5 Important Tips for Finding an Apartment on a Budget

Rent doesn’t always come cheap. Depending on your circumstances, finding a cheap apartment requires significant effort. Your job, for example, may lead you to live in a particular location or else suffer the pain of a long commute. Don’t let those high-priced initial listings put you off. Following five simple tips might send you to the door of an affordable apartment. 

1.) Never look for an apartment at the last minute. 

If you need to move without warning or notice, you could find yourself stuck. Most people, however, know when they must relocate. So, start looking for apartments long in advance of the move-in date. Other rents look for deals, too. They’ll take an apartment before you have a chance to put down a deposit. Don’t let precious time go to waste. Start seeking out an apartment before someone else grabs the vacancy. 

2.) Determine how much space you need. 

A larger apartment, in general, costs more. Two bedrooms come with a higher price than a place with one. Don’t automatically assume you can’t live without “X” square footage. Audit the space necessary for yourself and your belongings. Going with a lesser amount of space might create tight living conditions, but you’ll likely save money. 

Remember, you pay for space you don’t use. All that massive closet space delivers no benefits when empty. And some bills increase when living in a spacious rental. A larger apartment means higher electricity bills in the summer. The air condition has a big place to cool. 

3.) Call and ask about possible upcoming vacancies. 

You may have an insight into what particular apartment complexes come with cheaper rent. Unfortunately, the complex doesn’t show any vacancies right now. The situation, however, may change and do so soon. Not every vacancy makes it to a public listing. Interested parties call the manager’s office to inquire about upcoming vacancies. Maybe you should do the same. Getting a “heads up” from the manager allows you to take the next step: putting down a deposit. 

4.) Be willing to put a deposit down long in advance. 

Putting a deposit on an apartment allows the manager to reserve the rental for you. Have the money ready. To procure the perfect apartment, putting forth a deposit two months in advance may be unavoidable. While no one likes to hand over cash for a “down-the-road” benefit, look at the positives. In the end, you acquire a less-costly apartment. At some point, handing over a deposit is mandatory. Why not give the deposit at a time when doing so works strategically best for you? As always, you want to lock down an affordable apartment. Being quick to sign a deposit check may assist this goal. 

5.) Accept the benefits of signing a long lease. 

Breaking a lease costs money. If you stay in the apartment, however, you don’t default on the signed agreement. Anyone who has no intentions of moving shouldn’t feel immediately averse to a long-term lease. Month-to-month rentals may come with a higher cost due to the turnover issue. Apartment managers must clean out, repair, and prepare a vacant apartment before the new tenant moves in. The work affects the apartment complex’s bottom line. The stability of a lease can support lower monthly rental prices. Asking for a deal on a long-term lease could potentially cut down the rent. Figure out if a long-term lease works for you. It might be a better deal. 

Last, always take an initiative to improve your credit. Apartment buildings usually run a credit check to make sure they aren’t renting to someone who won’t pay. Improve your credit might increase the number of places willing to rent to you. From the larger pool, you can look for affordable options. Jump to top