Get Debt Consolidation Options
Call Now! (866) 484-5373
Feel like affordable rent is out of reach? You’re not alone.
A recent study, conducted by Harvard’s Joint Center for Housing Studies, revealed that more than 60 percent of renters don’t earn enough money to afford monthly payments on the median-priced home in their area. Affordable, according to the study, means that payments can’t be more than 36 percent of a household’s monthly income.
And it’s likely gotten even trickier for many to pay for rent. In 2017, rent prices have increased monthly since January, according to Apartment List’s National Rent Report. Cities such as Reno, Nevada, Sacramento, Calif., Arlington, Texas, and Providence, Rhode Island, have some of the fastest growing rents in the country. The report, however, did have a bit of good news: Rent growth may be slowing down.
Still, renters often are faced with sticker shock when they look for a new place to live or when they sign on for another year -- and realize just how much the rent will increase.
There are ways for renters to cope with increasing monthly payments. Here are five:
Depending on where you live, it may not be easy to decrease that monthly check to the landlord. But arming yourself with a lot of information and a little gumption and initiative could help make affordable rent more of a reality.
If you are experiencing financial difficulty and are looking for a solution, non-profit credit counseling can help you make sense of all your options. Contact us today for a free financial assessment with one of our certified credit counselors.
Filed Under: Family, Financial tips and tricks, Money saving tips
Tagged: affording your rent, finding ways to afford rent, rental tips, renting
Consumer Education Services, Inc. empowers people to overcome their financial challenges and lead financially-healthy lives.
CESI is NOT A LOAN COMPANY
I like that you suggested considering having a roommate so you can cut off your rent payments in half and be able to find an affordable apartment. My sister is looking for an apartment that she can rent. She wants to find ways to ensure that she’ll be able to pay her monthly rental fees without any problem, so it will be ideal for her to have a roommate. I will make sure to share your blog with her so she can start finding an apartment rental company.