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You need a home you can afford but when it comes to affordable housing, everything from low-cost to Section 8 can be confusing and overwhelming to understand. Affordable housing is a great start and with property developments on the rise, more people, including families, are interested in renting an affordable apartment. As with every other house or apartment you rent, there are eligibility criteria you have to meet. The process is about earning an affordable home. We know that affordable housing requires that your rent not exceed 30% of your income. This is the government standard to ensure that you can cover general living expenses along with the monthly rent. Each state also has a median income that households should meet to qualify for a rental. There is a problem with using median income to determine affordability. In higher-income communities, the median income is greater than other neighborhoods, but this doesn’t mean that affordable housing in those regions is out of the question. Unfortunately, factors such as median income, and living close to the city leave many under the impression that they cannot afford to live in these areas. Affordable housing need not be a complicated topic. If you are interested in affordable apartments, we are here to help you find the best value including the factors that may disqualify you for affordable housing. Let’s Look at the Requirements for Affordable Housing: As previously mentioned, if the monthly rent requested by a landlord is 30% of your income, you could qualify for affordable housing. Another way to determine qualifying income is to learn of the state law concerning such rentals. Local housing authorities can advise on average income requirements for specific areas. You can find the definition of affordable housing by visiting our Affordable Housing page. Here we explore everything you need to know about the affordable housing market including the differences between low-income and section 8 homes. I’m Interested in Affordable Housing, What Do I Need to Qualify? Affordable housing landlords look at multiple factors prior to issuing a qualifying lease. These factors include: Credit score Proof of income Proof of employment Background check Providing your landlord with sufficient information can help you improve your chances of obtaining a lease. Understanding how to be approved for an apartment will assist in preparing the documents and following due process to improve your chances of qualifying. Jump to: How Can I Get Affordable Housing Quickly? If I Qualify for Public Housing, Do I Qualify for Affordable Housing? What Disqualifies Me for Affordable Housing? Applicants must be 18 years old to apply for affordable housing. You may notice that affordable homes require “families” to apply; however, this does not disqualify a single person from applying for a rental. You also do not have to have children to apply for an affordable house. You will be disqualified from affordable housing if your income exceeds the eligibility criteria. You can contact your local housing authority to determine the average income requirements per state and area. You have outstanding debts on HUD or affordable housing authorities. If you can provide your landlord proof that you are in the process of settling these debts, you can improve your chances of being accepted for a lease. False information on your application is an immediate disqualification. Whether your credit, previous eviction, or criminal history, always be transparent. It will be appreciated by your landlord and place your application in a better light. We explore the factors that could disqualify your application for affordable housing. Does a Criminal Record Automatically Disqualify Me for Affordable Housing? If you have a criminal record, you may find it harder to receive approval for affordable housing, but it does not mean that you are disqualified. When you have a record for an arrest but not a criminal conviction, it can improve your chances of receiving approval for affordable housing. For a felony charge including assault or substance-related conviction, it may be more difficult to receive approval. This is particularly true if you have a history of such convictions. This is owed to the risk posed to remaining residents. The length of time served and the nature of the offense will influence your qualification. Most convictions that have occurred in the last year to a few months will be disqualified for affordable apartments. Persons who are registered on the sex offender list per state will not be eligible for affordable housing. Evictions based on drug offenses will not qualify. Jump To: What Can You Do to Qualify for Affordable Housing? Why Don’t I Meet the Criteria for Affordable Housing? My Income is Higher than the Required Affordable Housing Bracket. Am I Automatically Disqualified? Affordable housing programs will differ based on eligibility requirements. Every state will set income limits for qualifying income. Even if your income exceeds the stipulated bracket, it is not an automatic disqualification. It is best to contact your landlord or local housing authority to discuss your circumstances. I’ve Been Previously Evicted. Can I Still Apply for Affordable Housing? Evictions do not generally disqualify you for affordable housing. The application