The Smart Strategy You Need to Find a Cheaper Apartment

Posted On Wednesday, 08 February 2023 19:45

Finding a cheap apartment increasingly sounds like finding a unicorn. Do they even exist anymore? Across North America, the cost of renting has been soaring. Rising mortgage costs mean people are remaining renters for longer instead of entering the housing market while increasing populations are putting a strain on the housing supply in high-demand markets.

Renting a new apartment can be tough with the competition so hot, especially for more affordable apartments. Before you start your search, you need a plan of attack. These tips will help you find cheap apartments for rent in your area and get your name on the lease.

#1 Search Online

The best way to get started is to find listings online. Find as many listings as possible in your price range and set up viewings through the marketplace you use to search.

Searching online is the best way to find low-cost apartments, and it’s become standard practice for landlords and realtors to list online, but as with so many things, there are a handful of bad actors.

There are a few red flags that can help you spot and avoid scams:

  • The photos have MLS watermarks on them (i.e., they were copied online, not taken by the lister).
  • The lister doesn’t want to book a viewing.
  • The lister has an elaborate story about why they are unavailable, such as being out of the country. (It is likely safe if the owner has a realtor to show the place and is booking viewings in person.)
  • They ask you to wire money.

#2 Target the Right Areas

Rental markets are not all the same across an entire city. Some areas may have much cheaper rents. There are reasons for this, mostly that they are less in demand due to having fewer amenities or being located further from the core.

#3 What’s Your Budget?

How cheap does your apartment really need to be? Given the competitive nature of the rental market today, you may need to make compromises on the price compared to what you hoped to pay, but you don’t want to go broke from renting.

Personal finance experts recommend spending about 30% of your pre-tax income on shelter costs. That should be affordable.

Unfortunately, it’s not as useful a rule-of-thumb as it used to be. High rents mean the 30% mark is unreasonable for many, and even some well-paid professionals have to pay more than that in some metro areas.

Come up with a budget and see what you can reasonably afford. If it’s not enough to meet the asking rents in areas you’re searching for, consider broadening your search or looking for a roommate.

#4 Search for a Room or with a Roommate

If you still can’t find a cheap apartment that fits within your budget, you may want to switch your search up to find a room in an apartment with roommates or look with a roommate if you know someone who’s also looking for a new place.

Renting an extra bedroom will mean paying higher rent, but usually not double the rate. You can usually wind up saving individually.

There are still cheap apartments out there, even if things have become more expensive. Use these tactics to get an apartment you can afford.

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