Priced Out of the Housing Market? Consider These 5 Living Situations

woman attaching a "room for rent" ads on a wooden wall.
LiudmylaSupynska / iStock.com

Do you worry you’re being priced out of the current housing market? As discussions of an impending recession increase and more companies conduct mass layoffs, renters may struggle to find not just affordable housing but options with flexibility.

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If you don’t think purchasing a house will happen in the near future, consider looking into these alternative living situations.

Rent an Efficiency Unit

What’s an efficiency unit? Jonas Bordo, CEO and co-founder of Dwellsy, said efficiency units are converted motel or hotel rooms with access to a common kitchen. 

These units were once a mainstay of the U.S. housing market and are now staging a comeback with interested renters. “They’re often available on a weekly or monthly basis with no long-term commitment and are significantly cheaper than apartments in similar areas,” Bordo said.

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Find Rentals by Walking the Neighborhood

Before you begin a more thorough online search for a place, Bordo recommends taking a walk around your neighborhood or the neighborhood where you would like to live. Look in the windows and front yards of buildings to see if there are any “for rent” signs posted. You may spot a listing and be able to get in touch with the landlord right away if they have a phone number posted on the sign to call.

“In this post-Craigslist era, many landlords have returned to using the humble yard or window sign to get their places rented, and these are usually the lowest cost places out there,” Bordo said. 

Use SpareRoom To Search Rooms

If you’re looking for a small space for yourself and do not require more than a room, try your hand at room-specific rental platforms. 

SpareRoom, for example, allows renters to search for rooms to rent in existing shares, studios and one-bedroom apartments and even whole apartments and houses. 

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See If Your Neighbors Are Currently Renting

You walked around the neighborhood or your desired neighborhood to see if any “for rent” signs are up. Now, take your search to Nextdoor. 

Check in on the neighborhood social media platform to see if any of your neighbors are currently renting out bedrooms, garages or guest houses. If they are or they have already shared a listing on the site, get in touch! They may already be familiar with who you are and more likely to rent to a fellow member of the neighborhood.

As you search for a safe place to rent online, don’t forget to share the news with your personal network. 

Write a post on Facebook or in your Instagram Stories about how you’re looking for a place and the duration of time you need at this place. See who gets in touch! Some of your friends or family members may have rooms available for rent or know someone who is currently renting and can introduce you to this person. 

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Explore Homesharing Platforms

Renters who want to save money and feel like they’re living in a proper home may consider exploring homesharing platforms like Silvernest

Silvernest helps pair homeowners with housemates (renters). Sign up for free by answering a few questions as to what you’re looking for in your next place, browse roommate matches in your area and privately message your matches. Homeowners may request background checks on potential housemates to better get to know one another.

A Silvernest representative told GOBankingRates that renters who use Silvernest pay far less than market rent, saving an average of $750 a month compared to a one-bedroom apartment. It’s also easier to find a compatible homeowner to live with and arrange for flexibility in living arrangements including month-to-month or reduced rent in exchange for help around the house.

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About the Author

Heather Taylor is a senior finance writer for GOBankingRates. She is also the head writer and brand mascot enthusiast for PopIcon, Advertising Week’s blog dedicated to brand mascots. She has been published on HelloGiggles, Business Insider, The Story Exchange, Brit + Co, Thrive Global, and more media outlets. 

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