Money-Saving Apartment Hunting Tips

How to Save Money While Apartment Hunting


For some renters, apartment hunting can be overwhelming. Surprisingly, the sheer range of options available to renters is a source of  major frustration. With so many available options, it can be difficult to make the right choice. However, there are some things potential renters can do to ease the burden of apartment hunting – and help them save a little money in the process. For starters, developing and following a plan is probably the single best way to simplify this process. Fortunately, we have an Apartment Hunting Action Plan ready for you!

Finding the perfect apartment can be broken down into three simple steps: 1.) setting a budget, 2.) researching available options and 3.) comparison shopping to find the best fit and the best price.

Step 1: Determine Your Budget

For most renters, how much they are able to spend per month for an apartment  plays a major role in where the choose to live. Therefore,establishing a budget should be done at the beginning of the apartment hunting process. After all, there is no sense looking atproperties priced outside of your comfort zone.

To begin, look at your monthly take-home pay minus  all of your monthly expenses, including groceries, car payments, cell phone bills, savings, entertainment and any other necessary living expenses. (Keeping a written record of everything you spend for 3 straight months should give you an excellent idea of what your actual expenses are – and open your eyes to potential savings opportunities, too). The amount left over after accounting for these expenses will help you determine how much you can afford to spend on rent each month.

Step 2: Research Available Properties

Once your budget has been established, start researching all properties falling within that range. It is a good idea to consider properties slightly above your target range, as well as those slightly below it. This will give you a broader perspective on what is available while you decide what you can live with – and what you can’t. For this reason, the research phase of apartment hunting is also a good time to determine exactly what you need in a rental property.  (i.e., How many bedrooms/bathrooms do you need? Do you have children or pets? Are you looking for in-unit laundry hook-ups? These are just a few of the potential things you should consider before making your final decision on where to live).

The good news is that lot of your early research can be done online or through local print publications. This will help save you both time and money by reducing the amount of drive time (and gas) you will need to spend in order to evaluate potential properties. From your Internet and print research, you should be able to create a short list of interesting properties that fit your needs. These properties are the ones you will want to visit and inspect in person.

Step 3: Comparison Shop

Once you have narrowed down the list of rental properties that appeal to you, you can start visiting these locations in person. This is where you will really get a feel for the quality of the apartment, as well as what kind of amenities are included. This step is very important because evaluating each location in person will help you make a final decision.

In addition, the comparison shopping process may also give you some bargaining power in terms of negotiating more favorable rent rates. Renters who have visited a number of apartments will likely have a better idea of the going rate in a given area for a particular type of apartment. You may be able to use this information to negotiate a better price with some leasing agents. The amount you are able to save each month might not be huge, but every bit counts – and it might make renting your dream apartment a reality.