Moving to an apartment can be a new and exciting experience. If it is your first apartment, you are probably filled with the promise of freedom in your new space. However, the pursuit of a perfect apartment is no easy feat.
Housing experts report that since 2009, the cost of renting an apartment or a home has increased over 15%. For single individuals or young adults working on a low budget, this increase in cost can cause extra stress.
Here are some good tips to keep in mind during your local apartment search in order to find a great place without emptying out your wallet. Managing your money properly will save you much headache in the future.
Finding the Right Apartment at an Affordable Cost:
- While signing a shorter lease might seem like a more appealing option, signing a longer lease for your apartment can actually be advantageous. By signing a longer lease, you will still only have to pay the lowest rate if the cost rises during the term of your lease. Having to renew your lease sooner can make you more susceptible to paying a higher rate.
- Before you get too deep into your local apartment search, you want to sit down and take a good, hard look at your financial situation. Figure out the average cost of your monthly income — most experts suggest that you should spend no more than 30 to 33% of your monthly income on your rent. Anything higher can be trickier to manage, and more stressful.
- During your local apartment search, be sure to keep the cost of utilities in mind. Don’t be afraid to ask other tenants in apartment buildings about how much they pay for utilities or any other miscellaneous costs.
- Keep in mind that bringing a pet with you to your new apartment will most likely increase the cost of your rent. Research shows that 78% of renters reported paying a pet deposit. Out of that 78%, those, 29% also paid monthly pet rent. This pet rent fee often goes toward parks, waste bags or the cost to hire workers to spray for fleas and pick up after animals.
Once you’ve become comfortable in your new space, you can then turn your attention to apartment decorating. Many people want their apartment to resemble one of those modern apartment living rooms you see in magazines, but not everyone has the budget for those kind of expensive products. Luckily, there are tons of great furniture and decor stores out there that sell unique, high quality products at a lower price. Be sure to scour local home decor stores for those perfect pieces, and don’t be afraid to shop online