It’s hardly a secret that housing has gotten extremely expensive. In January, the median price for a rental unit was $1,964, according to Rent.com data. But in some cities, you may be looking at spending upward of $2,000 for a tiny apartment you can barely fit your belongings in.
The situation got so bad for one Hatfield, Pennsylvania resident that he decided to try to save money on rent by moving into a storage unit. Leland Brown Jr. was quoted by the New York Post as saying they live in a storage unit because “it’s cheap in comparison to an apartment.”
Unfortunately, living in a storage unit is also illegal. And Brown was ultimately ousted once a video documenting his money-saving tactics went viral.
The problem, though, is that affordable rentals are getting really hard to find, largely due to buyer demand. These days, it’s expensive to sign a mortgage. The record-low interest rates mortgage lenders were offering in 2020 and 2021 are long gone and have more than doubled. Because of this, a lot of people are continuing to rent rather than own, pushing rental costs to an unaffordable level for many.
If you’ve been struggling to find affordable housing, don’t assume that taking up residence in a storage unit is a good solution. Instead, try these tactics to eke out some savings on a rental.
1. Give up amenities and convenience for safety and space
You may want a rental that offers nice amenities and is conveniently located. But if you’re willing to live in a no-frills apartment in an area that’s safe but farther away from stores and transportation, you might save yourself a bundle.
Plus, some of the amenities you might pay for in a more expensive rental may not be worth the upcharge. Let’s say you can save $120 a month on rent by living in a building without a gym. Chances are, there’s a gym in town that costs far less than $120 a month.
2. Be open to roommates
There are definite benefits to living alone. You don’t have to deal with another person’s mess, noise, or complaints.
But when you live with a roommate, you don’t just get to split the rent. You also get to split costs like cable, internet, streaming services, and electricity. The savings there could be huge.
That said, if you’re going to be moving in with someone you don’t know and randomly find on the internet, get references. Ask to speak to friends, colleagues, and even former or current landlords to make sure you’re signing up to live with the right person.
Also, don’t hesitate to ask a potential roommate what their credit score is. A higher score indicates that they’re someone with a tendency to keep up with financial obligations rather than fall delinquent. That’s important when you and that person are jointly on the hook for rent.
3. Barter with your landlord
Being a landlord is hard work, and there are lots of tasks that need to be done. If you’re renting in a large building, chances are, your landlord has a property management team and/or a super to assist with upkeep. But if you’re renting a single-family home, you may have more wiggle room to barter with your landlord for lower rent.
Usually, it’s the responsibility of a landlord to do things like maintain a property’s lawn and remove snow. You may be able to negotiate lease terms where you take on those tasks in exchange for a lower monthly payment.
If housing is expensive where you live, you, too, may be tempted by the idea of living in a storage unit — perhaps in theory more so than practice. But since that’s not feasible, try using these tips instead. And if you’re a lower earner and truly can’t afford rent, don’t hesitate to explore your options for housing assistance. You can use this HUD tool to find your local public housing agency and speak to it about resources that may be available to you.
