So you've decided to relocate to a new location. Whether you're leaving the nest for the first time, just graduated from college, or looking for a change, you need a place to live! However, determining how to find an affordable apartment can be difficult. You may have noticed how costly monthly rent can be. Then there are the logistics and costs of the move. It's a lot, both emotionally and financially.
A good rule of thumb is to spend no more than 30% of your monthly income on housing. Americans currently spend about 37% of their income on rent. Others will pay even more if they are in a competitive market.
Remember that you must also be qualified to be a tenant. This entails completing an application (and possibly paying a fee) to be approved to rent the property. To qualify for a rental, landlords typically require you to earn at least three times each month's rent amount.
For example, if the monthly rent is $1,500, the tenant should earn at least $4,500. This is calculated using a monetary ratio known as rent to income. If you do not earn enough, you may be required to obtain a guarantor to be approved.
After determining how much you'll be eligible for, determine how much you'll spend on expenses. Consider any new bills you'll be responsible for, such as electricity, gas, and internet.
Budgeting is an essential step in determining how to find an affordable apartment. Are you going to have to pay for public transportation or a parking garage? Will you be purchasing new furniture and decorations? Examine your budget to make room for these costs. If you've never budgeted before, now is the time to start.
Best apartment search websites
Knowing where to look is an integral part of finding cheap apartments. But, believe it or not, it is possible to find a low-cost apartment that is also nice. Here is a list of the best websites for finding cheap apartments:
If you're wondering how to find an affordable apartment on a short-term basis, Airbnb is a great place to start. The best approach is to contact people on Airbnb and see if they would be willing to host you for a few weeks or months.
Airbnb listings cost as little as $20 per night, which works out to about $600 per month. That's a lot better than the sky-high rents in any city's downtown. Furthermore, there is no need to pay for utilities, Wi-Fi, or cable. Many Airbnb properties also include a kitchen.
2. Marketplace on Facebook
Because Facebook is one of the most popular social media sites, it's no surprise that it's also a popular destination for those looking for a cheap apartment to rent. There are numerous listings for apartments and houses for rent on Facebook Marketplace. Some people advertise for roommates as well.
3. The Walkscore
So, if you're serious about living a frugal lifestyle, Walkscore is one of the best websites for finding apartments. This website can help you find a cheap apartment for rent while also providing a "walkable score."
This score indicates the ease of access to public transportation, restaurants, and other amenities by walking or biking! This can save you a lot of money on gas because you can walk or ride your bike almost everywhere!
You might think of Zillow as a site for homeowners, but it can also be a great place to find a cheap apartment for rent. Install the app and sign up for notifications for apartment alerts in your area.
Of course, apartments.com is one of the best apartment search websites. They have over a million apartments, houses, and condos for rent on their website. So, no matter where you live, you can find a place.
These essential websites make it much easier to figure out how to find an affordable apartment.
Make your low-cost apartment even more affordable
Now that you know how to find an affordable apartment learn how to save even more money by lowering your rent. Here are some tips to help you get a good deal on a rental.
Find a roommate
Another more traditional method for finding an affordable apartment is to find roommates to live with. Begin by asking friends and family, and then look for outside connections.
You don't have to live with strangers if you use social media to connect with friends of friends. Facebook groups are another excellent source of information.
Work in exchange for a low-cost apartment
Several approaches can be taken. You can live rent-free, believe it or not. You can move into an intergenerational home and help out in exchange for a place to stay by home-sharing. You can also work as a nanny for a family.
As a resident assistant, you can get free housing as a student. You wouldn't have to fight traffic to get to class as a bonus.
In exchange for working on the property, you may be able to find work at a hotel, hostel, or even on a ranch. It's great to know how to find cheap apartments, but living for free is even better!
Create an Airbnb listing for your new apartment
Renting out your apartment is a great way to earn money every month if you enjoy entertaining guests. Airbnb hosts earn more than $900 per month!
Before you get too excited, double-check the lease terms. Your landlord may object or require permission. You may also be required to obtain a permit in your city.
Look for a remote job
Is it necessary to bother going to work? Try moving to a more affordable city and working from there, all else being equal. Although it may appear absurd, the benefits of remote positions are becoming more common and recognized.
You don't need to be a consultant. Organizations are looking for talent from all over the country. It is predicted that by 2025, more than 36 million Americans will work from home!
Finding a good loft will save you money
So now you know how to find a good loft and that it may be difficult but not impossible. Whether you're moving out of state or to another city!
It simply necessitates a significant amount of investment, perseverance, and consistency. Having some leeway to research and find a good spot will keep you from rushing into something you can't stand.
Keeping an excellent rental agreement low will allow you to save more money for other things, such as a deposit on a house, assuming that is your goal. You should start investing in your lofts! Learn about financial goal setting and creating financial momentum with our free financial courses!