How to rent an apartment without going broke

Americans spend roughly 30 percent of their income on rent alone. With rent prices skyrocketing as months pass, more people find it harder and harder to budget their money as soon as rent is due. Affordable housing manager Martin LaMar shares some tips on keeping rented apartments without burning holes in your finances.

Identify your apartment’s deal breakers. Being on a budget doesn’t have to mean living in the worst conditions. Upon finding a potential apartment to rent, dedicate some time figuring out what you like and identifying non-negotiable features. Examples of the latter are the time you will spend commuting to and from work, the property’s pet and smoking policy, its immediate surroundings, and its area’s crime rate.

Download apartment-hunting apps. Martin LaMar suggests that while the traditional search-by-foot method still works, real estate apps give apartment hunters an edge on the latest and cheapest available listings in the market. You can also join Facebook housing groups in the area you’re interested in. This will allow you to start conversations with potential roommates and landlords so budgeting is clear from the get-go.

Avoid impulse buys. One of the things that can seriously damage your budget is constantly giving into unnecessary purchases. Moving into a new apartment is expensive as it is, and you might find it hard to save if you buy expensive things that you don’t really need in the end.

Currently the Regional Vice President of McCormack Baron Salazar, Martin Lamar has more than 10 years of broad-based experience in the operations and management of affordable housing, which includes an in-depth knowledge of affordable and public housing programs. For more articles like this, visit this page.