3 Ways to Afford a New Luxury Apartment

Apartments in philly

It might seem out of reach, but you’d be surprised how many people can afford a new luxury apartment without even knowing it. Renting overall is much cheaper than buying a home so if you’re already paying a mortgage, switching to even a new luxury apartment will be less expensive. Even for those currently apartment living though, you might be able to upgrade from a low-end city apartment to one of the best apartments in the city by finding the right deal. Here are three ways to increase your chances.

    1.) New Job: A new job or promotion can be the perfect reason and opportunity to find an apartment upgrade. Even a slight increase in pay can have a big annual impact. A $1 per hour raise would give you $2,080 extra for the year (before taxes). Budget that money right into rent and you would give yourself almost $175 more to pay a month. The average price of rent in Philadelphia was $819 in 2013. Chances are $1,000 will get you a lot more in terms of amenities and overall size.

    2.) Find a Roommate: Many people enjoy the freedom and independence associated with living on their own, but they’re also hurting their ability to maximize their living space. By finding a roommate you inherently double the budget you can afford for rent, assuming of course both parties are in agreement to split the cost. Like most industries, you’re going to get a better value the more you decide to spend. For example a one-bedroom place might cost $800 a month while a two-bedroom unit of similar size is only $1,000. Leaving you with the choice of paying less in rent ($500) or finding a bigger, better, new luxury apartment for $1,600 (still $800 a person) a month.

    3.) Cut Other Expenses: Finding places to save money can be frustrating and difficult, but it can be done. Owning a car, for example, might not be necessary if you live in a city with good public transportation. The advent of things like Netflix and Apple TV are making cable unnecessary as well. You don’t want to limit spending on important things like food and hygiene, but it wouldn’t kill you to limit after-work drinks to once a week or so.

Luxury apartments offer comforts and qualities that many places, including home ownership, simply cannot. If upgrading your living situation appeals to you, try following these steps to make your dream a reality.

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