Frugal Ways to Survive the Rising Cost of Rent
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- Опубліковано 5 чер 2024
- You just got a notice. Your rent is about to increase - substantially. In this video, we tell you step-by-step how to survive the rising cost of rent.
Rent is part of what we call “The Big Three”. It’s one of the cornerstones of your bare bones budget - which includes food, housing, and transportation. You absolutely NEED to fund these three large expenses in your budget.
Therefore, you must deal with an increase in rent. It’s something that won’t go away and you can’t ignore it.
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I rent a loft apartment above a storefront in Chicago for $1175/mo. including water, trash and internet. The owner gutted the units which were offices and converted them into apartments with brand new appliances, central heat and A/C, full size W/D in every unit. I was the first tenant in 2017 and they haven't raised the rent in 7 years. Every week, a crew cleans the common area and the building is well maintained. The trick is to find a place where they need you more than you need them, and pay your rent in full on time!
Unfortunately, in Maryland, housing is just as bad as NY! My rent was about what you were paying, and i got forced out of my apartment and now i pay $1500 a month. Its a big ouch on the pocket! I use extension cords to cut as much vampire power as possible and using fans this summer to cut my energy bills down and no budget billing on my energy bill!!!
Attitude helps a lot when trying to save money. Instead of feeling resentful or deprived when making cut-backs, turn it into a game or a challenge to come up with as many changes as you can think of or a certain dollar amount to achieve.
I am fortunate to rent an apartment in a county owned building where the rent is geared-to-income. I was on a wait list for a couple of years to get in here. I am never moving out! The rent is 30% of income and includes utilities, trash pickup, and parking. The rent is increased each October based on the previous years income. As a low income senior, living here means I can have a reasonably affordable retirement.
I have a colleague who sold everything and permanently moved to a cheaper state to save on rent and living expenses.
One thing I did 12 years ago, when I came to live in the apartment I'm renting, was to negotiate the contract with the owner. I asked him for a contract for life and he agreed because I was going to pay him over the market price. True, the first 3, or 4, years the rent was expensive, but it has remained constant and will remain constant until I leave. Nowadays my rent is under the market prices.
What I do for lunch is make 1 dish that has 4 to 6 servings on sunday afternoon and put it in containers so I dont even have to make it each day. My husband on the other hand likes to pack up dinner leftovers while cleaning the kitchen and have a different lunch each day. I dont mind eating the same thing each lunch though.
This is not just renters , my home payment was 1352.00 3 1/2 years ago with insurance and taxes . My note is now 1835.00 😮 this is not just renters.
Yes exactly. Our mortgage payment goes up every year bc property taxes and insurance going up.
Definitely agree. Mine has increased like crazy too
My rent has gone up but it was after being there for 2 1/2 years. They wanted to raise it by 75.00 and I asked them if they could reduce it because it might cause a bit of hardship. I had a feeling he might help me since I never complain and give him my rent on time. He cut it down by 25.00 but I felt it was better than not saying anything. I asked the owner and not manager since I knew I had a better chance with him to get it reduced. Try to ask for a reduction if you are a good tenant most will bargain with you because good tenants are hard to come by in these chaotic times! : )
I've been living in the same house for 13 years. Less than €100 a week, never had an increased. My landlady passed away and the family just told me they are selling.
I've been looking at current rent prices. The cheapest are above what I make per week.
I am about to message every person I know to ask to use their networks to tape into the hidden rent market. Fingers crossed 🤞
I'm really happy you are addressing the rent issue. I sold my house because too expensive to maintain.
My brother passed away and his widow had to move from our state to another by selling the house because she couldn’t afford the maintenance, insurance and taxes on their house. I think she is so brave and smart!
I live in the UK and there is so much expectation that we all strive to own a property otherwise we haven’t made it and are subject to greedy landlords. How about more good social housing that people can rent if they cannot afford or don’t want to tie themselves to a big mortgage and all the maintenance costs that go with it!!! Great video 😊
Uncontrolled immigration is ruining everything in U.K. and Ireland.
Housing costs both purchase and rent are crazy high in most parts of California. People who bought homes decades ago and remained in them are OK but many are housing insecure here, the elderly on fixed incomes in particular.
I live on Long Island, NY and was paying $1500 for a studio. The 2nd year it increased to $1750. The 3rd year it went up to $2275 and I moved out. People who didn't pay back rent from Covid made landlords increase those that paid rent through the virus; subsequently we got hurt for other people's negligence. Now I need to move out of NY. I have been priced out
Landlords raised rents to cover high property taxes but most are greedy.
So far, my rent has had no increase since 2019 (but twice that year.) Here’s hoping that doesn’t change. 🙏🏼 Yes, it is a struggle.
some people here who have an extra bedroom are taking in home stays, short term commitment if it doesn't work out
What I do each month is that I put money away for eventual rent increase. Even when the increase comes, I will still keep putting money aside for the next increase.
Wonderful idea
Its obscene what they are doing to American renters. Its just as bad here in the UK! Everyone is being gauged for every penny. When everyone is priced out the market what are the owners going to do??? No wonder there are so many homeless people - its devastating society.
Same here in Australia prices r getting ridiculous
As a person who grew up in the 90s, I’m heartbroken that America is now a 3rd world nation with a Gucci belt.
At my small church one person moved out of state due to high rents. Two others are facing homelessness. One bedrooms rent in my area for $2000 a month. Only people who pay less are long term renters with good landlords or someone who has a friend or relative willing to rent below market rate. Renters and homeowners too need more legal protections.
Rent is done through contract. If you don't plan to pay don't sign it. Landlord could kick everyone out of some old apartment buildings and sell to developer for a profit who will probably just demolish them. Fewer whiney renters.
My rent was $290 a week in 2021, signed a new lease same house a week ago $400 a week but my landlord lets me grow veggies and have animals. So i stay
Is there any way you can "barder" some of your vegetables to your landlord to lower your rent some months, depending on where you live.
Its the utilities that seem like they are also increasing,
Tell me about it!!!!! $200 a moth, and I'm the only one living in the house while I'm running around turning off everything!!!
@veronicalee5937 Where do you live ? In Minneapolis I have been able to reduce my electric bill by $100 a month using the ideas from Larry and Hope.
My rent goes up EVERY Year around 6-10%, 2021 it went up 40%. The rents are too darn high.
Yeah, plan on your rent increasing every lease. 40% is too large a jump.
Finding a place with lower rent is hard. Moving costs more than staying most times.
Over 10% is average and should be higher. Part of that price is rising insurance and taxes. Renters should pay their own property tax.
I'd like to point out that sometimes the utilities are sometimes included in some (not all) rent bills so no matter how much you cut it's not going to do a dent. But i'd say ask your landlord for a price that works for the both of you. If you are a good tenant, pays on time, no complaints then they might want to keep you and will work with you. Make sure to read your lease if do end up deciding to move out. That way you can get your security deposit back! (Use that money for rent, another place deposit)
Just saw a 3 bedroom townhouse (along a BUSY Main Road) for $1,900 a month! GOOD GRIEF!!!! I'm so glad I bought my house and paid it off 9 years ago.....Same with my Car...Paid that off 3 years ago and I'll drive it till the wheels fall off!...I don't know how people are doing it these days!
Where is that 3 bedroom?! I want to move from my current one.
@@chaoticallysay2625 Leola, PA (Lancaster County) It's on a Bus Route too if you don't have a car......It is HIGH for this area though....but then Brand New Apartments are going for $2,300 +
Double that per month for that 3 bedroom in California.
Where I live it would be over $2500
We found our apartment on Zillow. It's a private landlord, they only own a couple dozen or so townhouses. We're paying about $300 less than what the market rate would normally be. We're also expecting a lower rent increase from this landlord. Remember the key to ending homelessness is more homes. Landlords jack up prices because people have nowhere else to go.
Praise Jesus we have our Retirement Ranch Paid in Full ❤
It is no surprise that the largest group of people who are living out of their cars are retired people. They are also the fastest growing demographic who are expected to have to move into their cars
Rents here in South Australia have skyrocketed in the last 12 to 18 months, an aquaintaince living a few streets away recently moved because the landlord raised the rent from $1,400 per month to a huge $1,880 per Month😢
Hi 👋 I'm also in S.A. The rent crisis is out of control here & there are tents ⛺️ everywhere of people priced out of the market. Have a good long weekend 💐
Praise the Lord that I have a house that is paid for
We haven't paid off everything (in Germany) but mortgage is at low cost conditions. We have enough space and Jesus Christ provides for everything. Praise be to HIM always! 🙏
And you can afford the property taxes and insurance. This is where some fixed income struggle
@@pamwyatt9787 I live in Montana. My property taxes are not that much and what I do is I just put a little bit in my savings every month and then that’s how have the money
My homeowners insurance is only like $78 a month
@@Enterhisgates Which Company and what Area??? I'm paying $139 a quarter
The landlord at my former apartment did raise the rent several times in a year or two. However, I had a roommate and my rent was still far cheaper than most places, so I didn't mind. Getting a roommate is the best way to reduce rent costs. You can literally cut expenses in half. But it's not feasible for everyone.
House payments are also increasing dramatically due to taxes. My brother's taxes went up and now he is paying an additional $450.00 monthly which is added on his mortgage. He is waiting for the interest rates to go down as he will then sell the house, move to a cheaper state and rent.
