In our latest real estate tech entrepreneur interview, we’re speaking with Rowland Hobbs from Stake.
Who are you and what do you do?
I’m a recovering Fortune 500 CEO consultant and 3x founder. I believe in building companies with purpose to make people’s lives better. My current company, Stake, invests in renters. We save landlords money—from overpaying for marketing, broker, and concession costs—when our renters move in, pay on-time, and renew. We share those savings with the renter by matching up to 10% of the rent payment every month. Renters can save the rent matches up and earn more, or transfer it to their bank and use it as they like. We call this Return on Rent and it’s the first loyalty network for rentals.
What problem does your product/service solve?
The rent is, as has been said “too damn high,” and renter’s can’t save for the things they love. It feels like throwing money away each month with each rent payment. With more people renting than at any other time in the last fifty years this is now a society wide challenge to build equity and savings. Meanwhile, property owners spend $13 billion annually on inefficient discounts and marketing that don’t reward the renter. The result today? Still $28 billion of lost revenue in vacancies every year. Stake is building the first loyalty network, powered by rewards, data and digital payments, to make this spend more efficient for the owner and impactful for the renter.
What are you most excited about right now?
We’ve built an incredibly simple and easy to use app that converts marketing, concession, and broker fees into a powerful Rent Match that rewards renters. However, this is just the beginning of how we build loyal, dedicated, renters who love where they live. We are introducing perks and member only benefits such as free and reduced cleaning services, and more. Renting is tough. First we’ve made renting easier on your wallet, and now we will make everyday by renting.
What’s next for you?
In our Brooklyn Beta Test we are listing 125 apartments a week, from over 30 property owners, and reach 4,000 renters who are moving into Stake apartments. That’s a lot of potential returns for renters, and savings for owners. We will be moving into new neighborhoods in New York, but even more exciting is our plans to reach a second city by year’s end. This means more renters saving, more owners spending to reward renters rather than marketers, and a bigger network of apartments with Return on Rent.
What’s a cause you’re passionate about and why?
Community is important to me. We should all flourish and feel safe and secure where we live. This month, it’s the 50th anniversary of the Stonewall riots which were a turning point in to create a more just, inclusive, society for the LGBTQ community. While we’ve made incredible progress in fifty years, we have much we need to do as a society to protect, and promote, everyone. That’s why I’m passionate about causes like the Anti Violence Project which is working to end hate-crimes and support survivors with advocacy and counseling.
Thanks to Rowland for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
Inside: Are you finding yourself struggling to cover unexpected expenses? This guide will teach you how to create a financial plan and budget that will help you avoid costly surprises.
Life is full of surprises, and not all of them are pleasant. Sometimes, these surprises come in the form of unexpected expenses, hitting when one least expects them.
This can leave you devasted financially. Over the years, we have been slapped with unplanned costs and left scrambling.
However, you can successfully navigate through the rollercoaster ride of money management.
The key is knowing “What are unexpected expenses?’ Along with the knowledge equips you to avoid or mitigate them.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What are Unexpected Expenses?
In the realm of personal finance, unexpected expenses are costs you haven’t foreseen or budgeted for. They strike out of nowhere, leaving you scrambling to balance your finances.
These expenses differ from other cost categories such as fixed expenses (weekly, monthly, and recurring costs like rent) and variable expenses (those that do not happen regularly but vary in cost like groceries).
The crux lies in not being able to anticipate these unplanned expenses, making them disruptive to financial plans.
What is an example of unplanned spending?
Unplanned spending often occurs when there’s an unforeseen event that demands immediate financial attention.
Picture this scenario: You take your car for a routine inspection; however, the car fails the inspection due to a defective part that needs immediate repair. Initially, you hadn’t allocated funds for this, but now you have to deal with this unforeseen cost – a classic case of unplanned spending.
Common Examples of Unexpected Expenses
Unforeseen financial events can leave many unprepared and struggling, adding unnecessary stress. This section will delve into examples of typical unexpected expenses that individuals often encounter, providing key insights into how to efficiently incorporate these into your financial plan.
By understanding and preparing for these unexpected expenses, one can effectively mitigate the surprise factor they pose, promoting a healthier and more secure financial state.
We have overcome many times and you can too!
1. Medical Emergencies and Healthcare Costs
Medical emergencies are prominent examples of unexpected expenses. Even with health insurance, costs can amass, thanks to high deductibles, co-payments, and therapies not covered by insurance.
One factor is paying for the medical costs, but the other weighing factor is loss of income when dealing with medical emergencies or critical diseases like cancer.
Overcome this by:
Contributing the max each year to your Health Savings Account (HSA). This way you have a bucket of money just for medical expenses.
Look into short-term disability insurance that can cover part of your lost wages while you can’t work.
2. Automatic Home or Vehicle Repair Needs
Home and vehicle repairs often sneak up as unexpected expenses. Time, accidents, natural disasters — all can cause wear and tear that demands immediate repair. The consequences of ignoring these repairs can be hefty.
Similarly, significant home repairs such as fixing a faulty HVAC system or leaky roof can set you back by thousands of dollars.
Overcome this by:
Be proactive with routine maintenance. Take care of your house and car before problems escalate.
Save the same amount each month for home and vehicle repairs separately.
Personally, we save $100 monthly for car repairs as one is a beater car. This amount will be increased to $350 to start saving for a new car. Conversely for home repairs, we keep a minimum of $1000. This amount will fluctuate depending on when we last did a major repair. Since we just replaced our HVAC, our funds are lower.
3. Natural disasters
Natural disasters, such as hurricanes, earthquakes, wildfires, and floods, lead to unexpected spending. The impact of these events can cause significant damage to homes, cars, and other property, leading to repair and replacement costs.
Furthermore, these situations might also necessitate expenses for emergency supplies, temporary shelter, and other necessities. For instance, Hurricane Katrina inflicted a staggering $196.3 billion in damage, illustrating the overwhelming cost of such unpredictable events.1
Overcome this by:
Make sure you have proper insurance whether it is renter insurance or flood/wildlife insurance. Also, make sure you have the proper amount of insurance. As highlighted by the Marshall Fire where most people were underinsured. 2
Storing cash on hand at home in case of an emergency. A cushion of money will always be helpful.
4. Increase in Bills
Monthly bills are a constant in our lives, but what’s not constant is their amount. Landlords may raise the rent when leases are up for renewal, utility companies could increase their rates, and insurance premiums may also inflate periodically.
All these scenarios lead to higher monthly expenses. For example, the U.S. energy costs per household rose by 13% in 2022 reaching the highest percentage increase since it was measured. 3
Being unprepared for these increases can cause significant financial strain.
Overcome this by:
Get one month ahead on your bills. Then, you will start building a cushion. Also, known as aging your money – thanks to YNAB.
Be proactive and realize that with inflation high. All of your bills will likely increase in cost.
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YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
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5. Overlooked Taxes
Overlooked taxes pose another source of unexpected expenditure.
A higher than expected tax bill can indeed surprise and unbalance your budget. This happened to my friend when she started her own fitness coaching business.
