Find lower rental costs
There are several things you can do to find a lower monthly rent:
- Looking outside an urban area. While living downtown may seem like a priority, it doesn’t mean much if you can’t afford rent. Instead, check out apartments in the suburbs that are within comfortable commuting distance.
- Consider transportation costs. Urban areas generally require a smaller transportation budget, as you’ll likely be able to take public buses or the subway to get around. However, you still need to factor in transportation costs, whether it’s a bus pass or gas money, if you choose to live far from the city center.
- get a roommate. You can cut the price of any apartment in half simply by sharing it with someone. You need your landlord’s approval before doing so, but having a roommate can significantly reduce the financial pressures of renting. Just make sure you have a written agreement with your roommate that lays out all the obligations.
- think small. Square footage comes at a premium in an apartment, particularly in the number of bedrooms. Choosing a studio or one-bedroom apartment may mean losing some space, but it makes up for it with big savings from month to month. Assess how much space you really need based on your lifestyle, visitors, pets, and storage. You may find that you’re happy to pay less for a smaller venue.
- Deal. Unless you’re looking for an apartment in a popular area with low tenant turnover, many landlords are willing to negotiate. See rates for comparable apartments with similar amenities in the area and bring your research for a better deal. You can also offer to pay rent for a longer portion at a time (the landlord can lower the rate if you pay three or six months at a time) or choose to sign a longer lease to get a better deal overall.
Start hunting early
Do not leave the search for a flat for the last minute. In a perfect world, you should start about three months before your “must move in” date. Many current tenants have to notify their landlords of vacancies in advance; most areas require tenants to give at least 30 days’ notice, but many give more.
While the features you want in an apartment are specific to you and your lifestyle, there are several basic things to look for:
- Transportation. If you currently don’t have a car, check the proximity of each prospective apartment to public transportation. An apartment may be well priced and in a great neighborhood, but if you have to spend most of your time walking or hailing a cab, it may not be as appealing. Also, you need to factor the cost of transportation into your budget to get a realistic picture of how much an apartment really costs.
- convenience. Choosing an apartment that is conveniently located can make your life a lot easier. Look for a place that is close to work, shopping, transportation, and amenities like laundry facilities.
- Safety. An apartment must not only be in a safe neighborhood, but landlords must make an effort to ensure that their tenants feel safe inside. Proper locks on every door, private entrances, and security should make you feel better about renting.
