Are you moving to escape skyrocketing rents? 3 ways to reduce your costs

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If you’re struggling to meet the cost of rent, you’re definitely in good company. Apartment List reports that during 2021, the national median rent increased by 17.8%. In contrast, annual rent growth averaged just 2.3% between 2017 and 2019.

One of the main reasons rent prices have risen so much is that demand for rentals has skyrocketed in the last year. Additionally, some landlords could raise rents in an effort to make up for financial losses they suffered earlier in the pandemic, when eviction bans were in place.

If you can’t pay your rent and your lease is coming to an end, it might be time to consider moving to a less expensive home. But to save money on rent month after month, you may first need to dip into your savings account to cover the cost of an actual move. If you go this route, here are three steps you can take to make your move less expensive.

1. Clean up first

Chances are you have personal items that you don’t necessarily need. The less you have to carry, the less your move will cost you, so take inventory well in advance of your moving date and start separating things into categories – items you’ll keep rather than throw away or donate.

Also, if the layout of your new home is different from your current home and you’re thinking of replacing some larger items, like furniture, sell those pieces now – before you move. Not only could this save you money, but getting some cash for these items could make your move easier to pay for.

2. Make your own packaging

If you work full time, you may only have a certain number of hours in the day to pack your house. But as tempting as it may be to hire movers to not only transport your belongings to your new home, but also to pack them, it could skyrocket your costs.

A better bet is to take the time to do your own packaging. Figure out how long it will take to pack each room in your home and set a schedule so you can finish the job on time.

3. Shop around for quotes

Some movers charge an hourly rate for the work they do, while other companies may charge a one-time fee for the work to be done. It’s hard to say which will be the best option for you, because while a flat rate might seem more expensive initially, you at least benefit from a cap on your costs at some point. With an hourly rate, you could end up breaking your budget if your move takes longer than expected.

Either way, be sure to get quotes from several different movers before making your choice. And also, be sure to read customer reviews, because the last thing you want is a bad experience when moving is stressful enough on its own.

If your rent is going up and you can’t afford it, it might be time to look for a new home. Use these tips to reduce your moving costs and give you more flexibility when settling into your new dig.

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