Yahoo Finance 6 Tips for Finding Affordable Housing for Renters
Renters across most metropolitan areas in the United States experienced significant rent hikes throughout 2022 and 2023. If your rent increased, it might be tempting to move to a less expensive place — but moving is usually easier said than done, especially when searching for and securing affordable housing.
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If you need extra help finding affordable housing, look into exploring the following options.
Utilize Social Media
Affordable housing could be a click away across several social media platforms. Leverage your existing network and consider joining relevant Facebook Groups to learn about housing available for rent and message other users for more information after you are accepted into the group. Share more information about yourself and what you’re looking for, so users can send you a direct message with contact information for housing, rooms or apartments that may be a fit.
Consider looking for available listings through classified platforms like SpareRoom, as well. You can also post in your local Nextdoor to see if any neighbors are looking for tenants or know someone you may contact. When using any social media platform, remember to be polite, friendly and exercise caution. Do not give out your private information. If you plan to view a place, ask if a friend or family member may accompany you as an extra precaution.
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Search Rental Housing Websites
What if you need a larger space than a room for rent? Use rental housing websites, like Zillow, Rent.com and Apartment Finder, to see what’s available and within your price range.
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Explore Subletting Arrangements
If direct renting is not an option, real estate agent Boyd Rudy recommends looking into the possibility of subletting or shared living arrangements.
“These options can be significantly cheaper than renting an apartment on your own, and they also offer the added benefit of being more flexible and easier to get out of if needed,” Rudy said.
Walk the Neighborhood
For all the online searching you’re doing to find an affordable place, there could be an apartment or home available in your own backyard. You just need to walk past it.
Jonas Bordo, CEO and co-founder of Dwellsy, said in the post-Craigslist era, many landlords have returned to using their yards or placing a sign in the window to rent out their place. More often than not, these are usually the lowest-cost places available.
“Figure out the neighborhood you’d like to live in and spend time walking and looking for ‘for rent’ signs there,” Bordo said.
Look for Efficiency Units
Another option to traditional housing for rent is the efficiency unit.
This is one of Bordo’s favorite options, as the efficiency unit was once a mainstay of the U.S. housing market. Bordo said efficiency units — often converted motel or hotel rooms with access to a common kitchen — are making a comeback.
Renting an efficiency unit, if you can find one available, is significantly cheaper than apartments in similar areas and often available to rent on a weekly or month-to-month basis.
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Weigh All Your Options
Remember: Apartments are not the only type of rental housing available. Renters may also find affordable homes, townhomes and duplexes for rent. Some tenants, like veterans and seniors, may also be eligible for discounts or reduced rates from landlords.
Ultimately, the best strategy for finding affordable housing will vary depending on the renter’s individual needs and circumstances. However, Rudy said by exploring all of the available options, it is possible to find a place to live that fits both your budget and your lifestyle.
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