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Are You Getting the Best Rental Rate?
Whether you’re looking for a new place to live or deciding to renew your lease, you’ll want to know if you’re getting a good deal on your rent. Here are some tips for evaluating your rental rate and figuring out whether you’re paying the best price.
Rent rates in a new place
If you’re moving from one city to another, and need to know about standard rental rates in your new town, one tool you can use is a cost-of-living calculator. Bankrate.com has one such calculator that allows you to compare two metropolitan areas. The calculator also breaks down expenses by category, including average rent. Bestplaces.net also allows you to compare cities. The numbers may not be exact, but they can give you some idea of which city is more expensive. You can also search Apartment Guide by city/metro area or neighborhood to get an idea of the average rent you would pay in a given area.
Know your area
Also, knowing something about the city or metropolitan area may help you get an idea of what factors go into rental rates. Neighborhoods near a thriving university will have more competition for apartments than more isolated neighborhoods, which may lead to a higher rental price. Cities that boomed in the early 2000’s and are feeling the weight of the real-estate bubble bursting — such as Phoenix, Miami, Sacramento — may have also seen their rental rates drop.
From looking at different communities within a city, you can get a good impression of which communities compete with each other. Some will bend over backwards to provide the latest amenities. Others will offer little more than a functional apartment. The two types of communities are competing for different customers and thus will give you different price points. Apartment communities will often try to “signal” the type of customer they’re looking for, or create an atmosphere of desirability and exclusivity, by setting their monthly rents higher — and then adding in deals, such as a few months free at the outset.
The time factor
Once you’re actively looking for an apartment, think about rental rates in terms of what you’d be paying over the course of a year rather than looking exclusively at the for-month rate. A rent of $1400 a month might actually be less out of pocket than one of $1200 a month if the former community gives you a couple months free, covers utilities or provides free parking. If you are in an area where a number of communities are competing for reliable renters, don’t hesitate to ask what special deals might be available.
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Readers Poll
Why are you moving?
- For financial reasons (32%, 17 Votes)
- For a change of scene (28%, 15 Votes)
- To start a new job (26%, 14 Votes)
- To join or follow a loved one (9%, 5 Votes)
- To live closer to family (5%, 2 Votes)
Total Voters: 53
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