My sister is divorced and her rent has increased every year for the last 4 years. She is working even though she has health issues. So sad what’s going n in California.
Its going up everywhere
The area I live has people from larger cities moving in and trying to get city prices for rental properties they snap up. I got lucky with my place but now my partner and I are frantically saving as much as possible in order to get a house loan because thanks to these people, if we can get a home, a mortgage payment will be cheaper for us, even with putting back extra for any repairs/maintenance/insurance.
Where do you live?
I guess the time is NOW to plan for a housing increase. I haven't gotten the notice yet. The Federal Reserve continually reminding us that the inflation rate will go up ..they're hoping that it won't go up as much...I am reviewing past Under the Median podcasts...I am going back to the basics.
I lost my job when I became ♿. I had 2 choices keep paying rent until my savings ran out...or figure something else out while I still had money. I chose to buy a campervan in cash and gave up the apartment. One of the best decisions ever! No rent and utilities are minimal.
Wow! U have incredible wisdom! Very inspiring. Good on u! 🦋
I left a notice yesterday that my landlord has no certificate of occupancy. He also took first month's rent security deposit and the last month's rent
$10 a lunch is quite low unless it's fast food...even then I think it's much higher!
3 boiled eggs, 2 ounces cheese, a pickle or two, and an apple and a banana. Boom! $4 lunch at most.
I live in a 5th wheel in an RV park. My rent goes up every year by $25. every year. I live on social security ONLY. This year 2024 it went up by $40. a month and 😊 10:05 my rent went up $25, my car insurance went up $7 and my food stamps went down $18 because of my $40 increase. So I gained $40 and lost ‘$50 a month.
New owners rent went up 150. So now I have 193 to pay electric, water, and rent insurance. Personal things
@@fairy_sister449 I guess expect us to grow money some how 🤷♀️. I see no end in sight for any of us. AND what is “ a living wage” anyway? I live in northwest Arizona where I barely make ends meet. Up until January 2020 I (we, ex husband and I) lived in San Diego. I’m grateful everyday I got out of there when we did. We moved about 2 months before the pandemic.
I live in a very VERY affordable apartment however, I own the home my daughter lives in. If my rent increases, mama is moving into her own dang house! Obviously, my daughter will be staying. I work crazy hours as a nurse so I'll stay in my studio apartment for now.
You are both so reassuring there should be more people like you in the world 😊
My rent in my last apartment was a two bedroom place that went from $1670 per month to $1900 per month. You read that right. $230 rent increase per month all at once. I had to move to a smaller one bedroom place in a sketchy part of town. I made the “mistake” of doing lower paid social service and ministry jobs for a career, and so it was hard, not only to save much for retirement, but to cover basic expenses. I don’t regret helping people, but I am paying the price now in the high cost of living. I have an old car that I have to keep going somehow, because used cars are stupidly expensive right now. What is happening????? I live in Illinois, which is all set up for and paid off by the landlords. I am so fortunate to have had a dear relative who gave her house to me in her will, and I will be moving there in about a year. It’s in a different state, and it will be a bit of a disruption, but I am so thankful to have my own home to move into. Otherwise, I don’t know what I’d do.
My rent in San Diego doubled to 3K for a 2 bedroom,,,, Cali is crazy-expensive
Just curious why you stay there?
@@michelleraney3577probably steady work, better pay. Need to build up social security retirement funds to survive on.
Strawberries in my suburb r now 6 doll ars for 500 grams so thats a no from me so expensive i try to buy only fruit and veg in session and out morgages r going threw the roof im lucky my husband saw this coming and we refixed our intrest rate also if i have any money left from food shop budget i put it on the morgage 5 dollars hear or there helps keep the interest down a lot
Thinking outside the box may make rent very cheap. This is my example. When I lived in Florida I wasn't at home that much. The beach was 30 minutes away, trips to the Bahamas for the weekend was $99, Disney off season passes for $150 a year so being at home wasn't something that I was doing. I learned of a place that you can rent a lot for $250 a month at included sewer and water and electricity! I found a very nice used trailer for $1000 and a friend with a big truck put it on the lot. The goal was to make a larger rainy day fund to get a contracting job on a cruise ship fixing slot machines. You would be on call but when you are not on call you can do things on the ship. You would be in a suit. In the late 90s it paid $60-100k a year depending on the amount of days you work a year. The trailer was going to be my home base and do this job to save $250k over five years. Sadly it never happened because I lost my contact . He got married and moved to another job. I ended up living in the trailer for 6-7 years and saved a bunch of money!
With the increases in home insurance and property taxes owning a home has become a problem.
Our insurance went up 30%!