approval is determined by the reason for the eviction. Whether the name on the lease or one of the members in the household, if anyone is evicted for a conviction for drugs, violence, or registered as a sex offender, an application for an affordable housing lease can be denied. Evictions pertaining to credit, debts, or complaints should be discussed with the landlord in your application. Issue supporting documents concerning the reason for your eviction. My Credit Score is Below Average. Am I Disqualified for Affordable Housing? Your credit score alone simply cannot disqualify you for affordable housing. When you apply for an affordable apartment rental, you will be subject to an Application Evaluation. During this review, a credit check is a mandatory process. You can facilitate the credit check by ensuring that the information included in the report is up to date. At the end of the day, if your credit is negative, your future landlord cannot simply reject your application. You should include your rental history (which should be positive) and information such as settling debt or steps to improve your credit to show the landlord that you can be a reliable, paying tenant. If you do have a negative credit score, consider building fair savings. This is viewed most favorably. Your future landlord wants to know that you can afford the monthly rent and your living expenses apart from managing your debts. By creating a savings plan and adhering to a strict budget, can help you in your rental application. Consider our 10 steps to financial stability to work towards a savings plan and an improved rental future. Can a Single Person Get Affordable Housing? Yes, a single person can qualify for affordable housing. Many people who do not have children do not apply for affordable apartments for fear that their application will be rejected. While the HUD commonly uses the term “household” to describe a family, single persons are eligible to apply for a one or two-bedroom apartment. Jump To: Qualifying, Disqualifying & You Can I Appeal a Denied Application for Affordable Housing? I’m a Single Parent. Do I Qualify for Affordable housing? Yes, all single parents can qualify for affordable housing. If you are pursuing a lease, always be honest about the ages of the individuals and the number of people who will be placed on the lease agreement. This can prevent complications including the possibility of an eviction owing to false information. I’ve Been Denied for Subsidized Housing. Is this the Same as Affordable Housing? Subsidized housing or Section 8 housing includes the government issue of a housing voucher. These vouchers contribute to paying the monthly rent. Affordable housing on the other hand is based on your income and eligibility criteria without the issue of a housing voucher. If you are rejected for housing subsidies, it may be owed to falling into a higher income bracket. Not all persons qualify for Section 8. This does not mean that you will be automatically disqualified for affordable housing. Instead, you should follow the application criteria as set by your landlord. What is Public Housing? Public housing consists of rental developments for low-income families, seniors, and individuals managing disabilities. The purpose of public housing is to make rentals accessible to a diverse income bracket with safe and comfortable housing features. Public housing is considered for the most vulnerable of communities. If we compare public housing to affordable housing, we see that affordable homes to rent do not include subsidizing, and are based on the earning potential, credit, and background assessment of applicants. If I Qualify for Public Housing, Do I Qualify for Affordable Housing? If you qualify for public housing, it does not necessarily mean that you will qualify for affordable housing. Each landlord has their own set of criteria. You could meet the requirements with one landlord for affordability and not the other. The qualification for an apartment lease will largely depend on your income, whether you are subsidized, and many other factors from credit to rental history. Jump To: What Disqualifies Me for Affordable Housing? I’m interested in Affordable Housing, What do I need to qualify? Why am I Disqualified for Section 8 Housing? If you find yourself disqualified for Section 8 housing, it is important to consider the reason. If it is not due to exceeding the income limit, then your rejection for section 8 could affect your future rental application with another property management business. Corruption with the local housing authority, convictions, and falsifying information are common reasons for being disqualified from Section 8. Why Don’t I Meet the Criteria for Affordable Housing? So, you’ve applied for affordable housing and just got your application rejected. Here’s what to do: Check the information submitted in your lease application. All details must be correctly recorded to avoid delays or disruptions in processing. Include supporting documentation. From your proof of address and employment to debt management, provide landlords with reasons to want to have you as a tenant. If you have bad credit, then a statement showing you paying off a credit card or debt can support financial management. If an eviction or criminal record, reasons surrounding the case, character references, and history can improve your