According to a recent study conducted by Rent, an online apartment guide, 68 percent of property managers in the United States are expecting rents to rise by an average of 8 percent in 2016. This is not a very desirable condition if you are looking for cheap apartments to rent. However, budget-friendly apartments do exist. All you need is expert tips to find the ideal residence. Here are some excellent pointers to help you find affordable apartments to rent:
#1. Start during the Off Season
Studies show that most renters tend to sign apartment lease between April and August. This is the reason the winter months are the ideal time to look for affordable apartments. Although the number of apartment options is on the lower side during these months, there is less number of people looking to rent too. In fact, you may get better scope to negotiate for a lower price due to the insufficient traffic of renters during winter.
#2. Don’t Exceed Your Budget
According to industry experts, a reasonable amount for rent is that one that stays in between 20 percent and 35 percent of the renter’s monthly income. In fact, the US government defines the ideal affordable rent as no more than 30 percent of the renter’s monthly income. Therefore, if you are looking for cheap apartments, avoid an option that is exceeding the budget you can afford. If the place is close to your university or office, you can exceed a little bit as you will save big on transportation costs.
#3. Apply for Section 8
If you live in the United States and your income falls below 50 percent of the country’s median income, you can opt for housing assistance programs such as Section 8. These federally funded voucher programs help renters in the low-income group to rent safe and affordable apartments. However, check with your state housing authorities about Section 8 and other such arrangements in your preferred locality.
#4. Get a Roommate
Getting a roommate is a good way to enjoy all the amenities of your apartment home without paying the full charges out of your pocket. This is one of the easiest ways to split the expenses. However, make sure to check with your property management office if they have any policy about this matter. You must also include your roommate’s name in the lease to avoid any complication.
#5. Use a Real Estate Broker
Local real estate brokers are your best bet, as they have a precise and thorough understanding of a preferred locality. They have a strong network, and as a result, take very less time to locate the best sources of low-cost apartments.
Keep these five pointers in mind when you are looking for affordable apartments, and you are sure to find loads of budget-friendly solutions in your preferred neighborhood. Have a great time apartment hunting!