Here in Canada most renters see a increase once a year depending on what your provincial government allows so for British Columbia where I live, for 2024 rent increase limit for residential tenancies is 3.5%.
If utilities and other fees are included in the rent, the landlord still cannot increase the rent beyond this amount even if their costs are higher. Each province will be a little different. So my rent increase by $ 50.00 dollar. The year before increases was $35.00 dollars and the year before that was $25.00 dollars
I could really use this video. Looking forward to it!
We have been blessed that our rent hasn't been raised but its very high to begin with $2350 for 4 bedroom in south texas.
Rent in newzealand is crazy and ya landlord only has to give 60 day notice for an increase and it's making individuals and whanau homeless
Hi lovely people, i just came across your channel and subscribed! I like your positive attitude and the synchronised presentations you give❤, you always bring a smile on my face😊
This may not pertain to anyone who is renting a traditional apartment in an apartment complex... But, I am a landlord and I rent single family homes. And I can tell you that the rent in my home's are slightly less than the average in those neighborhoods. And I will tell you that if I have a good tenant I am less likely to raise their rent because I don't want to lose them as a tenant. If I have a tenant who is constantly paying late, for the yard is a mess or I'm getting complaints from neighbors or they continually break things I will raise their rent. And if they move it's no skin off my nose I'll find someone better. However it's a crapshoot when you're trying to find a good tenant. So if you pay your rent on time you keep the house in nice order you take care of the yard if there is an issue you bring it to your landlord's attention promptly you are probably going to have a landlord who would be less likely to raise your rent
Being a good renter helps the rent from going up. If you can find one or two unit owners the price of rent is normally cheaper. I repaired and upgraded the things that were broken and just gave the bill to them . I put ice melt on the steps . They lived downstairs. They never raised rent.
This is absolutely true! We rented for four years and they never raised the rent. In fact, when we moved out, the landlord said if we found a new tenant and recommended them, he wouldn't raise the rent. Some friends moved in after us, and the landlord was true to his word. The rent remained the same for them.
Love this channel. Sadly too many people succumb to the “marketing” that is out there that creates false needs and wants that suck money and more importantly “time” from you. All this does is make others money. I to have at times fallen fall these schemes. Every time I do I move backward 3 steps every time I avoid the unnecessary temptations I move 2 steps forward. Please move 2 steps forward..
Our rent has stayed the same but we are getting ready to move to a new place for work and the rents are substantially more than our current place. We are not sure how we will manage until my husband is able to get a good job, which may take months. But we have to live somewhere and do not have enough cash to buy a house right now
Luckily, we're under rent control here in California. It can only go up 8%, which you can plan for.
While I’m waiting would love someone’s advice
Currently paying fairly low rent but renting my friends basement. Missing my privacy, own bathroom, kitchen and independence
Just found what might be my dream apartment but it’s 600 dollars more a month than I’m paying now. I haven’t seen one like it it’s beautiful and cozy and similarly priced to what else is out there
Stay at my friends and keep saving ? Or scoop up this apartment?
Can you afford this 600$ more? That's the only question you must answer before you live. Consider the moving expenses, the heating, A/C and the solitude versus company. Draw two columns with the pros and cons. And...observe your reaction.
What are you saving for? How l9ng can you stick your current conditions? Go to your potential 'dream' apartment at different times of day and week, if you decide to make the leap, and see what the area is like. E.g. a place can be very different 10pm on a Saturday night to 9 am on a sunny Monday morning. Also what are you prepared to give up from your current expenditure to make the 600 dollars? I agree totally with a pros and cons list!
Real estate values have gone ski high, which means the assessors are reevaluating for more tax revenue. 20% plus tax increases. Insurance increase because values are higher.
Great ideas! Take care
I love side gigs.
Fabulous post great content 11 out of 10!
Thank you so much. We're glad it was helpful
In Canada 1 bedroom apartment is $2400
Not sure where you live but I live in NY, a studio costs $1800 plus utilities.
My rent just went up. A lot
Oh yes a lot of people r living in their cars sad
Don't forget to hit the like button
Its terrible in NZ
I would offer lower rent to tennants who have income above $120K a year and don't cause problems.
🕊
Do you have a link for fever? Is that how you spell it?
It is spelled -- FIVERR --
What must I do
In Pennsylvania do landlord have no certificate of occupancy the case was ruled in his favor
Judges have qualified immunity they can do whatever they want
I downsized my house and like it way better to boot😃 did this in 2008. Front ran in a way. I can’t complain about the cost cause my wife and roomate pay the bills, it’s inflation proof😎
Also, figure out how to get your Annual tax refund back in your weekly paychcek..WHY is anyone giving the Government a 0% Interest Free LOAN every paycheck these days???