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13 tips to find an affordable rental home

13 tips to find an affordable rental home

Moving out of one’s home is as scary as it is exciting. Not only does this come with the sweet promise of a fresh start, but it also brings new opportunities. However, with real estate prices constantly increasing, finding a new apartment with an affordable rent can quickly become a headache. To help tenants find their way through the rental market, here are 13 tips to find cheap apartments for rent.

1. Study the local market
One of the most handy tips for negotiating rent is to study the local market. Check the accommodations in the area and see how much they cost. Cross-analyze this with the amount the landlord is asking for to work out a cheaper rent. In areas with high vacancy rates, this can be a great way to find a cheaper apartment.

2. Rent in the right season
A lot of people move during the summer months, generally due to university requirements. This can shoot up the rent during this season. This demand tends to die down around December and January, which can give tenants a chance to negotiate better rental rates for their apartments.

3. Check out the competition
Don’t rush to lease the first apartment. This is especially important for those who plan on living in the area for a longer while. Speak to the locals and ask them about any vacancies. Visit lease offices and check out their offerings. They may have offers called ‘lease-ups’ in newer apartment complexes, where one can score incentives such as a free month of rent, parking spot, storage, or even an application fee waiver.

4. Ask for discounts, if any
Some landlords may be looking for tenants for a longer term. To aid this process, they may be willing to offer discounts on long-term leases. Be proactive and ask them for such discounts before signing a lease.

5. Offer to pay more upfront
Some landlords or property managers would appreciate the instant cash flow that may come from two months of rent payment upfront or a higher security deposit. This may prompt them to settle for a lower rent for the term period. Try to use this as grounds for negotiation when renting an apartment. Ensure the rent agreement is finalized and signed to avoid any issues here later.

6. Be flexible
Many landlords do not honor their commitment to their tenants, sometimes even refusing to clean or conduct basic maintenance. Those who do not consider this a dealbreaker can use it as a term to negotiate a lower rent. One can even offer to clean, do minor repairs, and complete basic upgrades themselves to further reduce their rent.

7. Keep good references handy
Another thing many landlords look out for is reliability in their tenants. For this reason, they may ask for a list of references from other landlords. Other factors they may also look for are a high credit rating and a stable job and income. Having these handy would make one a “high-quality tenant,” which landlords may be willing to negotiate lower terms for.

8. Consider living with a roommate
One of the quickest ways to halve the cost of rent is to move in with a roommate. However, before finalizing the lease, establish a cordial relationship and create boundaries, particularly about managing rent, groceries, utilities, and other expenses.

9. Look for rent specials
Some property managers may be looking for tenants to move in quickly. This may lead them to offer rent specials with limited, one-time offers such as waived application fees, reduced security deposits, etc. This may help one find a better rate for their apartment.

10. Check places outside the city
Apartment prices in the middle of the city are generally through the roof. Not only are landlords less likely to offer deals on these homes, they also tend to be smaller and offer fewer amenities. Avoid this by finding a place a little further out that is still comfortable to travel from. While this may add commute time and transportation charges to one’s day, it could save a huge amount of money in rent.

11. Choose what amenities to prioritize
While amenities like a dedicated deck or a party space may be nice to have, they are not a major point of contention. On the other hand, an updated bathroom or kitchen is extremely important for leading a comfortable home life. Others, such as in-unit laundry, free parking, fitness centers, etc., may also be important for some. Work with a list of amenities and carefully choose which ones to prioritize. Try to compromise on things that aren’t dealbreakers. This may help save a lot of rent!

12. Look for units in the middle floors
Generally, apartment units on the middle floors tend to be cheaper than the rest. The higher floors are highly regarded for their stellar views, while the lower floors are popular among tenants with kids and pets. If getting a lower rent price is a priority, try to look for these middle-floor apartments.

13. Opt for a sublet
Some tenants may also sub-lease their homes temporarily, offering the place at their negotiated terms, which may be under the current market value. This may be a great idea for those looking for a short-term rental.

In addition to these tips, individuals can also look for homes in rent-controlled apartments or, if eligible, apply for income-restricted apartments or Section 8.

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