rental application. Do you meet the affordability requirements? This is a major reason to get rejected for affordable housing. Can I Appeal a Denied Application for Affordable Housing? If you are denied an application for affordable housing, the landlord will send notice of your denial. If you have applied for subsidized housing and the application rejected, then you may have grounds to appeal the decision. Remember, appealing the decision does not automatically mean you will receive housing assistance. Individual factors are considered to determine whether you truly qualify for housing. Only the Following Housing Programs Allow for an Appeal: Section 8 Public Housing Rentals governed by the USDA Jump To: Does a Criminal Record Automatically Disqualify me for Affordable Housing? My Credit Score is below average. Am I Disqualified for Affordable Housing? What You Can Do to Qualify for Affordable Housing? If you are interested in renting an affordable house, there are steps you can take to improve the quality of your application. As the saying goes: “first impressions are lasting impressions.” Let’s get ready to impress! Complete Requirements Set By the Landlord Impress your future landlord with an application that answers all their questions. Add your proof of income, employment, rental history, and testimonials to support the application. Get a Co-Signer if You Earn Too Little If you find that you do not meet the required income bracket, a guarantor or co-signer with a positive credit history and a fair income may assist. This involves signing a surety on your behalf that should you be unable to afford the rent, your co-signer will be responsible for payment. Choose wisely. I’ve Been Accepted for Affordable Housing but My Salary Increased. Will I Be Evicted? As long as you can pay your rent on time and you are a good tenant, you cannot be evicted based on your earnings increasing after you were approved for an apartment. According to the US Department of Housing and Urban Development (HUD), it is not considered ‘fair’ to have higher earning tenants in public or low-cost housing. Tenants who adhere to the rental policy will be protected against unlawful evictions based on income alone. How Can I Get Affordable Housing Quickly? If you are looking for affordable housing fast, it is important to get in touch with your local housing authority to determine which properties in which areas are available. Owing to the increased demand for affordable homes, you may be placed on a waiting list. You can also speak to the team at Apartments Near Me to learn of available units in Memphis and beyond. Jump To: What is Public Housing? I’ve been Denied for Subsidized Housing. Is this the Same as Affordable Housing? Qualifying, Disqualifying & You! You can be disqualified for affordable housing if you fail to meet the criteria established by the landlord. An apartment lease is a professional contract and if you cannot meet the terms of the contract, the agreement is null and void. Fortunately, with some research and an understanding of the landlord’s requirements, you can prepare an honest and incredible application that places your potential tenancy in a positive light. Remember, affordable housing is different from public housing or Section 8. If you are unsure of the application process for a rental apartment, contact the landlord or the administration for clarity. If you are unsure about adding certain documents, rather include them in the application than leave them out. The landlord can simply ignore the details they are not interested in but if they must chase after information, it could compromise the rental application. Be prepared, be positive, and you could be moving into your new apartment in no time!

If you’ve fallen on hard times and paying too much rent or your earnings are part of a low-income bracket, you'll want to know whether you qualify for low cost and affordable housing. Low-Income housing is one of the best options when you need an apartment to rent and that you can afford. Remember, the ability to afford your rent every month means security and a roof over your head. It is also an opportunity to save money each month so you can eventually build a deposit and buy a house, even on a low income. To help you learn whether you can benefit from low-income housing, the following guide details what low-income housing is, what you should be earning to qualify, and how to get approved. We explore everything you should know about low-income housing, so you can make valuable and informed decisions for your family and your financial future. What Exactly is Low-Income Housing? Affordable housing and low income housing began in 1934 in the US. It was passed into law by congress who created the Federal Housing Administration. In 1937, the US Housing Act allowed private developers and businesses to make public housing available to low income earners. Today, according to the U.S. Department of Housing and Urban Development (HUD), if your gross expenses including your utilities are less than 30% of your gross income then a home is considered affordable. Before we can understand affordability, we need to understand what low income is... What is Considered Low Income in the United States? In 2019, 29% of Americans were considered as low income. Low-earning households in the US are those who earn below two-thirds of the national