Housing costs form a significant portion of one’s budget. Financial planning experts suggest that the rental expenditure should be below 30% of your total income.
However, the ever-increasing cost of housing makes it challenging to find an affordable home that suits your requirements.
Renters experienced a significant rise in rents across the continents, no matter whether they live in the US, UK, or India.
If you are a young professional searching for a place to live, a student looking for affordable places to stay, or a family planning to move home due to a recent rent increase, here are some tips to find the best affordable rentals.
Tips to find affordable rentals in any city:
Check less popular neighborhoods:
All of us wish to live in the most happening neighborhoods in the city. However, it is common knowledge that hot neighborhoods have a high demand for rentals, so the rents are too high. Instead, check less popular neighborhoods.
You will have a high probability of finding affordable rentals in up-and-coming neighborhoods and the suburbs.
With a little research, you will be able to identify safe and upcoming neighborhoods with lower rental rates. It is crucial to note that the rental markets of the suburbs are entirely different from those of the city centers.
Make a list of your requirements such as location, distance from public amenities, proximity to facilities such as schools, hospitals, safety and security, etc. Highlight the factors that are important for you and choose the locations wisely.
Use networking skills:
You can ask friends and family for suggestions and referrals. Sometimes, you can find surprisingly affordable rentals that are not advertised by the landlords, from people in your circle. Let your neighbors, co-workers, friends, and family know that you are looking for an affordable home.
Finding a rental home from your network will also help you cut down on some costs such as broker fees, deposits, etc. Your friends can also put a word to the landlord to reduce the deposit amount, security deposit, or rental amount.
Search on social media:
Social media is the quickest and easiest mode to find affordable homes and interact with landlords. Join the relevant real estate groups on Facebook, Instagram, and other social media platforms.
You can search for rental properties that suit your preferences and show your interest by asking for additional information. You can also post your requirements and seek advice and referrals for suitable rental houses.
You have to keep a few points in mind while searching for rental houses on social media. Do not reveal your personal information to anyone, do not trust anyone on social media, and take a family member or friend along when going for an inspection.
Start your search early:
Start searching for the rental home, well in advance. This will give you ample time to explore different properties and neighborhoods.
Rents in high-demand neighborhoods tend to go up drastically during the peak season. Closing a deal in advance will save you from the sudden rental hike during the peak season.
According to Investopedia, the months between October to April are the best to search for rental homes with low rents. If you know that you have to move into a new city or apartment in a couple of months, start your search right away.
Search on social media and the internet for suitable properties and shortlist a few properties that are right for your budget and needs. Inspect the properties and sign the agreement in advance to avoid the last-minute rush.
Consider having a roommate:
Having a roommate will help you cut down rental expenses as you can share all the expenditures incurred on rent, utilities, maintenance, etc. Apart from saving money, you can make life-long friendships by having roommates.
However, be careful while choosing roommates. Invite applications, meet the applicants in person, and conduct multiple interviews to determine whether the person has similar interests and is compatible with you.
Check the rental history and ask for references to ensure that you are sharing the home with a genuine person.
Scout for properties on subletting:
Some tenants sublet their rental properties to make the house affordable for themselves. Subletting is a great alternative to finding affordable rentals, especially in popular cities and neighborhoods.
Join the rental groups in the city that you are planning to move to, to get information about rental properties on subletting.
Before subletting a house or apartment, it is crucial to make sure whether the landlord allows subletting.
If the rental agreement of the tenant does not permit subletting, then it becomes illegal to rent the property and the landlord can kick you out anytime.
Negotiate effectively:
Use your negotiation skills to convince the landlord to reduce the rent. Most landlords are willing to compromise on the rent if the tenant has a clean rental history and credit history.
You can ask the landlord to cut down the rent, negotiate the amount of the security deposit, or ask him to waive off move-in costs.
Negotiating effectively plays a crucial role in landing the home of your choice within your budget. Any small reduction in the charges will help you save considerable money down the line.
Finding an affordable rental may seem like a daunting and time-consuming task. You must set the right budget, compromise on your wants, and get creative to find affordable rentals in your city.
You can find your dream home within your budget if you give yourself a little time, have patience, and follow the tips mentioned above.
Cities with affordable rent in various countries:
Searching for an affordable rental in these cities will be easy as these are some of the cities with the most affordable rental rates.
Cities in the US with affordable rents:
| City | Monthly Rent |
| Tulsa, Oklahoma | $852 |
| Birmingham, Alabama | $1006 |
| Omaha, Nebraska | $1135 |
| Des Moines, Iowa | $1157 |
| Oklahoma City, Oklahoma | $1198 |
| Columbus, Ohio | $1200 |
| Pittsburgh, Pennsylvania | $1281 |
| Minneapolis -St. Paul, Minnesota | $1280 |
| Nashville, Tennessee | $1257 |
(data from policygenius.com, kiplinger.com)
Cities with affordable rent UK cities with affordable rent:
| City | Monthly rent |
| Belfast | £ 759 |
| Liverpool | £ 764 |
| Sheffield | £ 800 |
| Birmingham | £ 880 |
| Nottingham | £ 896 |
| Glasgow | £ 898 |
| Leeds | £ 908 |
| Manchester | £ 994 |
| Cardiff | £ 1011 |
(data from Zoopla.co.uk)
Indian cities with affordable rent:
| City | Monthly Rent |
| Indore | ₹10000 |
| Kolkata | ₹12000 |
| Nagpur | ₹12000 |
| Vadodara | ₹12000 |
| Thiruvananthapuram | ₹13000 |
| Hyderabad | ₹15000 |
| Pune | ₹15000 |
| Ahmedabad | ₹15000 |
| Chennai | ₹15000 |
(data from assureshift.in)
These are some of the most affordable cities in the US, UK, and India. Here you can find houses and apartments at the lowest rentals.
Finding an affordable, yet clean and safe place to live may seem difficult. However, you can easily find your dream home if you choose the right location, and patiently search for the right property.
