How to Find Great Apartment Deals - 7 Tips from the Pros
Although the temptation to own your own home is real, if you’re renting or looking for a new rental, you’re in the vast majority. According to Pew Research, two-thirds of households headed by young adults are rentals and more people choose to rent now than ever before.
The research isn’t surprising- renting is convenient, allowing for the freedom and flexibility that millennials crave. It also means that you’re not required to fix the refrigerator when it breaks, or stay on top of upkeep and chores like most homeowners have to do.
However, renting isn’t all sunshine and rainbows, especially when you’re on the hunt for a new place you can actually afford. Even though apartment hunting can feel like an uphill battle in overly saturated and expensive markets, armed with a few simple yet effective tips for finding deals, you’ll feel more confident at each showing.
1. Use an Apartment Locating Service
Of course, at WhiteRock SFR we couldn’t recommend enlisting help from the pros more highly. But don’t take our word for it. Realty Times noted that using the services of apartment locators can drastically cut your hunting time down. Locating services do all of the dirty work for you, all you have to do is show up to see the spaces.
Furthermore, most apartment locators offer rebates or rewards for using their services and are offered at no cost to you. Basically, you GET PAID to apartment hunt with a locator.
2. Don’t Be Afraid To Hunt
You may feel rushed to find a new place ASAP, but rushing and signing a lease at the first place you visit may not be in your best interest. Spare Foot suggested that renters be patient- it’s well worth the extra time it takes to find your dream apartment.
3. Know Your “Must Haves” And Where You Can Be Flexible
Make a physical list of your “must haves” and bring it with you to each showing. Do you need two bedrooms or a walk in closet? Are you hoping for natural lighting or a close commute to work? Write it down.
In the same vein, it’s important that you’re flexible with your demands as well. If you’re hoping to cut costs, knowing where you can compromise will be a huge asset. Do you really need two bedrooms, or can you work with a studio apartment?
4. Look For New Construction
Although it may seem that new construction would be pricier, more often than not, newly built apartment buildings usually hope to fill their homes as quickly as possible, usually leading to lower prices than those found in already established buildings.
The minimalism trend is successful for a reason: it helps people save money and live more freely. If you’re wanting a cheap apartment but just have too much stuff, consider downsizing as much as possible, keeping only what you love and need. Chances are, you’ll be able to afford a smaller space than what you’d guessed.
6. Check For Subsidies
Although it can be intimidating to research, the U.S. Department of Housing and Urban Development (HUD) routinely offers subsidies (ie. financial aid) to people with qualifying income. Essentially, depending on what you bring home each month, you could be getting help with paying rent.
Believe it or not, landlords are people too. You may be able to negotiate a lower rent price using your endless wit and charm. Do some research on comparable apartments with similar amenities to the one you’re visiting and give them your pitch. You might be pleasantly surprised.