Affordable Apartments for Rent Near You
Affordable rental prices are vital to living a comfortable life. Continue reading for a helpful guide on finding affordable apartments for rent near you.
Finding affordable housing in modern times is one of the most important aspects of living a comfortable life. Housing prices have been on a roller coaster in recent years, including prices for apartment rentals. Markets are vastly different in major cities across the country and it might feel impossible to find an apartment in both your budget and target neighborhood. Rental assistance might be available, however. You might also increase your chances of finding affordable rentals by following specific apartment-hunting tips. Continue reading for a helpful guide on finding affordable apartments for rent near you.
Apartment Renting in the U.S. - An Overview
Seemingly endless amounts of apartment types are available for rent across the U.S. today. The larger the city or area where you search, the more types of available apartments will be listed. The challenge is finding that one perfect apartment, which matches your needs for size, storage, style, budget, location, and amenities all-in-one. Sometimes you must compromise on one or some aspects to obtain what is the best overall choice available. Other times you get lucky and land your dream apartment in the perfect neighborhood for your needs and lifestyle. While there is no magic wand for you to wave to control market rental prices, you do have some options and control over the outcome of your searches and results.
Finding Affordable Apartments Sometimes Starts with You
Helpful websites such as Checklist.com provide online, iOS and Android checklist templates to help you get your apartment-hunting process organized as best as possible. Be flexible. The perfect place might not be available but many similar options are. Start by determining your budget. Narrow down your location requirements by choosing a perimeter outside of which you are unwilling to move. Tour every available apartment inside that perimeter to increase your options. Ask questions and do not sign a lease if you are not completely comfortable doing so. Alternately, take focused and decisive action when you know you found the perfect apartment for your needs.
Types of Apartments Available
Apartments come in all shapes, sizes, styles, and price ranges. Larger cities might have style options because of ordinances, architectural requirements, local economies, and a vast array of other reasons. Differences in rental prices often also vary greatly within each city - and between different cities around the country. For example, a $650 per month one-bedroom apartment in Las Vegas might cost $2,400 to $5,000 per month or more in San Francisco. Still, the primary three aspects affecting apartment rental prices in any city or state are location, amenities, and size. How each aspect is weighted on the hypothetical pricing-scale fluctuates greatly between cities and regions.
Most apartment searching and real estate websites post detailed pictures and information about the floorplans of each unit available. A floorplan is a specific layout of the rooms in an apartment. For example, the floorplan shows you where the bedrooms are in comparison to the bathroom(s) or if the kitchen is connected to or separate from the dining room. The floorplan also indicates what walls are adjacent to any neighbor’s apartment(s). Apartment complexes commonly offer several floorplan options for tenants. Rental prices are tiered, with larger and more elaborate floorplans priced higher than the preceding, more basic units.
Floorplans also indicate the type of apartment up for rent. Prices are commonly higher for apartments equipped with more bedrooms or square footage. A studio apartment commonly contains a kitchen, living and bedroom within six hundred square feet of combined (open) space. A micro apartment is a smaller type of studio containing approximately 200 to 400 square feet. An efficiency apartment often includes a kitchenette in lieu of a complete and separate kitchen, but some studios and micros also have kitchenettes.
One, two and three-bedroom apartments are the most common types of apartments rented by couples and families. Prices increase incrementally with each room added to the floorplan. Luxury apartments are generally more expensive than other types and contain a large high-end living space in popular (or affluent) locations. Luxury apartments are rented with a variety of bedroom counts and square footage, but almost always including top-tier amenities and additional services not available with most other types of rental units.
Condominium and duplex apartments are also rented with one, two and three-bedroom floorplans. Condos are typically managed through Homeowners’ Associations, with each unit having an individual owner. Duplexes are single buildings, often houses, which are renovated into two connected residential units. Condo and duplex renters tend to share property-wide amenities, including gyms, off-site parking facilities, patios, pools and even yards. A few additional apartment types include:
- Low, mid, and high-rise
Many apartment amenities vary based on city, region, and state. For example, an outdoor swimming pool is a common amenity for multi-unit apartment complexes located in warmer climates, but not in high-rise buildings New York City. Many New York City apartment buildings have door person services and security, whereas a duplex in a rural area will not. A list of a few possible apartment amenities across the U.S. includes the following:
- Celling fans
- Exercise facilities
- Central AC and heating
- Tennis courts
- Off-street parking
- Access to public transportation
- Lounges and bars (possible in luxury apartments)
- Cable and Wi-Fi included
- Utilities included
- Washer/dryer equipped
- Pet friendly (Expect to pay an additional 40-45% of your monthly rental rate as a pet deposit; $50-$500 up-front pet fee; $120 approximate extra cleaning fee)
Rental Assistance - What Are My Options?
Rental assistance might be available for you through the U.S. Department of Treasury (DOT) Emergency Rental Assistance (ERA) program. These state and local programs disburse money provided by the federal government to people experiencing certain levels of financial hardship. HUD-facilitated housing counselors are available in each state. Resources for locating rental and utility assistance programs in every U.S. state are also available via the Consumer Financial Protection Bureau (CFPB) website.
U.S. Cities with the Highest and Lowest Rent Prices
New York, Boston, and San Francisco have the three highest average monthly rental prices in the U.S. at $4,927, $4,728 and $4,084 respectively. The lowest average rental prices in the nation are found in Wichita, Lubbock, and Tulsa at $763, $875 and $898 per month respectively. Better deals are available in every city, however, especially when move-in specials are offered.
Best Apartment Rental Resources - Find Your Perfect Place Today
Multiple resources are available to help find the best apartment for you. Zillow and Realtor.com are two of the top sites with consumers today, but countless others exist. A few more of the best apartment rental resources online today include: