to live in a big city with great public transit, you’re in luck.
The biggest news in the rental world is that rents have been climbing at an accelerated pace. In some cities, the average asking rent has risen more than 15 percent since last year. For example, the median rent for a one bedroom in Manhattan increased by more than 25 percent.
There are many reasons why rents continue to rise, including a lack of supply and increased demand. Rent increases are likely to continue for the next several months, particularly in the big cities.
Older or historic apartment buildings are a good place to live on a budget
For those looking for the best deal on a home or condo, an older or historic apartment building may be your ticket. These types of properties are usually located in established neighborhoods. The benefits of living in one include lower maintenance, the ability to choose your own amenities, and access to public transit.
While most new construction apartments and townhomes have the same old same old, older or historic buildings offer something a little more unique. An old or historic property can help you adapt to your changing needs, while still allowing you to experience the joys of the metropolis.
There is a reason that the old adage, “Old is gold,” applies to these properties. Many are repurposed from their previous lives and restored to their former glory. Besides, many of these apartments are located in some of the city’s most desirable neighborhoods.
Avoid a broker’s fee
If you’re planning to rent an apartment in New York City, you may be surprised at the astronomical broker’s fee you’ll pay. These fees can run thousands of dollars.
Broker’s fees are a painful addition to your cost of living. They can be as high as $4,500 for a $2,500-per-month apartment. That’s the equivalent of one month’s rent.
There are a number of ways to avoid paying a broker’s fee. In most cases, you can contact the landlord directly. However, some landlords still hire brokers.
Another way to get an apartment without paying a broker’s fee is to find a tenant who wants to sublet. You can then arrange for a lease to be assigned to the tenant.
Landlords who do not have time to find tenants often turn to a broker. Some agents even send a text code to a lockbox outside the apartment.
Compromise when looking for an apartment
When looking for an affordable apartment, most renters will have to compromise on some aspect of the apartment. The results of a survey conducted by Apartment Guide show that two-thirds of renters were able to find an apartment that had the amenities they wanted, but they had to sacrifice some of their monthly budget. Of the two-thirds, only 21 percent were able to stay within their budget.
The most popular amenity to include in a new apartment is a rooftop terrace, followed by hardwood floors. Most renters also choose to find an apartment in a gated community that offers access to the community’s amenities. Renters will also have to consider utilities, Wi-Fi and local renters insurance options.
Finding an affordable apartment can be a stressful and frustrating process. Fortunately, there are ways to simplify the process. First, start by determining your budget. Next, look at properties that have sold in the last three to six months. Finally, drive through each property that meets your criteria. Once you’ve narrowed down your options, you’ll have to decide if you would buy any of these properties.