Renter Advice: Don’t Let High Rent Impact Your Quality of Life 

As a renter, one of the biggest expenses you’ll face is the actual cost of rent. Unfortunately, rising rents have had a significant impact on the overall quality of life and  experience of renters. A recent Zillow article analyzed the 50 largest cities in the U.S. and compared the impact on rent affordability in cities with higher minimum wages.

Here are some ways that expensive rent can affect you as a renter:

Financial strain: High rent prices can put a significant strain on your finances, leaving you with less money to cover other important expenses like groceries, transportation, and healthcare.

Limited savings: Paying high rent can make it difficult to save for emergencies, retirement, or other long-term goals. This can leave you vulnerable to unexpected expenses and make it harder to achieve financial stability.

Stress and anxiety: The financial burden of high rent can lead to stress and anxiety, as you may feel like you’re constantly struggling to make ends meet. This can take a toll on your mental health and overall well-being.

Limited housing options: If you can’t afford expensive rent prices, you may be limited in your housing options. It may be difficult to find a safe and comfortable place to live, especially in areas with high housing demand. Here are some of the most affordable cities to rent in 2023 to help you in your next apartment hunt! 

While high rent can feel debilitating, there are a variety of ways to live securely and keep your financial stability. Renting an apartment can be an affordable way to enjoy the benefits of homeownership without the expense of buying a property and the responsibility of landscaping,  maintenance, renovations, and other homeownership hassles.

Here are some budget-friendly tips for renters to help keep costs down and quality of life up:

Create a budget: If you’re feeling financial strain due to your high rent prices, creating a budget can help structure your bills and decrease that pressure. Before you start renting, it’s important to create a budget that takes into account all of your expenses, including: rent, utilities, groceries, parking, car payment or other transportation, and any other bills. This will help you stay on track and avoid overspending and financial fatigue.

Look for move-in specials: Many apartment communities offer move-in specials, such as waived application fees, reduced security deposits, or even a month of free rent. Take advantage of these deals to save money upfront.

Negotiate your rent: While not all landlords will be open to negotiation, it never hurts to ask if they’re willing to lower your rent. If you have good credit and a steady income, you may be able to negotiate a better deal.

Look for a nearby “Zoom town”: The term “zoom town” is a creative twist on the traditional “boomtown” concept, which describes towns or cities that experienced rapid growth as a result of oil discoveries. In the case of a “zoom town,” however, the growth is driven by the rise of remote work opportunities, facilitated by virtual conferencing software like Zoom. This shift toward remote work has had a significant impact on housing market trends, allowing individuals more freedom to choose where they live, as long as they have access to reliable internet. As a result, the traditional constraints of living close to one’s workplace are no longer as relevant, and many people are choosing to live in areas that better suit their lifestyle. Check out this article by Rocket Mortgage on the pros and cons of choosing to live in a zoom town and if this might be the right fit for your next move.

Find a roommate: Sharing a living space with a roommate can be a great way to cut down on rent and utilities. If you’re concerned about the limited affordable housing options near you, having a roommate can significantly decrease your cost of rent. ApartmentRatings offers a Roommate Matching Program to help verified renters easily find a roommate using customizable search filters that help you find someone who shares your location, interests, and preferences. Just make sure to use common sense when providing your personal information to anyone, and make sure to follow the application process of the management company or landlord, sign a legal lease document, and follow the rules and regulations of the landlord or management company (when applicable).

Shop around for renters insurance: Renters insurance can provide valuable protection for your personal belongings, but the cost can vary depending on the provider. Shop around to find the best deal for your needs.

Take advantage of free or low-cost amenities: Many apartment communities offer free or low-cost amenities, such as a fitness center, pool, or community garden. Take advantage of these amenities instead of paying for a gym membership or a community pool membership. Some even offer free coffee and community events. This can lower “extra” spending such as Starbucks trips and social nights out. Find out what your apartment community offers and take advantage where you can to reduce miscellaneous spending.

Renting can be affordable, even in big cities with higher rents. If you have flexibility with location or work hours, take advantage of your apartment community amenities, budget properly, and/or are open to roommate(s), you can avoid the financial strain of escalating rent prices.