It's important to understand that you won't find a rental unit with rent far less than your current contract in the same area. However, you can find a rental unit similar to the one you are living in now, which cost less than your current living situation in the same area. How can you do this when specials on rental units are almost non-existent?
Do Some Figuring By Floor Space
If you want to know what you are paying for in terms of space compared to another apartment, then look at the floor space. What you need to do is take one month's rent price and divide it by the square footage of the apartment, usually equaling to $1 per square foot. This is how people purchase's houses except they typically pay $100 per square foot.
Here's the breakdown of rental unit one: the rent is a $1,000 per month with a square footage of 886 feet, which means you are paying about $1.13 a square foot. For breakdown rental unit two: the rent is $972 but only 823 square foot. This means you are paying $1.18 a square foot.
When you look at it side by side, it would seem that rental unit two is much cheaper. However, when you go by the square footage formula, you're actually paying more and rental unit one is actually cheaper. Pretty interesting, huh?
Always Compare Rental Units Before Settling
You should never settle on the first rental unit you see. Drive for some time and see what you can find. If you find places you should look based upon square footage and pricing, then see if the unit is worth renting.
Now it's time to compare rental units based on square footage and price. See what rental unit offers in the way of square footage to another and see what the prices are. You may get more square footage for slightly more rent charge a month.
Time To Find The Specials Of Your Rental Unit
Now that you have everything written down, it's time to determine which rental unit will give you the most for your money. Compare the deals on each place and then decide. Sometimes just looking at it from the outside won't give you exactly what you see on the inside in terms of space and specials.
For example, you get two weeks free off a $350 a month lease. If you were to spread that across your yearly lease, that's turns out to be $29 a month you will save. However, for a $300 lease, you only save $25 for a yearly lease.
Does this $4 difference mean that much for the rental units and the space? It all depends on your preference and how you plan on saving for other necessities such as eating.
Keep Your Eyes Out for New Residential Construction
When you are looking for a place to rent, new apartment often have special because they must be full to meet their loan. When this occurs, other apartment managers will follow suit to stay competitive and get your business. Always be on the lookout for construction signs and offers.
Don't Get Discouraged
It's important to remember to keep your spirits up. Sometimes it can get distressing trying to find a place to live within a certain amount and get the most space for your money. However, look early and don't ever give up.