median income. But affordable housing qualifying criteria are not that easy to calculate. It also differs depending on the state that you live in. For example: A household of 4 living in San Francisco is considered low income if they earn $100 000 per year. In places such as Washington, Los Angeles, and New York, the household income must equate to $70 000 per year for the same number of people and children, to be considered low income. To help you determine your income for qualifying purposes, you can visit the HUD 2017 Income Limits. Once you have determined whether you fall into the low income bracket for your state, you can start looking at affordable housing options whether you are single or a family. *Special consideration by the government is given to children, seniors, and those with disabilities for public and affordable housing assistance. Low-Income housing is determined by a government standard based on what you earn. To avoid unmanageable debts and burdened finances, a home you can afford with all the comforts and the security can be found with qualifying low-income apartments. Looking for affordable or low-income housing can be overwhelming and confusing. You're aware of the affordable housing stereotype and yes, there are low cost rentals in unfavorable neighborhoods, but not all low income rentals offer the same features. You can find low income or affordable housing to suit your lifestyle and your pocket. Our goal is to help you along your housing journey by looking at the options below Types of Low-Income Housing Many are confused by “low-income housing.” This includes a perception that it is only government-funded or Section 8. Unfortunately, this can lead to a missed opportunity to afford a rental without financial assistance. To determine which housing options are available to you, we look at different types of housing. The Difference Between Low Cost and Affordable Housing Low cost housing includes apartments to rent that are only available for those who fall into a low income bracket. Such households may qualify for public or section 8 housing voucher programs. Affordable housing is also income based but determined by what you can manage financially. This includes an assessment of your income less your living expenses and rent. Such households may qualify for an affordable home but not section 8. Section 8 The Section 8 program subsidizes low-income families with the government issue of a “housing voucher” to make up the difference in affordability for rent. These vouchers can only be used for properties that qualify as Section 8 housing. Public Housing A local housing company or authority governs public housing for low-income families. Qualifying criteria and rent are based on what applicants can afford. Affordable Housing Affordable housing is available for low to median-income families. In such instances, you must show that you can afford the monthly rent and that it does not exceed 30% of your monthly income. Rent does not include a subsidy and you are responsible for the payment of rent. JUMP TO: 1. Is There an Affordable Housing Shortage in the US? 2. What is HUD Housing? Where Can You Learn More About Qualifying? A simple way to learn of the qualifying criteria for low-income housing is to visit our Housing Application & FAQ page. Here you will find a complete list of resources that breakdown just what you need to do to apply and to qualify for your next rental. What Will I Be Paying for Rent? An important part of low-income housing is whether you can afford the rent each month. By understanding what you will be paying, you can best manage your expenses including any outstanding debts you’re currently paying off. If we go back to the example of the 30% housing rule, you can determine whether the cost of future rent constitutes 30% or more of your earnings. If so, you may apply for section-8 assisted housing. The amount of rent you will pay will differ based on the community/neighborhood, the number of bedrooms, and the overall size of the apartment. If we look at the rental costs for a low-income family of 3, the average rent is $500 - $540 per month. For landlords, a calculation of the average income per applicant and overall affordability can influence the monthly rent. JUMP TO: 1. Where do I Find Low-Income Housing? 2. What are My Options for Low-Income Housing? How Do I Know if I Qualify for Affordable Housing? You can determine whether you qualify for low-income housing by contacting the HUD or your public housing/Section 8 authorities. Whether you contact your local housing authority or an affordable housing landlord, you must provide proof of income. This can include a pay stub, an IRS tax certificate, or an invoice. Remember that every applicant will be subject to a background check. This includes eviction history, credit reports, and any criminal records. *Only US citizens can apply for affordable housing programs. How Do I Apply for Low-Income Housing? Start by working out what your gross salary is per month, then deduct your living expenses. The percentage of income remaining is the portion you can contribute to your monthly rent. Before you apply, you can determine whether you qualify for low-income or affordable apartments. The next step of the application process is to contact the landlord or your housing authority and to learn of the application criteria. Common requirements include proof of income (including bank statements), proof of employment, and a credit check. You can also learn how to improve your chances for a rental by checking out our apartment approval guide. We break down the steps you can take to improve the acceptance of your apartment application. How Long Does It Take to Get Approved for Low-Income Housing? Affordable housing applications work in the same way as regular property rental applications. Send your documents to the landlord or property manager concerning the available rental andwithin 24 to 72 hours, you should receive a response for the lease approval. When applying for Section 8 housing, the process works a little differently. You will apply to a housing authority governing Section 8 applications and be placed on a waiting list. Depending on your earnings and the costs for rent, you will receive a voucher you can use towards monthly rentals. The HUD offers subsidized rent for low-income veterans and seniors. If you fall into these applicant categories, consult with the HUD to learn more about these options. JUMP TO: 1. What Exactly is Low-Income Housing? 2. What are the Benefits of Low-Income Housing for Families? Can I Use a Housing Voucher in My Apartment/Rental Application? Only if you are a qualifying Section 8 applicant will you be able to use a government-issued voucher towards rent. The housing voucher only pays the difference between what an applicant can afford and the actual rent amount. What are Some of the Eligibility Criteria for Low Income Housing? Income qualifications will vary depending on the type of property you are interested in. Every low-income housing application will have a set of qualifying criteria such as affordability, credit history, and proof of a full-time income/salary. If you have negative credit, bankruptcy, or a previous eviction, you should consider second chance renting which is part of the affordable housing market. Second chance apartments offer the benefits of both affordability and consideration of tenants with a less than desirable credit or eviction history. What is HUD Housing? The HUD issues federal housing to a housing agency. These housing agencies will then determine which residents qualify for the rent according to low-income criteria. The role of the HUD is to oversee the development and management of these properties. How Do I Qualify for HUD Housing? Hud housing differs between affordable housing applications. If you are considered below the low-income bracket, then HUD Housing may be an applicable option for your rental needs. Families who qualify for the HUD rental will earn below the 30% affordability requirement. When you apply to the HUD, specific eligibility criteria will be considered including your annual income before tax. JUMP TO: 1. What will I be Paying for Rent? 2. What is Low-Income? Can I Use My Social Security as Low-Income for Housing? Low-Income housing such as Section 8 will issue vouchers to qualifying applicants. These vouchers will cover the difference between the rent and what you can afford. If you are looking to qualify for state housing, the housing authority will use your gross income to calculate the monthly rent. Federal housing will use the annual income as qualifying criteria. For state or public housing, if you receive funds from the SSI, this could be considered part of your income. It will not be considered a part of income for federal housing. Where Do I Find Low-Income Housing? If you are interested in applying for a low-income rental, you can find apartments with second chance communities and the local housing agency. You can also contact the HUD to determine whether there are qualifying properties in your location. Apartments Near Me provides affordable and quality housing services for applicants in Memphis. Simply contact us for more information. What are the Benefits of Low-Income Housing for Families? If you are still apprehensive about what low-income housing can do for you, consider the following benefits it offers for your financial and living needs. Affordable housing offers all the features and comforts you will find with regularly priced apartments. The difference is the ability to afford the rent and finding the ideal location. Not only can you proudly rent an apartment for yourself or your family, but you can also work on your finances and save for your future. Many families who are covering the exorbitant costs of a high rental have little funds remaining for pressing expenses, let alone an unforeseen event or savings. Affordable housing is a means of creating that savings plan or working on improving your credit rating. Even if you have experienced an eviction in the past, you can also work on improving your tenancy record with second chance apartments. JUMP TO: 1. Can I use a Housing Voucher in my Apartment/Rental Application? 