Destination Location: Save on Local Rent

Among the many factors affecting household and apartment prices, location is chief.

Understandably, better locations procure higher value.

If you’re searching for a new rental, or, if you’re a prospective seller looking for an edge, check out the following locational factors affecting value.

City Proximity

Sure, city’s bring noise, crowds and busy days. They do, however, carry incredible value in terms of locational benefits.

Consider this: As a home or apartment’s proximity to a city center increases, transportation and connectivity costs decrease.

Rentals near bustling locations harbor incredible amenities. Short-distance travel, retail epicenters, school proximity and ease of accommodation all factor into city life. So, if you’re balancing features with cost, your best bet is to plant roots just beyond the city’s downtown area—or beyond its limits overall.

Assuming transportation costs aren’t ludicrously high, you’ll likely save money in the long run. Rent, in general, will hit your wallet more than a train or bus ride.

Climate

While less impactful, seasonal climates do affect overall expenses.

Utility bills are contingent upon electricity needs, and different areas require different heating and cooling needs. While utilities don’t affect rental prices, they do impact monthly living costs.

Your home or apartment rental carries a higher value if it consumes high utilities.

Additionally, rental complexes charging base rent with utilities included will maintain higher costs. The Bureau of Labor Statistics has revealed approximately .1 percent of consumer index prices fall in August following similar rises in July.

Seasons affect market price values as consumers have less disposable income. If you’re targeting an area’s rental opportunities, stable climate may benefit you.

Proximity to Schools

Elementary schools, middle schools and high schools increase a rental property’s value.

College universities, too, heighten rental costs, depending upon the location’s proximity. In general, prices rise as proximity to a school increase. This occurs due to inherent needs to engage education.

While work buildings are widespread, most locations only contain several schools.

To save money on your rental, balance distance, again, with transportation costs. College campuses are widely accessible, as most students don’t have vehicles.

If you’re able to walk, settling down another mile away may be well-worth the walk.

Other Rent Reducers

Several factors further decrease rent costs. That said, some factors may not be worth lesser expenses.

Several rent reducers include:

  • Proximity to a substation
  • Proximity to industrial estates
  • Proximity to a railway
  • Bad neighborhoods

Socioeconomic potential greatly influences a rental’s value.

A household or apartment located near commercial properties or noisy pubs may carry less rental value. However, renters should always examine an area’s past growth and future opportunity.

Sometimes, an area’s upscale increases its comprehensive cost of living impact. If you’re renting, or reselling, a home or apartment in a growing area, such knowledge is incredibly useful.

Buying cheap and selling high is a no-brainer, but the coin’s other side can severely hinder renters adhering to set living standards.

Above all, research your area’s benefits. While living standards should be prioritized, they can be balanced against price to find great, affordable living spaces.

Tags: