Why are Rents So Expensive Now? Beating the High Cost of Renting

It’s no surprise – rents are on the rise in many major cities and throughout the United States.  You cannot believe the high cost, and how expensive rents have become, even in just a few years.  If you have to relocate, or need to upgrade your space, this can come as a shock to your wallet.

It is important that you go about your apartment search keeping in mind your budget and understanding what you really need, as opposed to what you think you want. Supply of rental housing has tightened in some areas, driving the price of a lease up.

So how do you beat the high cost of renting?
Perhaps one obvious solution is to consider sharing with a roommate, if you are single. This can be particularly helpful in a high priced area, or if you want to occupy a more luxurious type of housing than you can afford on your own.

Roommates need to be checked out, just like a landlord would look into your credentials and background. You want to be sure that your roommate will meet with the approval of your landlord.  Find out also if the lease is in just your name, or both your names.

Widen your search to include areas just outside of your desired neighborhood. For example, in New York City, rents in Manhattan are often out of reach, but tents in the outer boros of Queens, Bronx, Brooklyn, and Staten Island may be lower.  They are also usually close to public transportation, so living there makes it possible for you to work in Manhattan.  Also look into surrounding suburbs in New Jersey, Rockland, and Westchester.

Manhattan is a pretty specific and unique market, but similar situations apply in other cities.

Finally, you can negotiate.  If you have a strong credit rating, and a steady income, you are the type of tenant that a landlord or property manager wants to meet! Find out if there is any room to move on the price, and also about any move-in incentives that may be offered. 

It’s a tight market out there, but you can do it!  Want to know more about the rent rates in your city?  Find out here with our Rent Rate Analyzer.

By James Michael