Uncertainties in estimating the exact tax amount, mathematical errors in filing, or an overlooked quarterly tax payment often culminate in an escalated tax bill. An audit from the IRS, though it may find no additional taxes owed, can lead to expensive fees from a CPA or tax attorney.
Overcome this:
Use a tax calculator to know what your estimated tax payment due.
Understand the common reasons you may owe higher taxes this year.
6. Pet Emergencies
Pet emergencies can bite a large chunk out of your budget without warning. For instance, if your cat suddenly starts having seizures or your dog gets hit by a car, the medical costs associated can spiral rapidly.
Emergency vet care can range between a few hundred dollars to several thousand dollars. For instance, a poisoning can range from $200-$3000. 4
Overcome this by:
Prevention methods like pet insurance can help you manage these costs effectively.
Decide in advance the maximum you are willing to spend on emergency vet care.
7. Delayed payments
Delayed payments may not be an external expense, but the repercussions can be just as financially challenging. This affects your income stream, potentially leading to difficulty in managing your financial obligations.
For example, if an employer goes bankrupt, salaries might be delayed or even indefinitely withheld. According to research, late payments can cost businesses $3 trillion globally, affecting both personal financial planning and business operations.5
This is a highly stressful situation.
Prepare yourself financially by:
Aging your money. By getting one month ahead of your bills, you can scrap through a delayed payment. YNAB coined this term.
Start saving for a large rainy day fund.
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8. Gifts and Special Occasions
Commemorating special occasions can lead to unexpected expenses. Life events such as birthdays, weddings, baby showers, and retirements, traditionally require gift-giving.
While typical gift giving on Christmas or birthdays should be part of your planned variable expenses. Saying yes to being a bridesmaid can definitely set you back a few thousand dollars. These are costs that we often fail to factor into our budgets.
Overcome this by:
Setting aside money monthly to cover gifts and special occasions.
If saying yes to a special event will hamper your finances, then you may have to politely decline the invitation.
9. Unexpected Travel Costs
Unexpected travel costs can significantly impact your budget, particularly when they arise from unplanned events such as attending a funeral or a wedding. The costs of last minute travel can vary widely depending on the destination, distance, and mode of transportation.
To manage these expenses, consider driving or taking public transportation for shorter trips, exploring less expensive lodging options, and creating a meal plan that limits dining out.
Overcome this by:
Setting aside a regular amount in a travel fund can help prepare for these unexpected costs that tend to crop up every year.
Decide if taking the unplanned trip is something you can feasibly manage with your current financial situation.
10. What You Forget to Budget for
Some subtle but regular expenses often sneak past our budget plans. This is why we have a full list of budgeting categories so hopefully, you don’t miss anything!
Consider online subscriptions and memberships: Many services offer free trials, but the charges kick in if not canceled. Other overlooked budget items may include pet care, parking fees, and toll fills—small amounts that may seem insignificant but can considerably dent your budget over time.
Overcome this by:
Review your checking account and credit card bills to see all of your expenses for the past year. Write down those unexpected expenses that came through.
Now, make a plan for how to spend your money in advance with your findings.
This helps you prepare for unexpected expenses
Here are simple tips to make sure you employ the habits of a financially stable person.
Tip #1 – Building an Emergency Fund
Building an emergency fund is a fundamental strategy to brace for unexpected expenses. This fund acts as a financial buffer, providing the economic security to cover unexpected costs without tapping into monthly budgets or savings aimed at other goals.
As a starting point, aim to save $1000 and then work your way up to save a month’s paycheck. Start small and build over time – every penny set aside helps to mitigate future financial stress.
Tip #2 – Properly Utilizing Sinking Funds
Sinking Funds are a sagacious tactic to prepare for larger, infrequent expenses. They allow you to systematically and gradually save up for anticipated financial obligations such as vacations, holiday gifts, car maintenance, etc.
By assigning a specific amount to save each month, by the time the need arises, you’ll have a pool of money ready. With platforms like YNAB, creating sinking funds becomes easier, letting you monitor your progress month by month.
This is how we have less frequent unplanned costs than we did in our 20s.
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Tip #3 – Saving for the Larger Rainy Day
Beyond smaller emergency funds and sinking funds, saving for the ‘larger rainy day’ is a crucial tactic to avoid financial duress caused by unexpected expenses. This refers to padding your savings to cover larger, more substantial financial shocks that might require more than just a few months’ worth of expenses.
It may take time to build such a fund, but even a small contribution each month can result in substantial savings over time.
Tip #4 – Pick up a Side Hustle
One way to strengthen your financial resilience against unplanned expenses is to start a side hustle. This could mean picking up extra shifts at work, selling handcrafted items online, or using skills like photography or writing for freelance work.
With the rise of the internet, making money online is really easy and simple to get started. We have a few side hustles to shield against unforeseen costs.
Tip #5 – Budget Properly and Stick to It
Budgeting is an essential line of defense against unexpected expenses. By tracking your income and comparing it against both predictable and variable expenses, you can calculate how much money can be saved each month.
Regular budget check-ins help ensure you’re staying on track, steadying your financial footing.
Quicken
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Cons:
Little complex to use at first, the learning curve is moderate.
Yearly subscription-based model to use the platform.
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Tip #6 – Regular Review of Financial Plans
Regularly reviewing and updating your financial plans can serve as a preventative measure against unexpected expenses. Consider changes in income, expenses, and lifestyles, and adjust your savings and spending plans accordingly.
Tip #7 – Utilizing Digital Banking Features for Money Management
Digital banking tools have revolutionized financial management and can be part of a robust strategy to avoid unexpected expenses.
Features such as instant account balance checking, transaction alerts, set-and-forget savings transfers, budgeting tools, and proactive spending categorization help you grasp where your money is and how it’s being spent.
Tools to Ward Off Unexpected Expenses and Not Go into Debt
Unexpected expenses are inevitable, yet going into debt to cover these costs can lead to financial strain due to accumulated interest and fees.
Here are crucial steps in preventing unexpected expenses from turning into debt.
Dealing smartly with Credit Cards options
Credit cards can serve as a lifeline during a financial crunch but should be employed judiciously.
To smartly deal with unexpected expenses, consider options like 0% or low-interest credit card offers – these are particularly useful if you can pay off the balance during the introductory period. But tread with caution: high-interest rates can cause difficulties if you can’t pay off the balance in time.
Profit from Asking for a Paycheck Advance
In times when emergency expenses arise, asking for a paycheck advance can help. Some employers offer this as part of their policy to assist employees dealing with abrupt financial needs. A salary advance allows you to ‘borrow’ from your future earnings and repay the amount through future pay deductions.
Budgeting apps like Chime not only help in tracking expenses, but they also enable early access to your paycheck, up to two days before payday. This feature ensures you avoid running short of money at the end of the week or month, allotting you ample room to plan, track, and adjust your spending and savings.
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Exploring Personal Loans for Emergency Situations
Personal loans are a convenient option during urgent monetary needs. They are unsecured loans and therefore don’t require collateral.
However, they’re typically accompanied by relatively high-interest rates. Consider using online prequalification tools for personal loans to determine if you’re eligible and view potential interest rates.
Explore different lenders, but be wary of the terms and conditions to make sure you don’t invite more financial trouble.
Which of the following is true regarding unexpected expenses?
Unexpected expenses are costs that are not anticipated or planned for, such as sudden car repairs or medical emergencies.
To efficiently manage unexpected expenses, it’s recommended to make them a part of the monthly budget. A suggested approach is to analyze past “unexpected expenses”, then estimate their costs and timing, which can provide an estimate of how much should be saved each month.
While basing future expenses on past ones only furnishes savings guidelines, this method can prevent an unexpected expense from turning into a severe financial emergency.
Planning for unexpected expenses by setting aside money from each paycheck can protect individuals from unforeseen financial difficulties.
Understanding what types of unexpected expenses might occur can help in the development of strategies to handle them successfully, reducing the impact of any unpleasant financial surprises.
Yes, all of the statements above are true.
What is not true about unexpected expenses?
Unexpected expenses are entirely out of our control.
Unexpected expenses can be completely avoided.
These unanticipated costs only occur irregularly or infrequently.
You can’t prepare for unexpected expenses.
All of these statements are not true. While the occurrence of these expenses might be unexpected, they’re not entirely unpredictable. Many times, they are the result of poor financial planning or management as they are often unforeseen costs that were not anticipated or included in a budget.
Frequently Asked Questions (FAQ)
It’s advisable to aim for at least 3 to 6 months of living costs for an emergency fund. This acts as a buffer to cover unexpected expenses and offers financial security during unexpected life events like job loss or serious illness.
However, the “right” amount to save varies depending on your personal situation, lifestyle, and financial obligations. Always remember: saving something is better than saving nothing; start small and increase gradually as your income allows.
Financial experts generally advise having an emergency fund equivalent to three to six months of monthly expenses. This guidepost factors in expenses such as food, housing, utilities, transport, healthcare, and other necessities.
However, if you are in a volatile occupation or the sole breadwinner of the family, aiming for a larger fund may be prudent. Whichever your situation, remember it’s not about reaching the benchmark overnight; the key is consistency in saving.
Managing urgent financial liabilities without incurring debt hinges on proactive financial planning.
Building an emergency fund: Start small and deposit to accumulate enough to cover at least three to six months of essential expenses.
Proper budgeting: Maintain a budget, ensuring you live within your means and regularly contribute to savings.
Insurance coverage: Adequate insurance coverage can help circumvent the financial impact of medical emergencies or catastrophic events.
Extra income: Consider a side hustle for additional income to bolster your budget and increase your savings.
Plan Ahead to Avoid Unforeseen Expenses
While unexpected expenses are an inevitable part of life, their financial stress isn’t.
Through effective planning and budgeting, you can cushion their blow, ensuring they don’t throw you into financial turmoil. Around here at Money Bliss, we strive for our readers to have less stress with money.
No matter how well you plan, unexpected costs can still arise from time to time. They can happen quite regularly, which is why it’s crucial to include them in budget planning.
By setting aside a portion of each paycheck in a savings account, you can be better prepared for such costs when they arise.
Remember, every dollar saved is a step towards greater financial stability, helping you to navigate life’s uncertainties with confidence and peace of mind.
Now, make sure you are financially sound.
Source
NOAA.gov. “Costliest U.S. Tropical Cyclones.” https://www.ncei.noaa.gov/access/billions/dcmi.pdf. Accessed December 1, 2023.
Colorado Public Radio. “Most people who lost homes in the Marshall Fire were underinsured, Colorado insurance regulators say.” https://www.cpr.org/2022/05/02/most-people-who-lost-homes-in-the-marshall-fire-were-underinsured-colorado-insurance-regulators-say/. Accessed December 1, 2023.
U.S. Energy Information Association. “U.S. residential electricity bills increased 5% in 2022, after adjusting for inflation.” https://www.eia.gov/todayinenergy/detail.php?id=56660. Accessed December 1, 2023.
BetterPet. “Average emergency vet costs: what to expect.” https://betterpet.com/emergency-vet-costs/. Accessed December 1, 2023.
Mastercard. “Your real-time guide to real-time payments.” https://www.mastercard.com/news/perspectives/2023/real-time-payments-what-is-rtp-and-why-do-we-need-instant-payments/. Accessed December 1, 2023.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Life is expensive and paying for rent can take up a significant chunk of your paycheck. In an ideal world, 30 percent of your income should go towards rent and housing costs. But life happens and you may come up short on rent due to loss of income or other unexpected expenses, leaving you wondering if you should take out a loan to pay rent. Coming up short on your rent payment is an extremely stressful situation and you’ll be looking for ways to make your rental payment and avoid eviction.
If you find yourself in this situation, what do you do? There are several options to weigh and taking out a loan to pay rent is one of them. Let’s walk through the pros and cons of rent loans and discuss several options you can consider if you’re behind on rent payments.
Is it possible to take out a loan to pay for rent?
If you get behind on rent payments, you’re not alone. In fact, more than 7 million renter-occupied households are behind on just last month’s rent alone. So, what are your options and is it possible to take out a loan to pay for rent? The short answer is yes, you can.
Using a loan to pay rent is an option. You can obtain a personal loan to pay rent and for some people, it’s a good idea. However, before you take out rent loans, you need to consider if it’s the right choice for you.
Pros of using a personal loan for rent
If you’re strapped for cash and need to pay for rent, there are some plus sides to taking out a personal loan for rent.
Pro #1: Provides a window of time for re-assessing your finances
By taking out a personal loan to cover your rent, you buy yourself some time to get your budget back on track. With a personal loan, you can pay for rent (either what you owe from missed payments or for future rent payments). Once you pay your rent, you’ll find yourself less stressed and you’ll think more clearly so you can get your budget back in a place where you can pay your loan back and have enough money for future rent payments.
Pro #2: Gives you flexibility
Personal loans allow you to use the loan money for anything you need. So, taking out a personal loan gives you the flexibility to use the money for rent or any other expense you need to cover. This flexibility is enticing for renters who need some financial help as the loan doesn’t specify what you can and cannot use the money for.
Pro #3: You can shop loan ranges and rates
Before taking out a personal loan, you’ll be able to shop around for loan ranges and rates. Make sure to compare your findings before you make a decision. You can take out a loan for as little as $1,000 or as much as $60,000 if needed. You can also compare interest rates.
It is important to try and find a loan with a low interest rate so you don’t accrue more debt than is absolutely necessary.
Pro #4: Can build a credit score
This is both a pro and con of personal loans, depending on how diligent you are with repayment. If you make your loan repayments in full and on time every single time, you’ll pay the loan off within the limits and build your credit score. If your credit score took a hit or is low, this is one way to rebuild your credit history.
However, it’s essential that you meet the terms of the loan for this to benefit you.
