Outrageous might be the word that comes to mind when discussing rent prices right now. This can be disconcerting as most complexes want individuals to make three times the income as the rent total. Add on to this how important a credit score is, it can be a difficult situation.
Individuals can feel trapped and feel as though they have nowhere to turn. Rent is typically not just the baseline price you pay for the apartment. You also must consider utilities and other miscellaneous bills.
Some apartment complexes will want income to be four times the rent and have a security deposit that is double the rent amount in addition to the first month's rent. For someone who is trying to move in quickly, this can be a challenge. Rent is dependent on supply and demand, so in high demand, area apartments will not have a reason to budge.
Let us look at why these issues are problematic and a few cities that offer amazing opportunities.
High Rent Can Create Many Problems
Different Factors Add to Affordable Housing
Costs are going up for everything. It does not make sense to move for something as simple as gas prices. Some areas that were hit hard due to COVID may still have affordable housing.
The key is to earn more money, spend less money and move somewhere you can afford. The ideal is to try to not to spend over 33% on rent. It is important to make a budget and stick to it.
A Few Compelling Cities
When making this budget, ensure to take into consideration all the extraneous charges such as utilities, parking, and a pet fee. The economy is at a point in a lot of large metropolitan areas where you must meet strict requirements. A few cities to investigate moving to are Johnstown, PA and Decatur, AL.
Previously income was considered based on gross pay, not net. This is changing, however. Landlords are basing income on net pay. This can mean a lot of individuals will not be able to qualify for apartments.
Always Conduct Thorough Research to Live Well
Whatever you do, ensure that you do your research before signing a lease. As costs are rising, signing a lease, and then trying to cancel it can cost quite a bit of money. It would be best to be clear on what you are getting into at the start. Individuals who conduct their research and work with the right partners will have less hassles.
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