I recently wrote a post on the more broad subject of the Cheapest Places To Live and briefly touched on the subject of rent. Renting a home can be a whole different thing to buying a home and as Rent is often our biggest expense finding the cheapest places to rent in your local area may allow you live in an area that you desire.
Two ways to look at this subject are:
- The cheapest place you can find in the whole country (focusing on USA in this article); or,
- The cheapest places for rental in your locality
So we will take a look at both where you could move nationwide and what you can do to find a cheaper place without moving too far from where you are.
1. The Cheapest Places To Rent in USA.
According to a Feb 2008 by MSNBC (http://www.msnbc.msn.com/id/23172597//) the top 5 lowest cost places to rent in USA are as follows:
- Wichita, Kansas
- Oklahoma City, Oklahoma
- Tulsa, Oklahoma
- Knoxville, Tennessee
- Dayton, Ohio
Back when this article was written you could get very desirable 1 bed apartment/home ranging from 600sq ft -1000sq ft for around $550-$650. All the example properties included things such as gym membership, tennis court access, lake views and such things. I’m sure that rent has risen a little since then but it’s worth noting that these properties were quite luxury. If you really are on the breadline and are looking for something that just suits your basic needs but is clean and safe then I am sure you can get much better deals.
1. The Cheapest Places To Rent in Your Locality.
It’s all very well knowing where the cheapest places throughout the country are to rent but you may not want to live in these areas. You may be relocating to a new area because the job sector for your area is doing well, or you have a job offer. You may have always wanted to live in a big city (like NY) but are being budget conscious or maybe you just want to stay in your local area but need to cut your rental costs. Whatever your reasoning it’s likely that if you have not tried that you will be able to cut your rental costs. Here are some tips to help you achieve that:
Move into the boonies!
In some cases just moving to the outskirts of a city or just a little further out can save you considerably on rental costs. You will have to factor transportation costs into your decision but often the savings outweigh these. It may even be that you just need to move to a different neighborhood in your local area to cut costs a little
Look for a rough diamond
If the landlord is not really that bothered about their property, maybe they are already rich or own a ton of places, then they may have let a particular property slide a little. Often this is purely cosmetic but it may be enough to have kept the property empty for a few months or so. In this case you may be able to negotiate a very good rent deal. Even the cost of a few days off work and some paint supplies will be well worthwhile for the yearly savings.
Stay put and ask for your rent to be lowered
I recently watched a news report about New Yorkers going to their landlords and asking for their rent to be lowered because they cannot afford to keep paying the high costs. In a fair few cases a new lower price deal was arranged. It’s probably much more hassle for many land lords to find a new tenant and also you may be a good person for them to have in their property (assuming you look after it). If you have been there a while then you have also likely been helping to steadily reduce their mortgage so this may win you some favor. Just be nice about it and honestly explain your situation.
Only rent what you need
Many people rent far more space than they actually use. If you have acres of land, ask yourself how often you roam around that land? It’s likely you use a very small area of it. Also are there any unused rooms in your rented house? If so, you can afford to downsize.
If you have all your own furniture and utensils then it’s pointless living in a furnished apartment. You can often find a completely unfurnished apartment for much less per month and pick up any bits you don’t have from friends, relatives or thrift stores. There is an unbelievable amount of furniture and things just stashed in peoples attics, all it takes is asking around.
Don’t be greedy, share your space!
I mentioned earlier that you should consider if you use all your space. Is there room for another person in your home? If so you may be able to sublet (obviously have to ask the landlord) a spare room to a local student or single person who needs somewhere affordable to live. Make sure you do some background checks on the people and hold a deposit though!
Look for a new place off season
People don’t do much moving in the winter and for this reason landlords may be getting itchy feet if they have any unrented properties. If you are willing to rough a move in harsh conditions then you may find that getting a place in the winter will give you leverage to find a much more favorable price.
I hope this article helped. Please let me know if you have any comments, tips to add or opinions.
Thanks a million,