It’s no secret that rental prices across the U.S. continue to increase.
In some areas, renters are paying more than 30 percent of their income for an apartment to rent, while others spend more than half, according to a 2020 Harvard University study.
To stay on budget, you have to understand how far your dollar goes in your city. For example, $2,000 in New York City may not get you the same housing as it would in Phoenix.
We took on the task to explore apartments for rent in 10 cities across the U.S. to find out just how much you can get, from square footage to amenities to neighborhood, for $2,000 a month before you plan to move.
Fairfield at Far Rockaway — New York City
Source: Fairfield at Far Rockaway
New York City is infamous for its high rent prices, and it’s not surprising to pay in the thousands of dollars for a small apartment in one of the most popular neighborhoods. Broker’s fees, security deposits and moving fees can quickly add up in the Big Apple, so often, people go right outside of it to save in housing costs and be able to commute to the city.
You get a washer/dryer in your unit, dishwasher, hardwood flooring and air conditioning for those hot New York days. On the weekends, head to Atlantic Beach or Long Beach only a few minutes away to soak up the sun.
O&M Dogpatch — San Francisco
Source: O&M Dogpatch
San Francisco‘s proximity to Silicon Valley has made rent prices skyrocket, thanks to demand from local tech companies and startups. Your money doesn’t go as far in the area, unfortunately. But for $2,000 a month, you can get a pet-friendly studio apartment at O&M Dogpatch — available furnished or unfurnished with a shared outdoor area for grilling
Right in the Dogpatch neighborhood, this 391-square-feet studio apartment is only five minutes from the MUNI station and boasts a walking score of 93, thanks to all the nearby restaurants, breweries and farmers markets.
NCT Lofts — Los Angeles
Source: NCT Lofts
Live in trendy downtown Los Angeles for a budget of $2,000 per month at NCT Lofts. This one-bedroom, one-bathroom loft offers an open layout, a balcony, high ceilings, stainless steel appliances, fitness center and central air. Don’t miss the rooftop lounge and vintage game room.
You’ll get all of the benefits of living right downtown with Whole Foods and several restaurants only a few minutes by foot. Chinatown, Little Tokyo and the Arts District are easily accessible from this location with plenty of dining and entertainment options.
915 Glenwood — Atlanta
Source: 915 Glenwood
Atlanta‘s rent prices have increased significantly in the past five years — including a 4.8 percent jump between 2018 and 2019. But you can still get a lot of space for your buck, depending on the neighborhood. If you’re looking for an affordable apartment with tons of amenities and proximity to the Atlanta BeltLine, head to the east side of town.
Right near East Atlanta, you can find a dog-friendly, two-bedroom apartment at 915 Glenwood within the $2,000 per month budget. You get access to the fitness center and a pool, along with beautiful finishes in the apartment. It’s also near bars, restaurants and venues just down the street, easily reachable via the bike lane.
Alexan 100 — Seattle
Source: Alexan 100
Right in the popular Seattle neighborhood of Lower Queen Anne, you can find Alexan 100 at the corner of Denny Way. Near the Space Needle, the pet-friendly building has more than 32-floor plans available. Within your $2,000 per month budget, you can grab one of their studios with stainless steel appliances, loft layout, vaulted ceiling, in-unit laundry and a fitness and recreation room.
While Seattle offers more affordable neighborhoods on the outer bands of the city, Lower Queen Anne takes the 10th spot as the most walkable neighborhood in the city at 92 points. You have restaurants, trails, dog parks and more at your fingertips.
Belmont Tower Apartments — Chicago
Source: Belmont Tower Apartments
You can find apartments for rent in Chicago across the budget spectrum, depending on the neighborhood. In East Lakeview, near Lincoln Park, you can find a beautiful two-bedroom home at Belmont Tower Apartments for $2,000 per month. The apartment has stainless steel appliances, gated access, a clubhouse and a stunning view from above.
