My Rent Increased, Should I Move or Stay Put? How I Saved $3600
When your apartment lease is up, how do you know if relocating is worth the hassle? Moving, for the most part is exciting, you get a fresh start at a new place with new beginnings. Although moving may be delightful, If you’re anything like me, you absolutely hate the process of moving. Relocating can also be very expensive, hiring movers, a rental truck, purchasing boxes etc.. is not cheap. Luckily, I have athletic friends who were willing to help me move all of my furniture when I ultimately decided to relocate.
My first apartment, “The Reserve” was amazing!! I rented a 1350 square foot two-bedroom two bathroom apartment in a gated community for $1000 per month. Despite this wonderful living space, the costs to maintain the apartment was higher than expected. I had to pay gas, electric and water bills. Living on the second floor with high ceilings required more energy to either cool or heat the rooms. In the winter time, it felt like my living room was always cold lol. However, the biggest deciding factor that caused me to move was the rent increase. They gave me the option to renew my lease at $1120 per month. I did not want to spend that much for rent along with the high cost of utilities.
“Your prices way too high you need to cut ittttttt – OT Genasis”
Furthermore, I decided to look elsewhere and not renew my lease. I found another apartment, literally right down the street from my first place. The rent was $900 per month for another two-bedroom two-bathroom but this unit was 980 square feet. The appliances were pretty decent, but the overall apartment wasn’t as fancy as “The Reserve” nor was it a gated community. The amount of money I’ll be saving per month outweighs the fancy apartment plus I still get to live in the same area. My new apartment is all electric so that cancels out the need for a gas bill. It’s on the 1st floor and the ceilings aren’t as high, so it requires way less energy to cool during the summer. Another thing I love is the fact that I’m right beneath the model unit so nobody lives above me!!!
Here are some monthly expenses over the years
|Georgia Power||$105 monthly|
|Gas South||$55 monthly|
|Georgia Power||$78 monthly|
If I renewed my lease I would’ve been paying $1120 per month along with utilities so by downgrading my apartment I saved around $300 per month. By reducing my expenses, it felt like I was giving myself a pay raise. You can accomplish more things when you increase your net overall pay.I’m glad I moved because currently, my 1st apartment is leasing at $1250 per month. I just renewed the lease for my current apartment and I’m paying $995 a month now which is still $5 less per month than my first lease. This move saved me thousands in the long run. It allowed me to free up cash to pursue other goals and reduce my debt.
I understand inflation and how the cost of everything gradually rises over time, but I think the whole rental industry is one-sided right now. Rent prices are rising faster than wages. I think it’s morally wrong when rental companies decide to make huge increases in certain areas, knowing that it will drive most of the residents out of their properties. My situation is just a small case, I’ve heard and read some rental properties increase over 50% within one year. Cities like San Francisco and Manhattan make it virtually impossible for average income earners to afford places to live. On top of the rising cost of rent, it is even harder for millennials dealing with student loan debt to save up to eventually buy homes. The rental industry knows this!!! I feel like it’s a tough situation if you’re not ready to buy a home and you also don’t want to move but make sure you analyze all of the possible scenarios to figure out what is best for your situation.