why is rent so high

Market Changes are Impacting Your Rental Rates — Here’s Why

Being a renter is great. You have the freedom to move around and sample different areas, you’re free of the responsibility of repairs and you can adjust where you live to align with where you are in life. So what’s the downside? The rent.

Rental Rates at an All-Time High

Rental rates have hit an all-time high over the last year according to MarketWatch.com, taking up a massive 3.86% of the gross domestic product in the first quarter of 2017. With increased demand for apartments and a lean supply in most rental markets, being a landlord might be great — but being a renter might be tough.

So your rent is high and climbing by the minute. What do you do?

Seek Out Alternatives

If you’re looking for a good deal on an apartment, looking at alternative locations might be your best bet. For example, you may love that apartment in New York City’s Manhattan, but you can get a better deal by looking at either the Crown Heights or Flatbush areas of Brooklyn. Most cities have up-and-coming areas that are well worth a look.

Think About Sharing

Yes, you read that right. With rents getting higher than ever, sharing is a great option for those who want luxury apartment living without the hit to the wallet. Word of warning: there are some pitfalls. Find out more about moving in together if you’re in a relationship, or how to find the perfect roommate.

Downsize

You’ve probably thought about maybe throwing out all that stuff from high school, or donating that pile of tacky Christmas sweaters to Goodwill already. But think about this: do you really need to be paying for the space to store them? Do a clear out to see if you could possibly move to a smaller apartment. The minimal lifestyle is in this year.

Don’t Be Afraid to Negotiate

Many renters take the price of the monthly rent as written — but did you know there’s usually “wiggle room?” Depending how long an apartment has been on the market, special deals or even price breaks on amenities, you can try to get a better price. For example, ask if they can wave the parking fee, or make an offer for a lower monthly rent. If you’re willing to be patient, you can oftentimes find yourself a better deal.

Though rents might be climbing, it doesn’t mean you’re out of luck in finding your dream apartment. What are some of your tips for saving money on moving into a new apartment? Let us know below!

Comments

comments

About The Author

Kari Lloyd has been a freelance writer for over 15 years. A Chicago native and recent transplant to Atlanta, Kari spent 10 years living in London, UK where she worked as a music journalist and restaurant reviewer.

Close