East Lakeview has access to shopping, bars, small neighborhood restaurants and several music venues. As a resident, you can comfortably ride your bike to Lake Michigan and enjoy the shoreline on a warm day.
Mosaic Apartments — Dallas
Source: Mosaic Apartments
There’s a neighborhood in Dallas for every budget and your dollar goes far in the Texan city. You can grab a two-bedroom, two-bathroom apartment at Mosaic Apartments for just less than $2,000 per month. At around 1,200 square feet, your pet-friendly apartment has a concierge service, access to the pool and fitness center, a dedicated garage and a DART Station right outside your door.
Catch a movie outside in the shared outdoor space or hop on the DART to explore downtown Dallas for a night on the town with the surrounding bars and restaurants.
The Angela — Phoenix
Source: The Angela
In Phoenix, $2,000 per month can take you a long way, especially if you’re looking for a bit of luxury. At The Angela, you can find a luxury one-bedroom apartment for right around this budget with walk-in closets, Energy Star stainless steel appliances, SONOS built-in speakers, in-home laundry and private balcony.
You’ll have access to the pool, the billiards lounge, dog park and spa, bocce court, fitness area and more amenities. The surrounding Camelback East neighborhood is home to the Arizona Biltmore Golf Club, several shopping centers and parks.
Savannah at Park Central — Orlando
Source: Savannah at Park Central
Beyond Disney World, Orlando has a lot to offer when it comes to jobs and affordable housing. Only 15 minutes from downtown Orlando, you can grab a beautiful three-bedroom apartment at Savannah At Park Central. In the Park Central neighborhood, it’s well within your $2,000 monthly budget.
The 1,400-square-foot apartment comes with granite countertops, laundry in-unit, a patio deck, stainless steel appliances, swimming pool and various fitness courts. The neighborhood displays a true balance between the suburbs and city life, plus it’s only minutes away from Universal Studios.
i5 Union Market— Washington, DC
Source: i5 Union Market
The nation’s capital, Washington, D.C., has more to offer when it comes to $2,000 per month. You’ll want to be close to public transportation to avoid the rush hour around the nation’s capital. You can rent a pet-friendly studio apartment at i5 Union Market within that budget, with the red subway line just across the street.
The apartment also boasts some great amenities like assigned parking, extra storage, stainless steel appliances, a balcony and a private 10-person chef’s kitchen. The Ivy City neighborhood has some of the best restaurants in the city, including Michelin-starred Gravitas. You’ll also find distilleries and breweries that have revitalized the area.
Find the perfect apartments for rent
Having a tight budget can make your apartment search stressful, but with enough research and time to carefully consider the options, you can find some gems in your city.
Think about your must-haves (neighborhood, size) and what you’ve been willing to give up (space, amenities) when you look at apartment rentals, it will help you narrow down the list and find the one perfect for you
Published at Fri, 28 Aug 2020 13:00:03 +0000
You’re in the market for a new apartment. You’ve found the perfect place, submitted an application, waited patiently to hear back from the property and then found out your rental application was denied. Now what?
There are a variety of reasons rental applications get denied. Here are some reasons rental applications get denied — whether valid and invalid — and steps you can take to improve your odds of being accepted.
How am I legally protected as a renter from discrimination?
While there are valid reasons to deny a tenant’s rental application, property owners must abide by federal law, avoid discrimination and hold everyone accountable to the same standards when denying or accepting an application.
Before we discuss valid reasons to deny a rental application, let’s quickly review invalid (and illegal) reasons. Under the Fair Housing Act, landlords cannot reject applications based on an applicant’s:
- National origin
- Familial status
While applicants are protected from discrimination under this law, there are other reasons you may be denied housing.
Valid reasons to deny a rental application
Your rental application has been denied and you’re curious why. These are the most common roadblocks renters face when trying to rent an apartment and some very common reasons applications are denied by landlords:
1. Inadequate income
Landlords want to rent to people who are a safe bet — meaning they’ll pay their rent on time, keep the apartment clean and in good shape and be easy to work with. If a landlord is reviewing a rental application and notices that the applicant does not make enough money to reasonably pay for the apartment at hand, they may deny the application.
