Tracking Down A Budget-Friendly Home Rental

Tracking Down A Budget-Friendly Home Rental

Tracking Down A Budget-Friendly Home Rental

10 February 2023
Real Estate, Blog

Whether you are moving to your first home or simply relocating, finding a home rental that fits your budget is important. The general rule is that housing costs should be no more than 30 percent of your gross monthly income. Therefore, if your income is around $3,000 per month, you should spend roughly $1,000 per month on a home rental. However, if you have extensive expenses or would struggle with this percentage, there are ways to track down rentals that are more suitable for your budget. Take a look at a few tips that can help you find a budget-friendly house for rent. 

Look for homes in rural areas 

The usual price of home rentals goes down the more you get away from the urban center of a city. A lot more people look for homes that are close to work or school so their commute times are short. And, there are naturally more workplaces and schools within city limits. Therefore, you can fully expect that the house rentals close to town will come at a higher price in almost all areas. 

Pay close attention to local listings 

Be sure to follow community pages on social media where home rentals are commonly posted. Make an effort to be the first to reply as an interested tenant on homes that fit your budget. Because rentals can be in high demand in some areas, a vacant property can go quickly. Therefore, the faster you can get your name on the list as a prospect, the better. Also, be sure to have funds on hand for the deposit and the first month's rent. If you find something within your price range, you can often jump ahead in line if you already have the money the landlord is requesting to move in.  

Consider moving to a different county 

The rental market can vary pretty significantly from one county to the next. Several things determine rental prices, such as property availability, demand, and even local attractions. For instance, if you live in an area that borders a lake, the rental prices in that county may be higher due to the greater level of interest from prospective renters. However, by simply expanding your search efforts to a neighboring county, you could see a drastic price reduction. 

Look for homes without added amenities 

Just as it is when you are searching for an apartment for rent, certain amenities make a home rental higher. For example, some properties will be higher because lawn maintenance will be included or because the house has a two-car garage. Make a list of what you must have and what you can live without before starting your home rental search. 

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Choosing A Home That Will Appreciate Over Time

Although many renters are in a hurry to get out of the rental cycle and to move into the joy of home ownership, there are a lot of things to consider before you make the transition. In addition to calculating your monthly spending, it can also be overwhelming to manage a property, which is why working with a real estate agent and having your finger on the pulse of the market is so crucial. I began working hard to choose a home that would appreciate in value, and within a few days, I was able to find a place that I felt great about. I wanted to start a new website that centered around real estate, so here you are.