This Is the Best Way to Save Money on Rent, According to a Leasing Agent

This Is the Best Way to Save Money on Rent, According to a Leasing Agent

It’s no secret that the housing market is weathering a volatile time of supply limits and unprecedented inflation. Whether owning or renting — or trying to decide between the two — prices continue to climb. According to reports, the national average rent increased over 20 percent year over year in 2021.

“Even with mortgage rates rising rapidly, real estate remains competitive, partly because homeowners… were generally less affected, monetarily speaking, by the pandemic than renters,” reports finance site Bankrate.

Apartment Therapy sat down with Carolyn W., a property manager overseeing a luxury complex in Dallas-Fort Worth, to learn how her industry is evolving with the times — and her advice for renters looking to save in a competitive market.

“The market has obviously grown significantly, especially in the rental market,” she says. “It starts with legislation. Soon enough, when buyers aren’t able to secure a home, renting is affected… The studios that were previously $1,250 are now $1,550.” 

And with no signs of slowing down, I asked Carolyn for her best tips and hacks for saving hundreds of dollars per year on rental costs.

Tour new construction properties.

We’ve heard it all before: location, location, location. And the first location renters should look at newly developed complexes and neighborhoods. Carolyn shares, “Brand new construction is the best way to get a great discount. [Property managers and developers] want to get people [to sign leases and move in] to get that cash flow. That’s where you’re going to see the six-weeks-free specials.” 

Inquire about ‘look and lease’ specials.

If you’re not looking at newly renovated spaces or new construction builds, you can still stand to enjoy a discount. Carolyn talked about one of her favorite saving hacks: “look and lease” specials. With ‘look and lease’ specials, prospective tenants are given the opportunity to tour the exact unit they could live in and given a shorter turnaround time to make a decision to lease. “Typically, the timeframe is 24- or 48-hours,” explains Carolyn. “And typically, we’ll waive administrative fees, like an application fee.” 

Ask about upfront costs and efficiency. 

Carolyn advises budget-conscious renters to ask the right questions and inquire about the upfront costs. “It never hurts to ask. Ask, ‘What are the monthly fees? What will I pay every month for pets, the parking garage, valet trash, etc.?’” 

Carolyn shares an added hack: “Ask if you can cancel services once you realize you’re no longer using it. For example, if you realize reserved parking isn’t helping you, see if you can cancel it in the middle of your lease before you sign. Similarly, find out if you add on services like parking or storage later, once you realize you need it.”

Another great question: Is the apartment energy efficient? “Being on the top floor or in a corner apartment will be more expensive, but knowing about the efficiency can give you a better idea of the most costs you could incur,” she says.

Get a great apartment locator. 

“The best advice I can give for anyone looking for an apartment: find a great apartment locator,” Carolyn says. An apartment locator is a professional who helps renters find their next home, often at no cost to the tenant.

“Many property managers work with apartment locators. And the locators are the first to know about upcoming deals, specials, or promotions… These Realtors are working for a commission, and when you find a great apartment locator, they will stop at nothing to get you into an amazing apartment. It’s the number one tip I give all of my friends.”

Increasing Rent Costs Create Dire Situations for Domestic Violence Survivors

Increasing Rent Costs Create Dire Situations for Domestic Violence Survivors

Trigger warning: This post contains descriptions of acts of domestic violence.

When her husband threw a knife in her direction during the summer of 2021, Emily Courter knew she needed to escape. But, because he was financially abusing her — keeping money from her, tracking every dollar she spent, and more — leaving wasn’t so easy.

Courter, who’s now a freelance writer in New Hampshire, had no idea what to expect for the costs of living. “When I started to do my research, the only words to describe how I felt were overwhelmingly distressed,” she says. Without money or a good credit score, she felt there was no way she could afford the high cost of rent and everything that comes with it. 

She’s far from alone. “One of the most common obstacles that domestic violence survivors face when considering leaving an abusive situation is financial dependence upon their abuser,” says Michelle Jewsbury, a survivor and the CEO and founder of Unsilenced Voices, a global domestic violence nonprofit organization.