As a general rule of thumb, rent should account for 30 percent of one’s income. If someone makes $50,000 a year, they should budget $15,000 a year for rent or roughly $1,250 a month. In this case, if you’re applying for a place where the rent is $2,000 a month, a landlord may feel like your income is inadequate and deny your rental application.
2. Lack of or poor credit history
Your credit score can make or break you, especially when it comes to renting an apartment. Because your credit score is a tangible way for landlords to assess your financial history, if you have no credit history or a poor score, you may be rejected.
A fair credit score is 620, but if you’re trying to rent in a top-tier market, you’re going to need a 740 or higher. If your credit score is below this range, there’s a good chance your application may be denied. Also, if you have a bankruptcy in your financial history, that may negatively impact your ability to rent, too.
3. Rental history and evictions
From evictions to run-ins with past property managers, your rental past may impact your rental future. Prospective renters must consider their rental history when submitting a new rental application. Landlords use rental history to gauge whether a tenant will be a good fit in the apartment complex, and if a previous landlord speaks negatively about you, you may be facing a denied rental application.
If you do have an eviction on your rental history, you may want to discuss it upfront and explain your side of the situation on the application.
4. Insufficient references
When applying for an apartment, you’ll likely be asked to list references — people who can speak favorably about you as a future renter. If your rental application either lacks references or the references themselves aren’t impressive, a landlord may reject you. Make sure to choose your reference wisely.
5. Suspicious background check
Background checks give landlords a look into your past and allow them to make decisions about whether to rent to you or not. If you refuse a background check, this could be a red flag to landlords and they may deny your rental application.
Likewise, if a felony or other past conviction or something else suspicious shows up on your background check, you may be denied, too.
6. Incomplete information
When it comes to submitting a rental application, following the rules step-by-step is exactly what you need to do to qualify for an apartment. If you leave part of your application blank, forget to include pertinent information or simply fail to complete the form in full, you may be denied. And this is a valid reason to deny rental applications. Make sure you dot your “i’s” and cross your “t’s” when filling out a rental application.
7. Lots of applicants
Supply and demand means when a lot of people want something, it increases in value. The same concept applies to the rental market. When a lot of people are vying for one apartment, the demand is high and the supply is low. Your rental application may be denied if you’re competing with multiple people for the same space.
How often do rental applications get denied?
Having a rental application denied isn’t uncommon, but it’s frustrating when it happens to you. You may have incompletely filled out the form, have poor credit or been among 10 people applying for the same apartment, in which case, nine out of 10 applicants were denied. Whatever the reason, knowing how often this may happen can be helpful in understanding why your rental application was denied.
My rental application was denied. Now what?
Here are some things you can do to better prepare for future applications and improve your rental resume:
Review what could have gone wrong
Once you understand all of the reasons your application could have been denied, you can reassess it and determine why. This will give you information about what to improve for next time.
Ask the landlord for feedback on the application
If you’re confused about why you were rejected, you may want to ask the landlord for feedback on your application. While they aren’t obligated to let you know, it doesn’t hurt to ask.
Review your credit score
Chances are you had to undergo a credit check when you submitted your rental application. If you’ve been rejected, now is a good time to read the credit statement and see where you can improve your score.
Find a co-signer
If you were denied because of inadequate income, lack of rental history or a poor credit score, you may consider finding a co-signer for the future to improve your odds of being accepted.
Avoid your rental application being denied
Ideally, you’d apply for an apartment and qualify right away. However, things don’t always work out that smoothly. If you understand all the valid reasons why your rental application was denied, you can make sure your application is solid beforehand and save time and money on a rejected application.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional financial or legal advice as they may deem it necessary.
Published at Thu, 27 Aug 2020 14:45:43 +0000