Cons of using a personal loan for rent
As with everything, when there are pros there are cons. Before taking out a loan to pay rent, consider the negative impacts of rent loans.
Con #1: You’ll pay interest
With any type of loan, you’ll pay interest on the amount you borrow. So, if you take out a personal loan toward rent, not only will you pay the rent money, you’ll also be paying money toward the interest.
If you have no other options, then taking out a loan for rent allows you to make your payment, stay in your apartment and come up with a new financial plan. Keep in mind that you’ll pay more with this option because of interest.
Con #2: Adds to debt
When you take out a personal loan to pay rent, you’re adding to the overall amount of debt you have. This may compound your stress and overall debt, causing more problems down the road. Also, when you rent, you aren’t putting money toward eventually owning an asset as with a mortgage toward a house. So, you’re compiling debt without working toward an eventual purchase.
Con #3: Could harm your credit score
If you fail to make your monthly loan payment, you could seriously damage your credit score putting you at risk for further financial hardship.
How to find a personal loan to pay back your rent?
If you’ve come to the conclusion that a personal loan is right for you, then you’ll need to know where to look and find one. Most financial institutions will offer loans and you can shop around for the loan that is right for you. Here are some places you can go to find a personal loan to pay back your rent:
Bank
Credit union
Online banks
Loan comparison websites
Because different places offer different rates on your loan, it’s smart to get several recommendations before taking out a loan.
Other options to pay back your rent
Unsure that a personal loan is right for you? We also have provided several other options to consider when you need money to pay back your rent. Before taking out a loan, you could consider:
1. Talking to your landlord
When you first realize that you may not have the money to pay your rent or if you’ve missed the due date, you’ll want to talk to your landlord immediately. Getting in front of the issue and addressing it openly is always a wise move.
Ask your landlord if he/she is willing to defer rent, offer a payment plan or waive late fees. You never know unless you ask!
2. Borrowing from a friend or family member
Do you have a trusted friend or family member that could loan you money for rent payback? If so, this is a less expensive option compared to getting a personal loan. Sometimes, close family or friends will loan you the money, interest-free, which is always a better option.
3. Call 211
You can the 211 community phone line to get referrals for services, like financial resources. If you’re in a bind, try calling this number and get in touch with local resources that can help with rent relief.
4. Consider a roommate
Imagine your rent payment being cut in half. Would that free up some of your budget? The answer is most likely yes. If you have space, you may consider getting a roommate who can share the cost of rental expenses and save you money, too.
5. Get a side gig
Nowadays, there are several side hustles that you can do from home, after work or at your convenience that pays well and would help your income. If you can get a side hustle that’ll cover the additional money you need for rent, this is a great option because it puts you in control of your money and you don’t need a loan to cover the extra expense of rent paybacks.
6. Reallocate your budget
Sometimes, we spend money on things like coffee, eating out or shopping and don’t realize how much of our budget it’s taking up.
Before you take out a personal loan, take a hard look at your expenses and budget to see where you can trim the fat. If there are areas to cut back on and reallocate expenses to rent payback, do this before taking out a personal loan.
Know your financial options
Now that you understand the pros and cons of loans to pay rent, you can make an informed decision if this is right for you. As always, you may want to consult a financial advisor before making a big decision like this to get professional guidance on what is best for you and your situation.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
The Boujie Budgeter dives into how to not overspend with holiday decorations
The holiday season is around the corner and no matter which social media platform you browse, someone is prepping their tree or decorating with poinsettias in their home. For older Zillennials, this year could be different, and many people are experiencing the festivities in their first apartment.
Due to inflation and the economic crisis happening across the country, prices are at an all-time high in grocery stores, department stores and even home decor shops. Decorating your apartment for the first time can seem overwhelming, but the holidays bring new anxiety.
Social media has transformed everything into a focus on aesthetics, hauls, and presentation specifically tailored for Instagram. Though it seems like an added pressure to have the most post-worthy home for the holidays, it doesn’t have to break the bank.
The self-proclaimed Boujie Budgeter, Mykail James, has always been passionate about personal finance and helping her community. “I started my finance platform because there wasn’t financial education that catered to this new wave of young professionals,” James tells GU.
Topics around money, such as credit, bargaining and investing, are difficult to grasp due to complex language and terms many people may need to be more familiar with. James shared her top financial tips for frugal holiday decor shopping for Zillennials.
Those with a holiday shopping game plan usually shop a month or two in advance to snag the major deals. According to Shopify, 41 percent plan to start shopping by the end of October. “When it comes to holiday decorations, we run away from being intentional,” James says. “You create that intentional space when you know what you want your space to look like.”
Fitting An Aesthetic Is Not A Requirement
Though the trend of lifestyle content has taken over the timeline, it doesn’t mean you have to overspend to have trendy pieces for your home. “If you’re not buying the Architectural Digest of the season, then you’re not getting a huge peek into what other people’s homes look like, but we have a constant reminder on social media,” she says. It’s important to remember that the holidays are meant for creativity and personalizing your safe space.
Try Renter Friendly Decor
As many Zillennials prep their homes for decorating their first apartment, they now have the opportunity to look into the market for renter-friendly decor. “That market has definitely exploded in the last five years,” she says. From peel-and-stick wallpaper to lighting fixtures, there are more opportunities to have the affordable decor in your home without the commitment of long-term installations.
Shop In-Person For Better Deals
Many of us live on the Amazon website for quick delivery deals, but many in-person sales offer consumers more items for a better price. “Craft stores like Hobby Lobby and Michaels are the kinds of places that have huge discounts on holiday decor, especially right after the season ends,” she says.
Don’t Feel Pressured To Have Traditional Decor
For James, she doesn’t subscribe to having a traditional Christmas tree or wreath in her home. Though some social media can add pressure to have cookie-cutter Christmas decor, there’s also a rise in Zillennials making their own rules regarding holiday scenery. “When you are in control of your holiday vibes, what feels natural to you could be completely against the grain of what everyone else feels like is the vibe,” she says.
About Kenyatta: Clark Atlanta University and Medill School alumna Kenyatta Victoria is the Girls United writer covering everything from news, pop culture, lifestyle, and investigative stories. When not reporting, she’s diving deep into her curated playlists or binging her favorite comfort shows.
With home values on the rise, Australians priced out of the markets where they currently live may have to consider a change of scenery if they want to buy.
Home prices are rising to record levels
The latest CoreLogic Home Value Index (HVI) reveals that Australian dwelling values have hit a record high, just narrowly cracking April 2022’s peak by 0.03% on 22 November 2023.
It’s been described as a ‘V-shaped recovery’ by CoreLogic’s executive research director, Tim Lawless, who said it took about 9 months from April 2022 for the index to bottom out in January 2023, and a further 10 months for the new record high to come about last week.
“The ‘V’ shaped recovery may seem counterintuitive, given high interest rates, deeply pessimistic levels of consumer sentiment and high cost of living pressures, however, the recovery can be explained by an imbalance between supply and demand,” Lawless said.
