Much has been made in today’s media outlets about the affordability of apartments. And, while the cost of renting is still lower than the cost of owning in most cities, the truth is that many apartment residents are struggling to pay their monthly bills. Despite what is often reported in the news, there are still plenty of affordable apartments in every city in the U.S. The two challenges are first finding them and second knowing how much apartment you really can afford.
Location vs. Lifestyle
If we all had our wish, we would live in the nicest apartment in our favorite part of town, close to all of the things we love and need to do. But where you rent an apartment is just as important as which apartment community you choose. Downtown high-rise and mid-rise apartment communities will cost you much more than their counterparts in a more suburban or rural setting. Ask yourself which is more important: living close to the action or saving more money to enjoy your lifestyle? To lead the life you choose, it might be necessary to either commute or moderate your apartment expectations.
Does Size Really Matter?
When you are searching for a new apartment for yourself (and those who live with you), ask yourself how big or small of a place you truly need. The bigger the apartment, the more space you have —but also the more you are going to pay. For people who seek more play than possessions, a micro-apartment may be a great way to save a few dollars on rent. But, if space is a necessity for you and your family, you might need to give up some luxury in order to afford the space you crave.
How Old (New) is Too Old (New)
In a perfect scenario, you will spend less than 20% of your take-home income on rent. Depending on the job that you have and the lifestyle you desire, you are going to have to make some choices when it comes to how old your new apartment community is. The newer the community, the more it will cost. With a new community, you get a newer fitness center, outdoor recreations, and some other community amenities. This enables you to save a few bucks on a gym membership and other things you would normally venture outside your home to do. But the real savings come when you find an older, established community that still meets your basic lifestyle needs. It may not have all the trappings of the newly-opened place up the street; but, for the money you will pay, it is hard to beat the savings you will find at an established community.
Once you have determined just how much you are able to spend, the next step is finding the apartment for rent that best meets your budget while appealing to your lifestyle. Instead of spending hours of legwork to discover the best options, head over to www.apartmentseach.com. There, you will find the nation’s only free apartment locating service that actually pays you (up to $200) for using it. Enter the criteria that you are looking for and ApartmentSearch’s comprehensive marketplace listings will match you with the apartments that are best for you. That is time and money well saved and one step closer to moving into a great apartment you can really afford.
- How to Budget for Your First Apartment
- Why Paying More for Rent Can Be a Good Thing