![]() This one is obvious, and it will save by far the most money. Know what the market value of your apartment is before you renew the lease and use these tips to save on rent in the meantime. But there are also regional differences, so pay attention to rental rates in your area. The COVID-19 pandemic threw a monkey wrench into the situation, and experts say it could take years for it to sort out, just like it did after the 2008 crash. The economy was reeling, and construction of new apartments couldn’t keep up with the demand. Much of that has to do with demand, which shot up dramatically when the housing market crashed at the end of 2008. The disparity is because the cost of renting has exploded, while wages have stagnated. This means Americans spend a higher percentage of their incomes to rent homes than to buy them. On the other hand, mortgage affordability, the percentage of income spent on a mortgage, has only been about 15% since 2010, and didn’t change much even with COVID-19. ![]() It requires cooperation from your landlord, who must file paperwork alongside your paperwork to receive the money. The grant money can be used to pay up to 12 months of past due rent. Go online to your local government website or call them to find out the qualifying standards. The money was sent to state, county and city governments, each of whom set up programs to disburse it. The last two stimulus bills included $46.5 billion – yes, BILLION! – in grant money to pay past due rent for those who qualify. If you were impacted financially by COVID-19, the federal government has a solution ready, but only if you qualify. Now, the average is around 30%, but the lower your income, the higher the percentage you pay.ĬOVID-19 made that worse - low-wage-earners were hit harder financially by the pandemic, but rents continued to rise in 2021. Before then, Americans spent 25% of their income on rent. Rent affordability – the percentage of income spent on monthly leases – has risen steadily since 2010. If you’ve been in the market for a one-or two-bedroom apartment recently, you know how deep you have to dig into your wallet to find a place you can afford.
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