If the shape of the line looks less like a ‘V’ and more like someone forcing themselves to smile, you might be a prospective homeowner who’s watching house prices and interest rates rise with rapidly deflating enthusiasm.
However, this whirlwind recovery is, for the most part, isolated to only five capital cities and four of the states’ regional areas – it’s in the others where there could be an opportunity for those who wouldn’t mind a change of scenery.
The cities and regions where prices are stable or dropping
Capital cities:
Hobart (-1.5%)
Darwin (-0.8%)
ACT/Canberra (+0.5%).
According to CoreLogic, year-on-year (YOY) home values in Hobart (-1.5%) and Darwin (-0.8%) have gone down, with the ACT (Canberra) only experiencing a +0.5% increase in dwelling values, according to CoreLogic.
These three cities are all trending down compared to their record highs, with Hobart posting a -11.8% decrease since its most recent high in March 2022.
Darwin is also down -3.3% since its record high in September 2022 and the ACT (Canberra), despite its slight increase in YOY values, has slipped -6.4% since May 2022.
It’s a similar story in the nation’s regions, although with less pronounced YOY declines.
Regional areas:
Regional Victoria (-2%)
Regional Tasmania (-0.3%)
Regional Northern Territory (-0.4%).
Regional Victoria, Tasmania, and the Northern Territory all experienced small decreases in dwelling values, the largest of which was regional Victoria, with a -2% decline.
Regional Tasmania and the Northern Territory stayed reasonably flat at -0.3% and -0.4% respectively.
These regional areas have all experienced a significant drop in value since their record highs, with regional Victoria showing a drop of -7% since May 2022.
Home values in regional Tasmania have dropped -5.4% since May 2022, while regional Northern Territory values decreased -3.4% since April 2023.
Resident Mozo finance expert, Peter Marshall, recently made the decision to leave Sydney for more affordable interstate shores and shared some practical tips for those considering the move.
As a renter in Sydney for over three decades, Marshall says that buying in Australia’s most expensive housing market was “never on the table as an option.”
“The home price thing was an enormous part of why I left Sydney,” he said. “It’s possible I would’ve stayed, I don’t know. But given the choice between renting in Sydney and buying somewhere else, it becomes much easier.”
Marshall did his due diligence before putting the wheels of his move into motion, helping to make sure there weren’t any surprises on the cost front.
His biggest tip?
“Budget more than you think you need for everything.”
Marshall recommends budgeting for a small amount above every quote that you get, whether it’s for conveyancing fees, or building and pest inspections.
“That means when you get around to having to pay for things, you find that some things end up costing a little bit more, you’ve got room in your budget to deal with that – and it’s not going to be the end of the world.”
Aside from giving yourself some budgetary wriggle room, Marshall also recommends sorting out your conveyancer and inspectors before you lock into making an offer on a home, as once the ball starts rolling, things can move quite quickly.
“You spend months and months looking for a place to buy and, all of a sudden, you need to have all these things at your fingertips. So have those things at your fingertips before you need them because when you do, you won’t be wanting to do that research,” he said.
The same ethos applies to your home loan financing. You’ll want to have a lender on hand, ready to go well before signing the deed, so you know exactly how much money you can borrow to buy your new home.
That also means you’ll need to compare home loan interest rates to see which lenders currently offer competitive rates and the home loan features you want. Get started with some of the featured products below.
*
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
**
Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don’t consider your personal objectives, financial situation or needs and we aren’t recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don’t cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
The Bilt World Elite Mastercard® Credit Card is best known for its unique standout feature: the ability to earn rewards with no transaction fee when paying rent. Indeed, the Bilt credit card is a game-changer for renters. Beyond rent, though, how does Bilt compare with a more traditional general-purpose credit card like the Wells Fargo Autograph℠ Card?
Both cards carry no annual fee. They both earn 3 points per $1 spent on dining, offer cell phone protection and certain travel protections, plus charge no foreign transaction fees. But in most other respects, the benefits of these two cards couldn’t be more different.
The Wells Fargo Autograph℠ Card offers a compelling sign-up bonus and introductory APR, while the Bilt World Elite Mastercard® Credit Card offers neither. But the Bilt credit card, along with its most obvious benefit for renters, earns points that can be transferred to various hotel and airline travel partners, giving the potential for outsize value. Currently, the Autograph offers no such transfers.
Let’s dig into the specifics of each card so you can make the right pick for your lifestyle.
Who doesn’t want to be rewarded?
Create a NerdWallet account for personalized recommendations, and find the card that rewards you the most for your spending.
How the cards compare
Bilt World Elite Mastercard® Credit Card
Wells Fargo Autograph℠ Card
Annual fee
Sign-up bonus
Limited Time Offer: Earn 30,000 bonus points when you spend $1,500 in purchases in the first 3 months – that’s a $300 cash redemption value.
Rewards
3 points per $1 spent on dining.
2 points per $1 spent on travel.
1 point per $1 spent on rent (up to 100,000 points annually).
1 point per $1 spent on all other purchases.
3 points per $1 spent on restaurants.
3 points per $1 spent on travel, transit, gas stations and EV charging stations.
3 points per $1 spent on popular streaming services and select phone plans.
1 point per $1 spent on all other purchases.
APR
See Terms.
0% intro APR on Purchases for 12 months from account opening, and then the ongoing APR of 20.24%, 25.24%, or 29.99% Variable APR .
Foreign transaction fee
Still not sure?
Why the Bilt World Elite Mastercard® Credit Card is better for renters and travelers
Pay rent with a credit card
The Bilt World Elite Mastercard® Credit Card‘s standout feature is its ability to earn rewards on rent payments without any transaction fees. That’s a unicorn in the credit card world, as most cards can’t be used directly toward rent payments without such fees. Previously, renters looking to pile up credit card rewards relied on intermediary services like Plastiq, whose high fees cut into any rewards earned.
Though the benefit caps out at 100,000 points per year, this still makes the Bilt World Elite Mastercard® Credit Card the obvious choice for renters looking to get more out of their biggest monthly expense. Even if you don’t live in a property that’s part of the Bilt network, you can still charge rent on the card (with no transaction fees) and they’ll mail a check to your landlord.
Transfer to travel partners
Both cards earn points, but only points earned from the Bilt World Elite Mastercard® Credit Card have the potential for higher value toward travel. Points earned from the Wells Fargo Autograph℠ Card are worth 1 cent each and can be redeemed for travel, gift cards or statement credits — or when checking out online with PayPal.
Bilt Points are also versatile and can be used toward rent, fitness classes, home decor and even a home downpayment, for varying value. But as a card with no annual fee, the Bilt World Elite Mastercard® Credit Card stands out for its ability to transfer points at a 1:1 ratio to a wide range of travel partners. Travelers often find greater value than 1 cent each for their points when they transfer this way.
This is a rare perk among no-fee cards, most of which require pairing with a higher-fee card to transfer points. For example, Chase Freedom Flex℠ cardholders can transfer points to travel partners only if they also carry a higher fee card like the $95-annual-fee Chase Sapphire Preferred® Card.