2. Types of Low-Income Housing What are My Options for Low-Income Housing? When you pursue low-income housing, it is important to consider affordable housing. Affordable apartments are growing in popularity because it offers a fairly priced rental with appealing and practical features. You can find cost-effective places to rent in a 1-, 2- or 3-bedroom space. Simply speak to your potential landlord about the apartment you are interested in renting and they can help you find the right rental for your needs. Is There an Affordable Housing Shortage in the US? Owing to a slow progression in affordable housing developments and the differences in the state median income for low-income housing, many people are confused about where to find apartments to rent and whether they will qualify. There is also a significant gap between supply and demand; however, with difficult economic times and ongoing uncertainty, more individuals and families are looking for affordable housing. Fortunately, affordable housing and second chance properties are available when you know what to look for and how to prepare for your application. No matter the reason for your financial circumstances, consider trusted affordable housing offering a secure community in a decent neighborhood. With research and understanding the affordability criteria, you can become a part of the affordable housing market.

Demystifying Affordable Housing Stereotypes… There are many misconceptions surrounding affordable housing. Social ills, crime, and dingy apartments are frequently associated with affordability. The Truth is that affordable housing provides an incredible opportunity for singles, couples, and families to rent their very own place that also suits their pocket! It is something I like to call “smart renting.” Before we get to the smart way to rent an apartment you can afford, it is important to understand what affordable housing really means. What is the Definition of Affordable Housing? Affordable housing across the US is defined as housing that can be afforded by a household with funds left to cover basic expenses including food, medical care, and daily transport. According to the federal government, housing is considered affordable when it costs less than 30% of household income. If your salary falls within the housing affordability index, you may qualify for a cost-effective rental. The good news is the ability to start working on a budget. When you can afford your rent, you have the chance to save for a rainy day, to purchase that new car you’ve set your sights on, or you can save for a future property investment. Affordable housing is a smart choice because it helps you do more with your money. It provides security and fosters independence. Jump To: Who Qualifies for Affordable Housing? What is Low Income Housing What is the Smart Way to Rent an Apartment? When you find yourself scraping your pennies to cover the monthly rent, what are you saving for? Most of us recognized the American Dream as owning our very own home but if you fall into the average or below average income bracket, then will owning your own property ever become a reality? If you’re earning $12-$16 an hour, you can save towards that American Dream and it starts with the smart way to rent an apartment. Being smart about what you can afford on a rental, whether a single bedroom or starter home, makes all the difference. By examining your income and essential expenses, you can determine what you can comfortably contribute towards rent and still have some funds over to save for a personal goal. Homes that you can afford are available with fantastic features such as round the clock security, spacious living, and friendly neighborhoods, you just need to know where to look to find them. The second chance apartment is a great example of affordable housing. Along with the immense savings on rent, it is also an option for those with bad credit, prior bankruptcy, foreclosures, and factors that would otherwise make renting an apartment difficult. You can learn more about affordable apartments to rent by visiting second-chance renting made easy. Why a Second Chance Apartment Rental? Do you find yourself trying to save a dollar here and there on gas? Perhaps you enjoy a good deal and never miss out on ways you can save on your everyday expenses or the latest iPhone! We’re all looking to save money but why don’t we look to save on our rent? If you look at what you can afford on monthly rent for an apartment and you still splurge on a place that is out of your price range, it means there is little to no opportunity to build on what you really want or to make your own investment. With the option of second chance apartments, you can find an inviting and safe place to stay while affording your rent. Let’s take a closer look at why there is much stereotyping and misconception surrounding affordable housing in the US. Jump To: Why Affordable Housing in the US? Economic Improvement What is the Biggest Misconception Surrounding Affordable Housing? If you ask someone what their impression of affordable housing is, it may not always sound optimistic. Unfortunately, half-truths have created a misconception about what affordable housing really means. This also means that more people who would’ve benefited from lower rent, avoid affordable homes owing to misinformation. A closer look at the myth vs the facts about affordable housing can help you make an informed future rental decision. Myth Affordable Housing Lowers the Value of the Neighboring Properties Fact Research shows that contemporary housing with a focus on affordable developments can significantly increase property value. Most new developments are designed to align with current property style trends and community lifestyle requirements. This contributes to an improvement in the value of the surrounding properties rather than a reduction. Myth Affordable Housing Increases Crime Rates Fact Affordable housing can create stable economies, retain hard-working tenants, and improve community cohesion. Families who rent affordable apartments desire a safe neighborhood where they can live, work, and raise their children. Myth Affordable Homes Mean Large Families That Will Negatively Impact Local Services and the Community Standard. Fact According to affordable housing statistics, the average-sized family in such homes are smaller than that of a single-family home. The benefit of affordable homes means that more people and their children can find a secure place to live, attend local schools, and invest in the quality of their education. Where rent cannot be afforded, many families have to constantly move, which means children get uprooted and their education and safety compromised. It simply leads to a generation where young ones cannot reach their fullest potential and contribute to the future economy. Myth Building Affordable Housing Will Cause Traffic Congestion Fact Most tenants who rent a cost-effective apartment use public transport especially those located close to the city center. There is also not a significant difference in the traffic rates across areas that include affordable properties to rent. Why Affordable Housing is the Future? A property, apartment, or complex is considered affordable when your income is sufficient to cover the daily expenses, the rent, and still have remaining funds in your account. Forget about scraping by until your next paycheck! When you rent affordably, you rent smartly. This means more money in your account. Affordable housing is also an incredible development that deters crime and encourages a sense of security for renters and their families. Jump To: How to Save for an Affordable Apartment? What is the Smart Way to Rent an Apartment? Is Public Housing the Same as Affordable Housing? Not quite. While public housing is also affordable, it is government subsidized. This means that houses and apartments are built specifically to accommodate the needs of individuals and families who ‘qualify’ or are on a waiting list to receive a home. These developments use public funding to provide qualifying persons with the chance to secure a home. Affordable housing simply means that the income-expense ratio allows the individual to rent an apartment that fits within their budget. In this instance, it is not a subsidized property. It is actually hard-working individuals who earn a monthly income to pay for their rent and their necessities. Are Affordable Housing and Section 8 the Same? Section 8 housing holds tighter restrictions and requirements compared to general affordable tenancy and second chance apartments. Section 8 is a subsidized rental. It is based on how much you earn including deductions for personal expenses every month. In section 8 communities, the rent will differ between tenants depending on the average rental income and the needs of the community. Affordable housing is available for persons of various income qualifications. As with second chance apartments, all applicants are screened prior to being offered a lease agreement. The criteria will include a look at your earnings and affordability, your tenancy history, and proof of employment. It is always a good idea to speak to your future landlord about standards to qualify for a home you can afford. Jump To: How to Choose Affordable Housing- such as a Rental Apartment? What is the Definition of Affordable Housing? Is There a Difference Between Low Income and Affordable Housing? You may have come across terms such as low-income housing and affordable housing, and wondered what the difference is? For both low income and affordable housing, the landlord will issue a set of criteria that applicants must meet before a lease is considered. You can learn more about a lease agreement and what is covered in what is an apartment lease? What is Low-Income Housing? Low-income housing is considered as government-subsidized housing. This includes Section 8 and public housing. To qualify for Section 8 or a public housing rental, applicants are assigned to a program that is overseen by government housing departments. For a Section 8 home, the family is provided a voucher to make up for the difference in their income and the cost for rent. Both low income and section 8 housing are based on qualifying criteria. For public housing, consultation with a local public housing office can help you find a cost-effective place to call your own. The Benefits of Affordable Housing Affordable housing opens a world of opportunity including economic and community benefits. Affordable Homes are Always Rented Many properties offering an affordable rental will have a waiting list to accommodate future tenants. These units tend to remain rented, which provides continued business for landlords and developers, but also offers qualifying tenants the security of a property. Economic Improvement As more people show interest in affordable housing, so are property developers. More contemporary and affordable housing projects mean higher investment opportunities and greater economies of scale. It is a rewarding solution to improving the value of neighborhoods and generating economical interest. Builds Communities Second chance apartments are a great example of a close-knit community. Members tend to establish