7 Ways Frugal Renters Can Hunt for a Cheap Apartment

With rental prices increasing across the country, it’s more important than ever to be savvy about where you’re staying. Here are seven tips to help you look for an apartment within your budget and potentially even spend less on rent.

African woman, coffee cup and happy on couch, scent or energy to start morning in apartment.Photo byImage Credit: PeopleImages.com - Yuri A/Shutterstock.

1. Don’t Hesitate To Negotiate

Too many people are afraid to negotiate their rent. Still, if you’re in a good situation with good credit and references, there’s at least a chance the person you’re renting from will work with you. Discuss your budget with them and see what they can and can’t do. You might even be able to work out something mutually beneficial, like signing a longer lease.

2. Explore Different Neighborhoods

Broaden your horizons and search for the up-and-coming neighborhoods in your city. These areas often have hidden gems tucked away at incredibly affordable prices. Keep your options open and you’ll find options opening up everywhere!

3. Use Your Resources

Social media, home and apartment rental apps, and word of mouth are all phenomenal ways to find incredible deals you might not otherwise. This method is often how people find more exclusive listings that aren’t on your typical platforms. Asking friends or even walking around your neighborhood and researching companies can also help.

4. Set a Budget for Your Apartment (And the Search)

You’ve probably already set your price range for your apartment, but are you budgeting for the search itself? Unfortunately, apartment hunting can be expensive with application fees and security deposits. Remember to budget for these things appropriately so you aren’t caught off guard when you’re ready to move. If you haven’t set your budget for the apartment, do so right away, lest you fall madly in love with a listing that’s way out of your price range.

5. Look for Listings Without Broker Fees

Many listings will include hefty broker fees that can significantly increase your moving cost. Ignore these listings and look for ones offered directly by the owner or property management company for the best price possible. Some listings might also specifically offer move-in specials or deals when you work with the company directly, which is another bonus.

6. Let Go of Those Amenities

As lovely as it sounds to have a pool or a gym on-site, you have to ask yourself how much it is worth paying the higher rent price for these amenities. Many people don’t realistically use these amenities as much as they thought they would. Ultimately, they’re paying significantly higher rent for something they aren’t benefiting from.

7. Consider Roommates

If you’re searching for places alone, this might be an excellent time to consider living with someone else. If a one-bedroom costs $1200, you pay that entire amount yourself. But if the price of a two-bedroom is $1600, that’s $400 a month you’re saving on rent — not an insignificant amount at all! However, this can backfire if you don’t find someone reliable to live with peacefully. If you can’t do that, you’re probably better off living alone and finding a cheaper option.

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