Rising rent prices continue to be an issue in the U.S. and are 32.1% higher than before the COVID pandemic, according to Zillow.com. It’s no secret that the rental market is in a unique place. This has made it difficult for one-third of renters to afford housing and live comfortably as the gradual rent price increase exceeds the rise in wages. In many cases, the rent price increase exceeds 100%, according to wjhl.com.
If you’re a renter, this can be concerning and make it even more difficult to get by each week. You may already be working more than 40 hours a week or struggling to pay other bills like Wi-Fi, electricity, and food.
Are rent prices going down?
It can be difficult to save for a down payment on a home or work towards your financial goals with each rent price increase. You may be wondering, “Are rent prices going down?” Unfortunately, rent prices aren’t expected to decrease any time soon. The housing shortage has contributed to this rental market issue. It is expected to be an ongoing problem because it can take several years for new housing to be constructed.
How to prepare for the next rent price increase
Although you may feel as if your hands are tied as a renter, you can still prepare for the next rent price increase where you’re living. There are a few practical steps to take to live more comfortably and avoid getting pushed out of the rental market when you’re wondering, “Are rent prices going down?”
- Consider coliving
More renters are moving toward coliving for the benefits it offers. Coliving is on the rise in the U.S. and makes it possible to spend a fraction of the cost. PadSplit is the nation’s largest coliving marketplace with thousands of rooms for rent throughout the country. The prices are 40-50% lower than traditional apartments and are often located near public transportation in metro areas. This means you can spend less to live in the city and reduce your commute time.
- Advance your career
Another option is to increase your salary or wages to ensure you can prepare for a possible rent price increase. Consider asking for a raise if your salary hasn’t increased in the past 12 months. You can also obtain certifications or training and switch careers or occupations if you want to earn more.
- Work a side gig
Due to inflation and rent price increases, more individuals are working side gigs to bring in extra income each month. Some of the most popular side gigs include donating plasma, food delivery services, and tutoring online. These side gigs offer flexibility and don’t require any formal training and can allow you to start earning extra income immediately.
If you enjoy shopping, you can also consider reselling used items that you find at thrift stores to prepare for the next rent price increase. Consider listing the items on Facebook Marketplace or eBay.com to earn a profit on various items that buyers are seeking to purchase.
Credit card churning is also an unusual but effective way to earn extra cash throughout the year. However, it requires discipline and planning to avoid getting into debt while earning cash bonuses for meeting spending limits.
Adjust your budget
Take a close look at your budget and determine where you may be wasting money.
Do you have a monthly gym membership? Consider doing at-home workouts with weights to put extra money in your pocket while continuing to stay active.
Do you purchase a lot of pre-packaged food? Spend less by buying whole foods that you can prepare yourself, which will cut down on your grocery bill and allow you to eat healthier. Do you have a car payment? Buy a used Honda or Toyota, which will prove to be reliable without the high price tag.
Are rent prices going down? Not yet. And experts say they’re not likely to decrease in the near future, but that doesn’t mean you’re out of options in the rental market. Although there are many ways to make ends meet and live more comfortably with each rent price increase, the easiest way is to find new housing in the rental market.
PadSplit has housed 25,000 individuals and continues to grow nationwide to accommodate individuals seeking affordable housing.
PadSplit allows you to apply in less than 10 minutes and move in as early as tomorrow, providing a high level of convenience to renters who may be struggling with the high cost of housing. The stable weekly rates offer peace of mind and can allow you to have more spending money each month without worrying about the next rent price increase.
