If you need your own space, but you can’t afford to buy a house at the moment, then getting an apartment might just be the best option for you. Be sure to pay attention to the details for the best possible living experience!
Get ahead on your apartment search so you’re not left behind.
No matter what your local rental market looks like, the process of finding a place that works within your budget, timeframe and wish list can be a balancing act. Understanding the current market and typical search process can help you mitigate some of the stress involved.
Today’s rental market
In many metros, renting takes up more of people’s income than in past years, largely because demand for rentals often outpaces supply, driving up prices. Growing job markets — like the employment boom in the Seattle metro region — have contributed to a supply shortage.
The high demand contributes to the share of income spent on rent jumping to 29.1 percent nationally, according to a November 2017 study by Zillow Research, compared to an average of 25.8 percent between 1985 and 2000. While many areas hover around that 29 percent — like Chicago (29.7 percent) and Austin, TX (29 percent), or even below like Atlanta (26 percent) — renters are spending a larger proportion of their income on rent each month than they previously did in each of those metros.