![]() College graduates flood the market during this time of year, and high school graduates enter the market in college towns. Some of that has to do with the weather, and a lot of it has to do with the school schedule. Vacancies can go on for months, and landlords lose money with each month they’re not collecting rent. It’s cold outside in most of the country and people don’t like to leave their cozy homes. Landlords have a tough time finding renters in winter. The landlord would be able to sell the space to another tenant, who might need extra parking. Offer to give it up in exchange for discounted rent. If you don’t have a car, you don’t need a parking space. The longer the lease, the lower the landlord should be willing to go. You can give it to them by signing for a year-and-a-half or two years instead of six months or a year. And if you do pay upfront, make sure you pay the money back into your savings each month. The savings would be lost to credit card interest. You don’t want to rack up credit card debt because you emptied your bank account to save a few dollars on rent. The landlord may cut a deal to have cash in hand, but it’s only an option if you have enough savings to cover and then some. Offer to pay the entire lease or at least a few months upfront for a discount if you can afford it. Maybe they have multiple renters in the complex and aren’t willing to make concessions, so try to sweeten the deal by offering something in return. Independent landlords have a lot more wiggle room than property management companies. Word of caution: Know who you are dealing with. If you’ve been a good tenant, they’ll want to keep you. If the landlord won’t budge, tell them you’re going to look elsewhere. Research similar apartments in your area and come in with a number in mind. ![]() It costs them money to move you out and bring someone else in. And that doesn’t include shared expenses like utilities, kitchen supplies, toiletries and groceries. Multiply that by 12 and that’s a huge savings. Divide that second number by two and it’s $696 cheaper a month. The average cost of a two-bedroom apartment in 2021 is $1,934. The average cost of a one-bedroom apartment in the U.S. This one is obvious, and it will save by far the most money. Know what the market value of your apartment is before you renew the lease and use these tips to save on rent in the meantime. But there are also regional differences, so pay attention to rental rates in your area. The COVID-19 pandemic threw a monkey wrench into the situation, and experts say it could take years for it to sort out, just like it did after the 2008 crash. The economy was reeling, and construction of new apartments couldn’t keep up with the demand. Much of that has to do with demand, which shot up dramatically when the housing market crashed at the end of 2008. The disparity is because the cost of renting has exploded, while wages have stagnated. This means Americans spend a higher percentage of their incomes to rent homes than to buy them. On the other hand, mortgage affordability, the percentage of income spent on a mortgage, has only been about 15% since 2010, and didn’t change much even with COVID-19. It requires cooperation from your landlord, who must file paperwork alongside your paperwork to receive the money. The grant money can be used to pay up to 12 months of past due rent. Go online to your local government website or call them to find out the qualifying standards. The money was sent to state, county and city governments, each of whom set up programs to disburse it. The last two stimulus bills included $46.5 billion – yes, BILLION! – in grant money to pay past due rent for those who qualify. If you were impacted financially by COVID-19, the federal government has a solution ready, but only if you qualify. Now, the average is around 30%, but the lower your income, the higher the percentage you pay.ĬOVID-19 made that worse - low-wage-earners were hit harder financially by the pandemic, but rents continued to rise in 2021. Before then, Americans spent 25% of their income on rent. ![]() Rent affordability – the percentage of income spent on monthly leases – has risen steadily since 2010. If you’ve been in the market for a one-or two-bedroom apartment recently, you know how deep you have to dig into your wallet to find a place you can afford.
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