Rent You Can Afford: Know Your Housing Options

Finding good rental housing can be a challenge, especially for people with low or fixed incomes. According to the 2024 America’s Rental Housing report Opens in a new window, more than a quarter of renters spend at least half their income on housing. Spending a large amount of your income on rent leaves little money left over in your budget for other things. Lowering those monthly housing costs can help you balance your budget and save for a more stable financial future. Here are some ideas for lowering your rental costs.

Share housing

Living with a roommate is not just for young adults. There may be different points in your life when it’s your best choice. For example, after a divorce or when moving for a new job. Because a roommate shares the rent, they can help lower your housing costs dramatically.

To help find a roommate, you can use roommate matching websites, agencies or classified ads. Here are a couple of non-profit organizations with matching programs:

• The National Shared Housing Center Opens in a new window has a database of programs for seniors, people with disabilities, single parents and others looking to share housing.
• CoAbode Opens in a new window has a nationwide shared-housing matching service for single mothers.

Pro tip: Before you commit to a roommate, make sure you talk about each other’s expectations. You can even write up a list of expectations and responsibilities each person can agree to.

Negotiate when you can

Most landlords want to hold on to good tenants. It’s better for their property and may be cheaper for them in the long run. So, they may be willing to negotiate with you. Do some research to see what similar apartments in your area cost so you have a realistic number in mind. You can even offer to pay more money upfront or sign a longer lease if you’re able to. That might encourage your landlord to lower the rent.

Pro tip: Independent landlords who rent out only a few units may be more able to negotiate. Larger companies may not be able or willing to negotiate because they have more renters and contracts to deal with.

Exchange work for cheaper housing

Some jobs may offer housing as part of their contract. Jobs that may offer housing include:

• Live-in caregivers
• Live-in nannies, babysitters or parent helpers
• Apartment managers
• Seasonal resort or summer camp staff
• Personal chefs
• Housekeepers
• Estate caretakers
• Live-aboard-ship staff
• Farm workers

Pro tip: If you have trade skills such as painting, fixing appliances, electrical work, tiling, etc., ask about trading work for a discount on your rent. At the very least, most apartment owners need someone who can vacuum hallways and entryways or tidy up the building.

Think about other changes

If moving is possible, think about changing apartment size, location or both. They are a big part of rental costs. For example, if you’re in a 3-bedroom apartment now but can fit into a 2-bedroom, you can save money by downsizing. Even finding an apartment with the same number of rooms but less square footage may help. Similarly, the place affects the price. San Francisco, for instance, is more expensive than some other cities, and cities may be more expensive than rural areas. Even certain areas and neighborhoods may also have lower rent prices than other parts of a city.

Pro tip: If you live in an apartment complex and are looking to downsize, talk to your landlord. They may be happy to help you find a small place in the complex so they can keep you as a renter.

Apply for rental assistance programs

These programs offer ways to help low-income individuals and families pay for housing. There are income limits that may vary by county and state. Check the resources below for more information on the restrictions.

There are three main types of rental assistance programs:

Privately-owned subsidized housing

The Department of Housing and Urban Development (HUD) provides funds to apartment owners. The owners can then offer reduced rents to low-income renters. There are also privately-owned organizations that offer low- or no-cost housing. This includes housing for seniors, people with disabilities, families and individuals.

To find privately subsidized apartments, use the U.S. Department of Housing and Urban Development’s HUD Resource Locator Opens in a new window and search for affordable housing near you. When you find one you’re interested in, call the apartment’s management office and apply with them directly. Be sure to ask about income limits, waiting lists and availability.

Public housing

Public housing agencies or housing authorities offer affordable housing for low-income families, seniors and people with disabilities. Depending on where you live, there may be a variety of public housing choices, from single-family homes to seniors-only apartments.

To apply, talk to your local public housing agency (PHA). You can find your local agency by visiting the U.S. Department of Housing and Urban Development’s PHA Contact Information Opens in a new window website.

Housing Choice Voucher program (HCV)

The HCV program, sometimes called Section 8, is the federal government’s program to help very low-income families and individuals choose and rent privately-owned rental housing. People who meet the income requirements are given a voucher that pays for part of or all their rent. The renter can choose any housing that meets the requirements of the program.

To learn more about this program, check out this Housing Choice Vouchers fact sheet Opens in a new window. To apply for a voucher, talk to your local public housing agency (PHA) Opens in a new window.

Pro tip: There are likely waiting lists for many housing options. So, start applying as soon as you think you might need aid. If the waiting list is closed, ask how to get notified when the list reopens.

Sometimes housing isn’t the only concern

If you’re concerned about financial strain beyond housing, you can check out our financial relief page Opens in a new window. It has articles, tips and resources to help lower financial stress. You can also use findhelp.com Opens in a new window to search for free or reduced cost services, resources and support near you.

Sources:

Joint Center for Housing Studies. America’s Rental Housing Opens in a new window. 2024.

U.S. Department of Housing and Urban Development (HUD). Public Housing Opens in a new window. Accessed Jan. 2024.

U.S. Department of Housing and Urban Development (HUD). Housing Choice Voucher Program Opens in a new window. Accessed Jan. 2024.

Last updated: February 02, 2024

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