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Thanks to fellow S&S reader, Renee, for these tips on renting in the big city.

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Renting Long-Term in The Big City

As it gets harder for our generation to hop on the housing ladder, more of us are opting to rent long-term instead of buying a home.

And we’re not renting in our hometowns. Many of us are moving into cities to find land jobs with high enough salaries to cover our student loan payments. That typically means moving into an area you’re not completely familiar with while you’re trying to navigate the rental process for the first time.

To make this a little easier on you, here are some tips on renting long-term in the city.

Pay attention to proximity to work

The number one concern for young professionals looking to rent is the commute.

Cities like LA pretty much require a car. While cities like New York offer public transportation options. Either way, your commute will cost you! Both in time and money.

Naturally, the closer you are to the center of a major city, the higher the rents are likely to be. This is prime real estate, and they charge for it.

But consider how much you’d spend on car payments, insurance, gas, and maintenance (or trains and ubers) if you live far from the office. And how much time of your life would you lose every month making that commute?

It may be well worth the added housing cost to live near your workplace and save money and time on a long commute.

Don’t get gouged

In hot rental markets, landlords have the upper hand. They often receive competing offers for their rentals, and some unscrupulous landlords may try to take advantage of the situation.

Finding resources for rent rates in specific cities can help you get the best price for your next apartment by showing you the average monthly rent price for your area.

It’s worth noting that the bigger city isn’t always the more expensive option. For example, San Francisco has an average rent per month of $3,888, while the average rent in (the much bigger) LA is only $2,431.

If you have your choice of cities, pay close attention to the cost of living differences. If both markets pay the same salaries, but your costs of living would be much higher in San Francisco than LA, take LA and have your paychecks go farther every month.

Enjoy the big city and stay money savvy!