Plus, Bilt’s list of travel partners is excellent, including American Airlines, United, Hyatt and IHG. In fact, despite American Airlines issuing co-branded credit cards with both Citibank and Barclays, neither issuer allows transfers of its points to the airline. Here’s a look at the full list of available transfers:
Full list of Bilt transfer partners
Aer Lingus (1:1 ratio).
Air Canada (1:1 ratio).
Air France (1:1 ratio).
American Airlines (1:1 ratio).
British Airways (1:1 ratio).
Cathay Pacific (1:1 ratio).
Emirates (1:1 ratio).
Hawaiian Airlines (1:1 ratio).
Hyatt (1:1 ratio).
Iberia Airlines (1:1 ratio).
IHG (1:1 ratio).
Marriott (1:1 ratio).
Turkish Airlines (1:1 ratio).
United (1:1 ratio).
Virgin Atlantic (1:1 ratio).
Bonus points in several categories, with an extra boost on “Rent Day”
Beyond rent payments, the Bilt World Elite Mastercard® Credit Card earns solid rewards on a variety of everyday expenses. That includes 5x points on Lyft rides, 3x points on dining, 2x points on travel and 1x on all other purchases.
But Bilt’s biggest benefit to cardholders comes on the first day of each month, when point values double for all nonrent categories, up to a cap of 10,000 bonus points per month. On that day, Bilt World Elite Mastercard® Credit Card holders earn 6x points on dining, 4x on travel purchases and 2x on everything else.
Why you may prefer the Wells Fargo Autograph℠ Card
Snag a sign-up bonus
Like many more traditional rewards credit cards, the Wells Fargo Autograph℠ Card greets new users with an attractive new cardholder bonus: Limited Time Offer: Earn 30,000 bonus points when you spend $1,500 in purchases in the first 3 months – that’s a $300 cash redemption value.
The Bilt World Elite Mastercard® Credit Card, on the other hand, offers no bonus for new cardholders, meaning it will take longer to rack up the same level of rewards.
Pay over time with 0% introductory APR
The Wells Fargo Autograph℠ Card is also the better pick for cardholders who need to finance purchases over time. Currently, new cardholders will get 0% intro APR on Purchases for 12 months from account opening, and then the ongoing APR of 20.24%, 25.24%, or 29.99% Variable APR .
Since the Bilt World Elite Mastercard® Credit Card doesn’t offer an introductory interest rate, it’s a less attractive choice for cardholders who need some breathing room on interest.
Earn higher rewards on travel, gas stations and streaming services
Both cards earn 3x points at restaurants, but the Wells Fargo Autograph℠ Card wins by a nose on travel purchases, earning 3x points per $1 spent compared with 2x with Bilt.
The Autograph also earns 3x points on certain popular streaming services and phone plans. Bilt’s baseline earnings rate for these categories is just 1 point per $1 spent — but you can bump that up to 2x points per dollar by setting these recurring bills to be charged on the first of every month.
When it comes to fueling your vehicle, though, the Autograph really races ahead on rewards, earning 3x points at gas stations and EV charging stations. For comparison, the Bilt World Elite Mastercard® Credit Card earns a modest 1 point per dollar spent in these categories.
Potential tie-breakers
Still can’t decide which card is right for you? Here are a few minor points of distinction to consider.
Simplicity of earning rewards
A major downside of the Bilt World Elite Mastercard® Credit Card is its transaction requirement. According to the card’s terms, you must complete five transactions per billing period to earn any rewards. That means if you only make four transactions on the card one month, you won’t earn rewards on any of those purchases. There’s no minimum spend per transaction, but this does present an extra hoop to make sure you maximize your rewards.
The Wells Fargo Autograph℠ Card won’t earn you rewards on rent, but it also doesn’t include any such complicated requirements.
Metal vs. plastic
If you have strong preferences about the feel of the card, it’s worth noting that the Bilt World Elite Mastercard® Credit Card comes in a sleek metal design, adding some sophistication to your wallet. The Wells Fargo Autograph℠ Card is plastic, making it a lighter weight to carry.
Which card should you get?
The distinction here is pretty clear. If you’re a renter, the Bilt World Elite Mastercard® Credit Card is the obvious choice. No other card offers comparable rewards on rent payments, and the card’s additional rewards plus travel partners make it a good value on everyday spending as well.
Not a renter? The Wells Fargo Autograph℠ Card will provide more overall value on everyday spending.
Then again, given that both cards carry no annual fee, renters with good credit may choose to pick up one of each. Use the Bilt World Elite Mastercard® Credit Card for rent, Lyft rides and to pick up extra rewards on the first day of each month. For the rest of the month, the Wells Fargo Autograph℠ Card will earn you higher rewards in most categories, along with a strong intro APR and sign-up bonus.
The Denver housing market is a fascinating case study for potential homebuyers and real estate enthusiasts. As of late, the market is notably competitive, with homes averaging two offers and a relatively swift selling period of 18 days. Despite the competitive nature, the median sale price has dipped slightly to $569,000, a 3.6% decrease from the previous year. Nonetheless, the price per square foot has increased by 1.9%, landing at $370.
Let’s dive a bit deeper and learn some more about the Denver housing market and how the rental scene affects it.
Denver’s housing market by the numbers
The number of homes sold in Denver has experienced a downturn, with 802 homes sold in September 2023, marking a 19.4% decrease from the year before. This could reflect a tighter inventory or a shift in buyer behavior.
Despite no change in the median days on the market from the previous year, the Redfin Compete Score™ gives Denver a high score of 77 out of 100, suggesting a market where multiple offers on homes are common, and some buyers are willing to waive contingencies to secure their purchase.
Denver’s market is not just competitive but also pricier than the national average. The median sale price is a staggering 38% higher than the national average, and the overall cost of living in the city is 11% higher. Such figures put Denver in a unique position in the national housing landscape, making it a key market for established real estate investors and a challenging place for first-time homebuyers.
The strength of the Denver housing market
While homes tend to sell for about 1% below the list price, “hot” homes may go for about 1% above the asking price and can go within as little as five days. This dynamic underlines the critical importance of timing and strategic offer placement for buyers. For sellers, it reinforces the value of pricing homes correctly and understanding market trends to attract serious offers only.
In this thriving market, Denver stands out for its strong demand and the competitive edge it offers to sellers. However, the fluctuations in sales prices and the volume of homes sold suggest a nuanced environment, one where buyers may find opportunities amidst the competition, particularly if they are prepared to act quickly and decisively.
The data provided by Redfin offers a valuable snapshot for those interested in the Denver real estate market. It’s evident that while the market has cooled slightly in terms of sale prices and volume, the competitive spirit remains undiminished, with Denver homes still commanding significant interest.
Settle down in Denver
For those considering entering the Denver housing market, whether as buyers or sellers, this analysis highlights the importance of staying informed on current trends and being prepared to navigate a competitive, fast-moving and high-cost environment. With the right strategy and understanding of the market dynamics, you’ll have a shot at getting your foot in the door.