Because of her predicament, Courter experienced a near-constant headache, trouble sleeping, irritability, and brain fog. “The mental stress of finding and affording a place to live gave me new gray hairs, and I’m not even being hyperbolic,” she says.

There are two main culprits behind the concerning rent increase, according to Anthony Martin, the founder and CEO of Choice Mutual. One is supply and demand: More people want to rent units than there are units available. The other is the expiration of affordable leases that were offered during COVID, which are being replaced by longer-term, more expensive leases.

Clearly, that’s a terrifying thing. “With rent and home prices increasing, people are feeling stuck in abusive relationships, and reports of domestic violence reached an all-time high during the pandemic,” Jewsbury adds. “My concerns are that more people will die from domestic violence or wind up homeless.”

So, will landlords be empathetic to survivors? Martin says it’s unlikely — but there is hope. “Organizations exist all over the country who do offer victims of domestic abuse housing support,” he adds. “One such organization is Partnership Against Domestic Violence (PADV) with their Helping Hearts with Housing initiative that offers rental and other financial assistance to get survivors into their own community-based apartments, as well as providing additional resources for escaping the cycle.”

Jewsbury recommends reaching out to domestic violence organizations, too, or asking someone to do it for you. “You can also directly apply for financial assistance grants for housing or other basic needs on our website,” she adds. “If you can get to a phone, give us a call, and fellow survivors will help point you in the right direction.”

Courter’s mentor gave her a different suggestion that other survivors can consider: being a housing director or “house mom” for a sorority — a job that offers room and board. “She linked me to a couple of jobs as well as the Indeed page for similar roles, and I started to apply,” Courter shares. After getting two job offers, she moved into the sorority house three weeks later.

Domestic violence is a scary, serious situation in which leaving can be incredibly hard for many reasons — including the increasing cost of rent. But with the help of organizations and loved ones who can share resources and draft plans for leaving, living freely is possible.

If you’re experiencing domestic violence, you’re not alone. You can call the National Domestic Violence hotline at 1-800-799-SAFE (7233), message them over the chatline, or text START to 88788.

Here Are 7 Types of Apartments and How to Identify Them

Here Are 7 Types of Apartments and How to Identify Them

An apartment, by definition, is a room or set of rooms fitted with housekeeping facilities and usually leased as a dwelling. But under this all-encompassing definition lies a dizzying range of apartment options and styles. Here are seven of them and how to tell them apart.

Railroad apartments feature a long, narrow layout where one room leads directly into the next. There is no hallway, so the space resembles a line of train cars, thus the name. This style of apartment can inspire purposeful and minimal living to make its unconventional layout work. But because windows are usually located at both ends, with none in between, the space can be dark and create privacy issues if you’re living with roommates. 

Typically under 600 square feet, a studio apartment brings the living, dining, kitchen, and sleeping areas into one room. It’s a good option if you’re looking to save money because it’s usually more affordable than traditional apartments. Even though everything is found in one large space, studio apartment layouts can vary, with some incorporating half-walls or built-in storage.

An alcove studio apartment has a similar feel to a studio, with the kitchen, living, and dining area all in one large space. But an alcove apartment creates a separate area for the bed. While it’s not a true one-bedroom, an alcove studio features a nook or L-shaped area where the bed can be positioned. This layout can also allow for a curtain or other partition to give the sleeping area more privacy.

An efficiency apartment is essentially the same as a studio — with living, sleeping, kitchen, and dining areas in one room. But the key difference is that an efficiency apartment is smaller, usually under 400 square feet. Appliances may even be smaller to accommodate the available space. Mini-fridges and cooktops instead of ovens are common.

Open and airy, loft apartments come in a variety of shapes and sizes, featuring different numbers of bedrooms and ranges of square footage. Loft apartments are often found in converted commercial buildings, like factories, and are defined by their open-concept architectural style in which some dividing walls don’t go all the way to the ceiling. There is usually exposed brick, metal or wood beams, or ductwork. 

In a bigger city where rent is high and space is limited, a convertible apartment affords the opportunity to get creative with your living space while saving a little bit of money. A convertible apartment is essentially an alcove studio where most of the living spaces are in one room, but with a designated space for a sleeping area. This space can be separated with an alcove, partial wall, a small hallway, or a separate room with a sliding door or curtain. A one-bedroom convertible apartment means the apartment is a studio with the option of adding a bedroom, and a two-bedroom convertible means it’s a one bedroom with the option of adding a second, and so on.

Similar to a convertible apartment, a flex apartment allows you to add bedrooms if needed, but the terminology is a little different. A one-bedroom flex means that the apartment has one bedroom with the option to add a second. A two-bedroom flex means there are two bedrooms with the option to add a third, and so on. 

The aptly named garden apartment is an apartment that is at ground level or partially below and opens into a garden or courtyard area. Typically found in older apartment buildings, like the classic Brooklyn brownstones, these units are less expensive, sometimes up to 30 percent less than the above ground units.

Steph Mickelson

Contributor

Steph Mickelson is a freelance writer based in Northwest Wisconsin who specializes in real estate, building materials, and design. When she’s not writing, she can be found juggling kids and coffee.

“Yelp” for Landlords: Search These Sites Before You Move In

“Yelp” for Landlords: Search These Sites Before You Move In

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Apartment hunting is tough. On top of moving costs,  finding a place to live, and setting up utilities, you have to worry about whether or not your landlord is actually trustworthy. If there’s ever a true need for some honest reviews, it’s landlord reviews! Are we right, or are we right? 

For decades now, landlord review sites have been popping up all over the internet, offering reviews and insights from tenants across the globe. But they’re often gone before they get up and running; proof that a landlord rating isn’t quite an exact science. Of course, you have to take any review with a grain of salt. One person’s experience isn’t likely to be exactly the same as another’s, especially when it comes to moving to a new city. 

To help make apartment searching a bit easier, we’ve listed some of the most popular landlord review sites on the web for your consideration. Kind of like Yelp for landlords, these sites we’ve listed here can be a great resource when apartment searching. And while we can’t promise the perfect landlord, we can guarantee you’ll at least have a heads up on a crummy one.

The first site of its kind, Rate My Landlord allows you to search through their online database of landlords starting with a name, company, city, or zip code. Designed as a “reference check for landlords,” the site offers ratings, comments, and other miscellany about the landlord in question, as well as forums for discussing tenant-related issues. It’s completely free to join and encourages you to sign up for specific landlord alerts, so you can be immediately notified of a new landlord review or rating. The only thing Rate My Landlord asks is that “If you’re angry at your landlord then please wait a while before you rate them. Ratings or comments added while you’re upset won’t benefit anyone.” Fair enough (and probably true).

Arguably the MVP of the landlord-review sites, Whose Your Landlord is part apartment search engine, part landlord rating site, and part blog. Offering an array of awesome search tools ranging from neighborhood insights to renter photos of apartments, Whose Your Landlord lets you search by either landlord or property, with breakdowns on everything from landlord responsiveness to pest control. Additionally, the site doubles as a tenant-friendly blog, full of helpful how-to’s for apartment hunting, as well as renter resources such as moving tips and roommate advice. Whose Your Landlord might very well be the one-stop website for finding your next apartment.

Better for finding an apartment than a landlord review, ApartmentRatings.com has a long history and a comprehensive database of information. And since an apartment is only as good as the landlord who answers your call about a clogged toilet at 2AM, we think ApartmentRatings deserves at least a mention on our list of landlord review sites. 

Re-edited from a post originally published 1.4.2018 – LS

Caroline Biggs

Contributor

Caroline is a writer living in New York City. When she’s not covering art, interiors, and celebrity lifestyles, she’s usually buying sneakers, eating cupcakes, or hanging with her rescue bunnies, Daisy and Daffodil.