If you’re looking to rent a new place in Santa Monica, you probably already know that it’s going to cost you. The good news is that rent has been going down in Santa Monica over the past two months. The bad news is that it is still extremely expensive.
Rent in the US as a whole is still a major affordability concern, especially with the cost of living increasing in other ways. While incomes are increasing, they’re not keeping pace with inflation, and it is harder than ever to afford rent.
There are ways to save money on rent in Santa Monica, but you may have to compromise. Here are some potential money-saving tips.
When you’re trying to lower your monthly costs, insurance is going to come up over and over again. The reality is that you’re paying for many different types of insurance and all of them are non-negotiable.
That doesn’t mean they all have to be expensive, though. Renters insurance in California can be as cheap as $5 a month. If you already have renters insurance that is more expensive, try comparing quotes and seeing if you can change.
Of course, your renters insurance will be more expensive if you have particularly expensive items. For people with hobbies that require expensive equipment, adding them to your insurance brings the price up significantly.
Unless you’ve just left high school and are moving in with your best friend, chances are that a roommate is not what you want. The older we get, the more we desire our personal space, especially if we are already used to having a place to ourselves.
However, getting a roommate is one of the most effective ways to save money on rent. Rather than paying for a whole apartment for yourself, you’re paying for a room and for usage of the common areas. If you’re willing to share a room, you can cut down the price even further (although that scenario is best left to young BFFs).
Compromising can save you some serious cash. But you should have your non-negotiables. Boundaries are crucial for good roommate relationships, and you should not move in with someone you’re unsure of.
Everyone wants to live in the best neighborhoods and no one wants to live in the worst ones. Prices reflect that. If you’re trying to save money and expect to stay in one of Santa Monica’s prime locations, you’re going to be disappointed. However, you don’t have to live in the cheapest neighborhoods to save money.
By finding an apartment in a so-called ‘adjacent’ neighborhood, you can get an affordable place in a good location. These are neighborhoods that are adjacent to the most desirable spots. You’ll need to spend a bit more time in the car to get to certain destinations, but it is well worth it for the lower rent.
Rent has been going up for years, but the incline has not been uninterrupted. Towards the end of both 2020 and 2021, rent decreased slightly. We have seen a similar trend so far in 2022. The fact is that people prefer to move in the spring and summer seasons and prices are lowest in winter.
It might seem strange that this is the case in a city which never freezes over. People hate moving in winter because of the immense cold and the snow, but Santa Monica does not have that problem. Nonetheless, the trend exists. There could be a number of reasons for this that don’t involve the cold, including the desire for stability around the festive season.
Renting in Santa Monica will always be expensive, although more affordable housing is being built, but there are ways to save on rent. The above tips will help you keep your spending in check and open up your budget for the increased cost of living.