Renting in Denver
Studio apartments in Denver start at an average monthly rent of $1,801. This entry price point is indicative of Denver’s growing appeal and the premium on living in a city that ranks so high in terms of quality of life. Moving up in space, a one-bedroom apartment averages $2,043 per month. For roomier accommodations, a two-bedroom apartment will set renters back an average of $2,741 a month. These prices, while steep for some, are a testament to the city’s thriving economy and the desirability of the Denver lifestyle.
Factors at play in Denver’s rental market
What contributes to Denver’s rental rates? To put it simply, a lot of factors. Denver has experienced a tech boom in recent years, with many startups and established tech companies setting up shop in the area, and bringing with them a wave of high-income professionals. Additionally, Denver’s culture is strong, with a ton restaurants, galleries and venues catering to a diverse population. The city’s proximity to ski resorts and national parks also makes it an attractive location for outdoor enthusiasts, further driving up demand for affordable houses and apartments.
For renters, these factors mean that while they might face higher rental rates, they are also purchasing access to a high-caliber quality of life. Denver’s public transportation system, including the expansive RTD Bus and Rail network, allows for easy commutes to and from the city’s neighborhoods and the downtown area. This accessibility adds value to Denver rentals, as does the proximity to renowned institutions like the University of Denver and the Colorado State Capitol.
The city’s rental market is not just about price but also about the quality of living spaces and community amenities. Many Denver apartments have luxury finishes, community fitness centers and pet-friendly policies, responding to the demands of a discerning renter population.
Denver’s undeniable growth
For landlords and property investors, the current rental market in Denver presents a promising opportunity. The city’s population growth, coupled with its economic expansion, suggests a continued demand for quality rental units. Investors can capitalize on this by offering well-maintained properties that cater to the lifestyle expectations of Denver’s diverse population.
However, potential renters must navigate this market carefully. It’s crucial to balance desires for location and amenities with budget constraints. Renting in the more affordable suburbs versus the city center can offer savings, and being flexible on amenities can lead to finding hidden gems that offer great value.
As Denver continues to evolve, the rental market is likely to keep pace, reflecting the city’s status as a hub of economic and cultural activity. For renters and investors, the key to success in this market will be staying informed and adaptable to the ever-changing landscape of this dynamic and desirable city.
Secure a sweet Denver apartment
Denver’s rental market in 2023 is full of options for city dwellers, with a price point that underscores the city’s attractiveness and economic vitality. Whether you’re is in search of a cozy studio or a spacious two-bedroom, Denver’s market demands careful consideration of what the city offers and at what cost, ensuring that residents can make the most of living in the Mile High City.
Ready to settle down in this gorgeous, mountainous metro? The perfect Denver apartment is only a few clicks away.
In general, this Northern California city reeks of high-end status, what with all of the vineyards, Silicon Valley and higher than average rental prices. There can only be one top dog in the elite rental community, though, and that award goes to whoever holds the lease on the Residence 2 Luxury unit in Rosewalk Apartment Homes, which rings in at $10,000 per month.
Situated in South San Jose
Found in the ultra-desirable Santa Clara Valley, the southern area of San Jose is amazing even if wine isn’t your thing. Simply put, it’s darn near impossible to surpass the incredible views and general ambiance of the neighborhood. And if you do like wine, well that’s just aces!
Not surprisingly, the area is also ideal for outdoorsy people, thanks to the preponderance of local parks. Almaden Quicksilver County Park is one such option, with 37 miles of hiking trails, 30 miles of equestrian trails and catch-and-release fishing, among many other available activities. Rosewalk is also super close to the popular Santa Clara County Fairgrounds, which hosts a bevy of concerts and other events all year long.
So, whether you’re into car shows or musical theater, the fairgrounds have got you covered. Bonus: The property is also a short jaunt over to the light rail, making the rest of San Jose easily accessible, as well, without ever having to crank your own ignition.
The unit itself
The Residence 2 Luxury unit at Rosewalk does a lot with its space. In total, the rental has two bedrooms and two full bathrooms within its 1,070 square feet. It also comes standard with oversized walk-in closets, a fireplace and fully-equipped kitchens with stainless steel appliances. The two porches/balconies make it easy to enjoy the breathtaking area views at any time of the day or night.
All the amenities
Why take a vacation when Rosewalk offers amazing amenities right at home? Residents and their guests relax happily at either of the two, resort-style lap pools, which feature expansive sundecks for extra Vitamin D.
There are also two hydro-spas for serious water therapy, perfect following a tough workout at the 24-hour state-of-the-art fitness center on-site. In addition, Rosewalk boasts a gorgeous outdoor pavilion, equipped with heaters for those cooler days and nights, plus two outdoor barbecues and even a pizza oven! Wash it all down thanks to the complimentary refreshment bar located in the clubhouse, which is stocked on the regular with gourmet coffee, bottled water, tea and hot cocoa.
Renters within the Rosewalk community also enjoy a few extra services unique to the property. First, each tenant can choose a complementary accent wall to add a bit of individual flair to the place. The community helps the renter to choose a color and location within the unit, then takes care of all of the actual work involved.
Rosewalk is also extremely pet-friendly, with treats in the clubhouse and waste stations scattered throughout the property to make walks as easy as possible. They don’t have any weight maximums, either, although there are some breed restrictions. One super cool twist: Any tenant who adopts a pet from a local shelter can be reimbursed by Rosewalk up to $250!
Another enviable service that Rosewalk provides is “Valet Waste,” which is a fancy way of saying that you can put your trash and recycling outside your front door and someone else will pick it up. Unlike your trash, this service does not stink. Also, if you head out of town just let management know. They’ll handle mail, packages and even water your plants if you want. Now that’s service!
What $10,000 can also get you
Sometimes it’s hard to visualize just how much $10,000 is worth. Here are some examples of what else that kind of coin can pay for:
Sure, some of those are more admirable ways to spend a pile of money than others, but they’re all pretty fun in their own ways. Just don’t eat all that chicken at once.
Other luxe units in the area
Perhaps Rosewalk is a little too much apartment (or rent) for you. There are other amazing luxury-level apartments available for rent in San Jose. Here are a few potential places:
Still too pricey for your purposes? There are plenty of other apartments to be had in San Jose that don’t require Apple executive-type pay grades.
The San Jose way
If luxury living in the tech capital of the world is what you’re after, there’s no better unit than this two-bedroom in Rosewalk. The floor plan is as elite as they come among all San Jose apartments, which is a good thing because, for $10,000 a month, it better be!
The rent information included in this article is accurate as of September 2021 and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
A freelance writer based out of the Atlanta area, Alia has penned articles during her decade+ career for such sites as HowStuffWorks, TLC, Animal Planet, Zillow and many more. Her favorite things to write about include fitness, nutrition, travel, healthcare and general lifestyle topics. A graduate of the University of Georgia, Alia’s an avid Dawg, but she also loves reading, sewing, eating all things chocolate and playing sports with her husband, three boys and beloved border collie, Flash.
