Finding Affordable Housing: Strategies for Renters on a Budget

The cost of rent continues to increase across the country, making housing a struggle for many renters. But affordable options are still out there if you get creative.

Here are some strategies for renters seeking budget-friendly housing in 2024.
 

Consider Shared Housing

Sharing a rental unit with roommates is one of the best ways to split costs and save money. Look for multi-bedroom apartments or houses and find compatible roommates to share the space.

Make sure you draft a roommate agreement to outline responsibilities for rent, utilities, chores, guests, and more.

You can also explore more unique shared housing options like renting individual rooms, co-living spaces, or participating in a homeshare program.

Some non-profits match homeowners with extra space to renters looking for affordable housing.
 

Look for Temporary Housing

If you need a place to stay for just a few months, short-term rentals and temporary housing can be more affordable than a traditional year-long lease.

Options include:

• Subletting an apartment from someone who will be away for a few months. You only rent the unit for the time they are gone.
• Renting a room in a house where the landlord allows short-term leases or month-to-month rentals.
• Staying in an extended-stay hotel or motel, especially if you get a discounted weekly or monthly rate.
• Renting an RV or camper and staying in an RV park or campground. Some parks offer long-term rental rates.
• House sitting for a homeowner who will be away for an extended period. In exchange for watching the house, you can stay there for free or at a reduced rent.
• Couchsurfing or staying with friends and family temporarily until you find more permanent housing.

These alternatives provide flexible, temporary housing so you can take your time finding an affordable long-term rental. Get creative and think outside the traditional lease to save on rent. With some persistence, you can find budget-friendly housing solutions to meet your needs.