You’ve more than likely heard a lot about the rising cost of real estate and rents across the world. It’s not just one country where these costs are soaring sky high. Buyers and renters internationally are facing a financial squeeze that’s leading many policy makers to voice their concerns and call for moves to make housing more affordable.
While affordable housing might be a buzz word in the main metropolitan areas around the world, there doesn’t seem to be much happening in the way of actual implementation to make it more accessible for buyers, and in particular, renters to find a home, particularly in the hottest markets.
Some of the cities that are among the world’s most expensive include Beijing, Hong Kong, San Francisco and New York. So what do you do if you need to rent a home in an expensive city, but you also need to keep it relatively affordable?
Start Your Search Early
If you wait until you have a small window of time to find an apartment, particularly in a popular market, you’re going to have difficulty locating something you can afford. When you wait and don’t give yourself the luxury of time, you’re going to be pressed to make a move quickly. This can mean you’re paying more than you want to. Give yourself plenty of time so that you’re not in a bind, and you can have a lengthy search which is more likely to result in a good deal.
Look For New Homes
If you live in a city where there’s a lot of new construction, you might automatically assume these rentals are out of your budget, but that’s not necessarily the case. Many times new buildings will offer rentals special deals and pricing, just to get bodies in the building. If you’re avoiding them because you think they’re too expensive for you, you might be missing out on a great hidden deal.
This is a place where a lot of urban renters make a mistake. They believe they can’t negotiate the price of rent, but just as you would if you were buying a home, you can and you absolutely should. Negotiation is of particular importance if you’re considering a rental that’s in less-than-perfect condition. You should have more leverage to get the price lower, and you might even be able to get an even lower monthly rent price if you agree to make some updates and improvements to the place while you’re there.
Work with A Broker
As a final note, if your primary goal is trying to find an apartment or rental that’s in your budget, you may be wondering why you’d pay a broker to work for you, but you can end up saving a lot of money in the end. Real estate brokers know the ins and outs of the markets where they work, and they can also give you access to the inside track on properties that are a good deal, or you might not ever be able to come across on your own. You may pay a little more in upfront costs, but a broker can save you a lot of time and money in the long-term.