Looking to rent in a tight, competitive market or even a specific apartment community? A renter cover letter may not be required, but it could set you apart from the other potential candidates, increasing the odds that you’ll be the one signing that coveted lease.
Approaching the rental process as though you were vying for a coveted job — with a renter cover letter and resume — will leave a lasting positive impression and match the standards and criteria landlords have in place.
What to include
Much like the cover letter you’d send to a potential employer, a renter cover letter should showcase your best attributes for the landlord or property management company and let the decision makers know you’re the best choice among those presented, showcasing your professionalism and responsibility, two qualities landlords prize among tenants. It’s important to understand that a cover letter is supplemental to your required rental application, so only include information not listed in the application.
Property managers have a vested interest in choosing the most qualified applicants for their rental units, increasing the odds that the community rules will be adhered to, that the apartments will be well taken care of and that rent will be paid on time. Keep this in mind when writing your rental application cover letter, bragging and explaining your best qualities and attributes as a tenant is encouraged.
The Fair Housing Act prohibits landlords from discriminating against potential tenants on the basis of things such as race, religion, gender, disability, national origin and sexual orientation. However, they will pore over other criteria, including credit and employment history and the references they furnish, to make their decisions when filling vacancies with the ideal tenant.
If you have great credit and have been steadily employed, include it in your rental cover letter, along with things such as a positive rental history. Tell them who you are, but also who you aren’t. For example, if you’re applying with two other college students, you might be seen as irresponsible, inconsiderate or loud. Include in your cover letter — if it’s true — that you’re study-centric, not the type of people who would throw wild parties or play loud music. Showcasing hobbies that lend themselves to such traits like reading, gardening or volunteering for a local organization won’t hurt, either.
Renter cover letter template
Check out the below template as a baseline for your own renter cover letter, a foundation on which you can build. Simply fill in the information for sections in parentheses ( ), while the section in brackets [ ] is for your information, not to be included in the letter.
Download a Word document of the rent cover letter template
(Your Name) (Address) (City, State Zip)
(Date)
(Landlord or Property Manager Name) (Address) (City, State Zip)
Dear (Name of landlord or property manager),
My name is (Your name) and I have a keen interest in renting the apartment you have available at (Property name or address).
I currently live at (Your current address) and have lived there for (XX) years. I am looking for a new place to live because (reason for moving: closer to home, closer to family, downsizing, etc.). I find your (apartment community/available unit/rental home) particularly appealing because (list specifically why you want to live in this property).
[The next two paragraphs apply only to potential tenants who will be utilizing an assistance program; omit if not applicable.]
While my current monthly income is $(X,XXX), I have been approved for rental assistance through the (name of your program). This program is funded by and administered by (the organization funding the program). A brief fact sheet about the program is attached to this letter.
Per the plan, I will pay (XX percent) of my monthly adjusted income toward rent, enabling me to make rent, in full, each month with no problem. (Program name) pays the remainder of my rent each month.
I believe I’d be a wonderful addition to your rental community — and here’s why. I am employed at (Your employer) and have been working there for (XX) years. In my free time, I (list some interests here and other things about yourself. For instance: play on the company softball team, coach your daughter’s soccer team, volunteer at specific organizations and enjoy hiking and baking. My current neighbors will miss my banana bread when I make the move to your community!)
I am quiet and friendly, a good neighbor who always pays bills on time. Attached you will find my renter resume, along with several references from neighbors and co-workers, as well as staffers from my current rental community.
If you have any questions, please don’t hesitate to call or e-mail me at (Your phone number) or (Email address).
Thank you very much for considering my rental application. I look forward to hearing from you.
Sincerely,
(Signature)
(Printed name)
Have everything ready to go
In addition to having all your paperwork in order, be sure to show up to view the rental property and furnish these documents on time and dressed appropriately. Don’t be afraid to ask questions, or answer them. First impressions count!
With these tips, tricks and templates, you’re ready to write your rental application cover letter to successfully prove you’re an ideal tenant who will pay rent, take care of a rental unit and keep a steady income. Good luck and happy renting.
Connecticut, known for its coastal cities and rural areas dotted with small towns, is a state that offers a broad range of living experiences. From bustling urban centers to serene countryside, Connecticut provides various options for renters on a budget. While the state is often associated with wealth and high costs of living, particularly in areas such as Fairfield County and the Greater Hartford area, there are multiple cities in Connecticut where renters can find affordable housing. Based on our analysis, the five cheapest cities for renters are East Hartford, Waterbury, Bridgeport, Willimantic, and Bristol.
East Hartford, CT
Located on the eastern bank of the Connecticut River, East Hartford offers affordable living with a population of 50,036 and a surprisingly high median income of $59,954. A renter can find a 2-bedroom apartment with an asking rent of $1,312, quite affordable considering the city’s median home value of $168,300. East Hartford is home to many parks like Goodwin Park and Wickham Park, and is in close proximity to points of interest such as the Rentschler Field Stadium and the historic Main Street District.
Waterbury, CT
Waterbury, with a population of 107,841, is another affordable city in Connecticut. Despite a lower median income of $46,329, the city’s 2-bedroom asking rent is $1,250, which is quite reasonable. The city, known as “The Brass City” for its rich industrial past, offers a wealth of historic and cultural resources like the Mattatuck Museum and Palace Theater. Waterbury is also near the Naugatuck State Forest, providing ample opportunities for outdoor fun.
Bridgeport, CT
With a population of 145,014, Bridgeport is the largest city in Connecticut and one of the most affordable for renters. The city’s median income is $47,484, close to Waterbury, and the rent for a 2-bedroom apartment stands at $1,200. Filled with historical spots such as the Barnum Museum and beautiful seaside parks like Seaside Park and Pleasure Beach, Bridgeport offers a rich mixture of urban and outdoor delights.
Willimantic, CT
Willimantic is a smaller city of 18,669 residents nestled in Eastern Connecticut. Despite a lower median income of $35,630, the asking rent for a 2-bedroom apartment is $1,460, still within reach for many. Known for landmarks like the Willimantic Footbridge and the Mill Museum, the city carries a charm that’s distinctly New England.
Bristol, CT
Bristol, with a population of 60,039 and a median income of $68,485, offers a 2-bedroom apartment for a reasonable $1,410 rent. Home to the famous ESPN headquarters and the historic New England Carousel Museum, Bristol offers a blend of urban amenities and historic charm. This, coupled with easy access to beautiful parks like Rockwell Park, makes Bristol an affordable and desirable city for renters.
Methodology
The cheapest cities in each state were ranked based on its median home price and median asking rents for studio, one-, two-, and three-bedroom units. Prior to ranking, inputs were normalized, and weights were applied using a 1.25:1 ratio of asking rents to home prices. Data on home prices are from the U.S. Census 2016-2020 American Community Survey 5-year estimates. Data on asking rents are from Rent. Cities without data for one- or two-bedroom asking rents or a population of less than 10,000 were removed from this ranking. Any other missing values were zeroed and did not impact the final score.