Housing rental costs have increased considerably in recent months in the United States. During the month of August, states such as New York, California, Massachusetts or Florida, registered areas with the most expensive rents of up to $3,930 dollars.
Many Americans, including Millennials and Generation Z, they have had to cut some expenses and figure out how to cover the high rental prices.
According to finance site GoBankingRates, 18% of renters are planning to work a second job in order to earn extra income and pay rent, while another 19% will cut back on additional expenses.
Realtor.com real estate broker managing editor Rachel Stults said many Americans can cut some discretionary spending by looking to set aside a little more money for rent each month.
She suggests starting by reviewing some of your daily habits. For example, Instead of paying $6 a day for a pumpkin spice latte, making coffee at home is a more affordable option.
For those who usually order takeaway several times a week, it is best to Start by setting aside time to cook more food or even try to replicate commonly ordered dishes through online recipe tutorials.
On the other hand, streaming services tend to suck an amount of money out of your pockets every month, which in the long run becomes a considerable expense. If you’re subscribed to multiple music, TV, and movie channels It’s best to opt out of the ones you use the least or opt for free or less expensive versions with ads.
If the rent increase is significant and cutting discretionary spending isn’t enough, Stults said try to negotiate it with the owner with one-time concessions, which helps to reduce the cost in general.
The specialist also told tenants to review the lease and suggest a longer lease term, such as 18 or 24 months. This can push owners to take a financial break.
The specialist also suggested paying the rent with a credit card since it allows them to get a cash refund or rewards converted into usable benefits. For this it is important to read the small letters of the cards. Some payment systems will charge an additional fee for this form of payment.
As a last option, he suggested asking the manager if he would consider delaying the rent for a few months or exploring the possibility of entering into a payment plan.
It may interest you:
– In the US, rents in the suburbs are now as expensive as in the center of cities, according to Realtor
– Rent prices are still high in the US, but their increases could be close to ending
– 20 US cities where rent is still affordable, despite inflation
Source: La Opinion