Updated: Feb 1
Renting for Families. Is Affordable Housing the Answer?
When you and your family need an apartment to rent but the rising cost of living, bad credit, or financial difficulty make lease approval difficult, it may be time to consider affordable housing.
You want the best for your children, a safe and secure place to call home. You want an apartment you can afford or a space to rent despite your credit, finances, or rental history. The good news is that second chance apartments are an option for single families and for those who need affordability in a friendly neighborhood.
To help you find the right home for you and your loved ones, the following family guide breaks down the ins and outs of affordable housing, how to qualify, and why second chance properties are a popular choice for the housing needs of families.
Let’s start by looking at affordable housing and what it means for families.
What is Affordable Housing for Families?
If you are a family or single-income household and you’re looking for an apartment to rent that is also affordable, consider affordable housing and second chance apartments.
Affordable housing and second chance apartments in great neighborhoods are growing in demand as it provides immense opportunities for all residents. You can find rentals in 1, 2 and 3 bedrooms with fully kitted appliances and contemporary finishes. You will also find a strong sense of community with both tenants and landlords willing to work with residents.
Second chance properties will consider applicants with bad credit, a less-than-desirable rental history, first-time renters, and those with a low to mid-income bracket. Where individuals may not be considered for a traditional apartment rental, a second chance apartment can certainly help.
How Do You Know if You Qualify for Affordable or Second Chance Renting?
You can determine whether you fall into the affordable apartment bracket by considering your rental expenditure. If the rent of a future apartment constitutes 30% of your income, you may qualify for affordable housing.
Both affordable housing and second chance properties will involve an application evaluation. Simply be honest in your application and inform your future landlord of the apartment you are looking for to accommodate your family. At Apartments Near Me, you will find a team of caring professionals who are ready to help you find the right rental for your needs.
To help you make the best decision, we take a closer look at the benefits of affordable housing.
The Benefits of Affordable Housing for Families
Now that we’ve explored what affordable housing is, it’s time to consider how it can benefit you and your loved ones.
What You Don’t Know About Affordable Housing
If you’ve heard of affordable housing, you may also have heard about the stereotypes and the negative press. From high crime rates to poor security, these beliefs simply do not represent the affordable rentals you can find today.
The modern second chance apartment for example offers round the clock security, a friendly neighborhood, and fully renovated units. It is close to amenities and provides a safe environment for children.
The Benefits of Affordable Housing for Families
Stability and Affordability
According to household statistics, more than 19 million US residents spend over half their income on their rent. Affordable housing provides a stable and secure environment in which families can raise their children and prevent finding themselves homeless.
High rental costs leave many low-income households vulnerable and unable to cover pressing expenses including rent. In light of COVID-19, there are families who are finding themselves in financial difficulty. Affordable Housing allows families to cover the rent while focusing on creating a savings plan.
When you have a place to rent and an income to cover your expenses, you can better provide for the educational needs of your children. Instability can jeopardize performance at school. Knowing you can afford the monthly rent and living expenses help children achieve the best possible academic outcomes.
A Secure Neighborhood
Every child and parent can benefit from a safe communal environment. There is a misconception that affordable homes mean high crime rates. In fact, today’s affordable apartments and second chance rentals are secure with working residents who contribute to a dedicated and supportive community.
Building Jobs for the Future
Did you know that affordable housing developments are on the rise and the demand exceeding the supply? Investors are developing properties that provide low to middle-income households with an apartment they can afford to rent. As properties continue to expand and undergo significant improvements, it creates jobs from maintenance to security. There is no doubt that affordable housing is transforming the property sector for the better.
Is Affordable Housing Safe for Your Family?
Today’s second chance apartment and affordable homes prioritize neighborhood safety. Many developments are built in urban areas adding value to surrounding properties. Gone are the days of high crime communities with the arrival of modern housing and ongoing property developments.
Is Affordable Housing Near Schools?
Many types of affordable and low-cost housing developments are built within close proximity to schools. It is also constructed close to public transport making it easier to reach schools, amenities, and essential services.
What is the Difference Between Section 8, Public Housing, and Affordable Housing for Families?
Section 8 and public housing are subsidized rentals. The government issues tenants with a voucher that is paid towards the rent every month for qualifying applicants.
Affordable housing is not subsidized. Individuals are financially responsible for the full monthly rent as stated in the lease. The rent must not exceed 30% of the applicant’s income; however, they must be able to afford the apartment.
If you need government assistance concerning your rent, contacting the HUD will help you determine the options available including the application process.
