Cheap Apartment

What is a Cheap Apartment?

The idea of “cheap” can be difficult to define when looking for an apartment. One unit may only be $450 per month, but if it is only 400 square feet with a minimal bathroom, no kitchen appliances, and poor upkeep, it may not be the bargain it seems to be. On the other hand, an apartment that runs $900 per month may seem expensive, but if it comes with generous storage space, a jetted tub, private balcony, covered garage parking, alarm system, and fully furnished, it’s quite a steal.

It is also important to consider the additional costs of an apartment that aren’t covered by rent. Utilities, transportation costs, application fees, security deposits, and potential facility usage fees need to be added in to the overall rate for an accurate estimation of how much living expenses will be for different apartments. Even the best bargain, however, can still be a problem if basic questions aren’t satisfactorily answered, such as:

• Is the layout and square footage adequate for my needs?
• Is the apartment in a safe area with well-lit parking and other security features?
• Is the location convenient to local resources (shopping, schools, entertainment, my job, etc.)?
• Is the apartment well-maintained without broken or damaged fixtures, carpeting, or windows?
• Is the staff friendly and helpful?
• Is there maintenance or security staff available?

If the apartment seems satisfactory, the next step is to investigate the specific unit you will be renting and check for included features and amenities.

Cheap Apartment Features

Low cost apartments may not maintain community features well.

Most apartments offer basic amenities, and even cheap rentals can feature some luxury items. The specific items and their condition will vary depending on location, size of the complex, and management’s discretion, but many inexpensive apartments offer:

• Basic Appliances: Ovens, sinks, showers, tubs, and possibly dishwashers and garbage disposals.
• Minor Complex Amenities: A small playground, pool or tennis court, and on-site laundry.
• Parking: Spaces may be assigned or first-come-first-served.
• Included Utilities: Most apartments include water and trash disposal in rent fees, and some may include basic cable service.

If the apartment is actually a converted part of a house or a hotel, the features and amenities will differ. Occasionally, heat is offered as an included utility, as the entire complex is regulated by a central system. Each rental agreement varies, but some items should still be included with even the cheapest monthly rent.

And What You Won’t Find

At the same time, potential residents should realize that the cheaper an apartment is, the fewer amenities and luxuries it will offer. If you are looking for any of the following items, you are unlikely to find them in a cheap apartment:

• External storage spaces or private garages.
• Luxury features such as jetted tubs, dimmer switches, fireplaces, microwaves, or in-unit washers and dryers.
• Aesthetic amenities such as two-tone paint, landscaped grounds, or built-in bookshelves.
• More expensive utilities such as free internet access or included electricity.
• Multiple community features like a pool and fitness center, whirlpool, or an extensive playground.

If these types of features appeal to you, you may want to consider more expensive apartments and calculate whether the added cost is worth the luxuries.

Before You Sign the Lease

You’ve found a great apartment that meets your needs and is a cheap bargain, what’s to stop you from signing on the dotted line? There are actually many considerations you need to make before agreeing to an apartment lease, no matter how great the rent deal may be. Important questions to ask include:

• Who is responsible for maintenance issues (light bulbs, plumbing leaks, etc.)?
• How long is the lease term, and what are the fees for breaking the lease if necessary?
• How much can the monthly rent increase each year or with each new lease?
• What are the fees for inadequate cleaning or repairs if I move out?
• What are the monthly late rent penalties?
• Are there any charges for parking or using other complex facilities?
• Has the city received complaints about the landlord or manager of the complex?

Any of these issues can make a cheap apartment far more expensive than just the monthly rent may seem. Be sure to clarify all the terms and conditions of the lease before signing, and investigate other apartments to compare rates if necessary.

Finding Affordable Apartments

With careful investigation, it isn’t hard to find an inexpensive apartment. Scour newspaper housing ads for deals and requests for roommates, or contact apartment complexes for rate quotes and move-in incentives. Many apartment complexes will waive application fees, reduce security deposits, or even offer a discount if you sign a longer lease. Special promotions may include spectacularly low rates for the first month’s rent or other signing bonuses, and college students may also be eligible for lower rates.

Online resources for finding cheap apartments include:

• Apartments.com
• Rent.com
• MyNewPlace.com
• AreaGuides.net
• Sublet.com

With a little bit of work and careful consideration about what is and isn’t included, a nice apartment doesn’t have to cost a mint.