Choosing the Right Apartment Space and Neighborhood for Your Family
One of the most important questions you may ask yourself when looking to rent an apartment is how to choose a rental space. You can consider living upstairs or downstairs in an apartment but the question is really about choosing an apartment that is spacious, that is safe, and that can be comfortably afforded.
Studies concerning single households revealed that most renters opted for spacious apartments in affordable housing neighborhoods. Fortunately, modern developments focus on building apartments with open plan designs and multi-room spaces that cater to the needs of single and family applicants.
Many are under the misconception that you have to choose between a spacious apartment, safety, and the proximity of the unit to public transport stops. The newer affordable and second chance homes provide renters the choice of apartment and within reach of major highways and city requirements.
No longer do you have to sacrifice room space or location to find the right type of dwelling for your loved ones. Simply contact a professional and trusted rental provider who can assist with units to accommodate your family.
Remember, always be honest about the number of people or children who will be living in your apartment. This can prevent complications that include disregarding the terms of your lease..
With more property developments for affordable homes underway, you are sure to find the right size and type of rental suits your interests and your pocket.
At Apartments Near Me, you will find a range of cost-effective apartment rentals but also fully renovated units that are perfect for raising a family. The open plan design improves a spacious feel and multi-family units can be accommodated.
If you are unsure about a rental or the processes involved to qualify, simply speak to your trusted landlord to assist in finding a place that you can afford.
How Much Do You Need to Earn to Qualify for an Affordable Apartment to Rent?
As previously mentioned, you need to afford 30% of your income going towards rent. No more if you can comfortably cover your expenses and the cost for monthly rentals then you could qualify for an apartment.
Also, be sure to speak to the rental team or landlord to determine what they are looking for in tenants. This allows you to focus your efforts on renting to covering essential expenses.
For those who may be struggling financially, we suggest reading our blog on 10 Steps to Financial Stability. Our guide focuses on the simple changes you can make to improve your finances and perhaps start saving towards your very own house!
Do I Make too Much for Affordable Housing?
One of the most commonly asked questions in affordable housing is whether a household can make too much money to qualify for an apartment. While every state requirement is different and you should always speak to the company you are applying to. At the moment, the government standard requires that a family spend no higher than 30% of their household income on their rent. This regulation also applies to single-parent households
If you earn slightly more than the required income for an apartment, and you have a family, you can still apply for affordable housing or a second chance apartment. Simply speak to the landlord and discuss the reason you are seeking an affordable rental. Some leases have an income limit while others will be open to listening to your requirements and making the necessary negotiations.
There are many people who make the mistake of failing to communicate with the landlord, which means missed opportunity.
Is Affordable Housing What It’s Cut-Out to Be?
There are many people who are interested in affordable housing but there are also those who are apprehensive about the market. Let me put it this way if you could live in a securely monitored community with a rent you can afford and benefit from a sense of community, wouldn’t you take advantage of it? Many would, especially those with children to consider and to take care of.
Affordable homes and second chance renting continue to make a difference in the lives of entire families no matter their background.
Factors Concerning Affordable Housing for Families
We explore the following common questions surrounding affordable housing and families.
Do I Have to Have a Family to get Affordable Housing?
No, all persons who meet the stipulated qualifying criteria can apply for a rental. Whether you are a single applicant or a family, you simply need to follow the requirements of the landlord for a home you can afford.
Can I Have a Spouse or Significant other Living with me in my affordable housing?
Unless this is permitted in the lease, you will not be able to add individuals to the apartment. If you incorporate more people into the rental without informing the landlord, this could be a violation of the lease.
If My Child is Disabled Does that Mean I will Qualify? Will it make a difference?
It will not make a difference concerning the disability of your child unless it affects your income and you are no longer able to afford another apartment.
Housing Options for Teenage Parents
New parents and particularly adolescent adults will find it difficult to find an apartment they can afford to rent. This is particularly true for first-time renters.
By contacting your second chance apartment provider, young families can learn of the options available including monthly rent and qualifying criteria.
What is a Second Chance Property for a Family?
The second chance property consists of a rental unit that includes modern construction plans and design features to safely accommodate all individuals to the program.
Why Choose a Second Chance Apartment to Rent?
A second chance apartment to rent is affordable, it is secure and it ensures that you have taken the steps to provide for the needs and the interests of your loved ones.
At Apartments Near Me, we discourage the stereotype and instead, we encourage renters to speak to us about their lifestyles, their interests, and their need for a second chance.
Feel free to speak to us about your interests in a second chance community and discover a new way of renting.