cohesiveness across complexes and develop a true sense of neighborly and welcoming attitudes. Jump To: Why is Affordable Housing the Future? Is Public Housing the Same as Affordable Housing? How to Choose Affordable Housing such as a Rental Apartment? If you are ready to rent your next apartment, it is important to perform some research into the properties available. Once you have determined what you can afford, the next step is to consider your lifestyle. If you work in the city center, will you have to travel far to reach your place of employment? For personal comfort, determine whether you prefer an open plan apartment, one or two-bedrooms and whether you would like to live in an upstairs or downstairs apartment. With careful consideration of your living needs and your finances, you can find an amazing apartment! How to Save for an Affordable Apartment? If you have an average or lower income, you can rent an apartment with some smart saving. Even if you have bad credit, working on building your finances can deliver immense rewards. Research into the average spending habits of Americans shows just how the rising costs of education, housing, and general living have made it difficult for many to save for a rainy day. Fortunately, there are steps you can take today that will help you qualify for an affordable apartment. Saving for an apartment means the B-word… You guessed it, Budget! Sitting down and looking at your income, your expenses, and where you can cut back can have a profound effect on your future rental options. By cutting back, I mean making a few sacrifices. Consider wants and needs. Expenses such as medical insurance, renters insurance, and food are must-haves but splurging on entertainment may be an area where you can recalculate your expenditure. Simply putting a small amount into a savings account every month will help you in your financial endeavors. You can also read 10 steps to financial stability to learn how you can improve your money management. Jump To: What is the Biggest Misconception Surrounding Affordable Housing? Myths & Facts Who Qualifies for Affordable Housing? As with any rental application, there is a set of criteria that every future tenant must adhere to. The affordable housing applications will differ between landlords. If you are applying for a second chance rental, you can learn how to be approved for an apartment by checking the requirements issued by the landlord. Second chance rentals should always be accompanied by personal documents especially if you have bad credit, a previous eviction, or criminal history. Proof that you are taking steps to manage your credit or presenting character testimony can all support your application. Why Affordable Housing in the US? Finding a home that you can afford, that suits your lifestyle, and that brings you comfort will bring you immense joy. Affordable housing is an opportunity. It provides security and encourages independence and stability. With some research and knowledge, you can find contemporary apartment rentals including second chance apartments offering every comfort and practicality for every lifestyle. While there are many misconceptions surrounding affordable housing, I hope that with some light shed on the myths and the facts, it can help you make the best possible decision for your rental needs and your financial future.

Decorating on a budget doesn’t mean your apartment has to look cheap! You can shop for caviar on a dollar when you know what to look for and how to spend smart. I’ve had my fair share of cheap, small apartments and hadn’t a clue where to start creating the storage, space, and personality I desired. After much “DIY decorating trial and error,” I learned what works and most importantly, how to make things work! Decorating a small rental apartment is easy and most rewarding when you put your personal stamp on your very own décor. Let’s look at the most affordable decorating ideas for your small apartment. Other topics you might like: Increase the Storage Space in Your Apartment What is an Apartment Lease? Why Do Landlords Take a Deposit? How to Prepare Your Small Apartment Makeover Your apartment is your home. A place where you can relax, unwind and feel safe. A great way to achieve these experiences the moment you walk through the door is by decorating your small apartment. The good news is that it doesn’t have to cost a lot and even the tiniest spaces can be made to feel bigger. It all comes down to planning and knowing what to look for. The first step to decorating a small apartment on a budget is to learn where your most pressing needs are. Do you require more storage, is your focus purely on decorating, or will you need a combination of both? Creating a space that reflects your character and supports your lifestyle makes it a vibrant space no matter the size or location. To help you on your small apartment decorating journey, I have found a few nifty tips and tricks you can use to start an apartment makeover. The Do’s and Don’ts of Decorating an Apartment Rental Decorating a rented apartment shouldn’t stop you from adding color and workable spaces; however, it is important to remember to consult with your landlord before making drastic changes. While repainting the walls to suit your color palette is a great idea, I don’t know if ocean blue hues or canary yellow would go down too well with the landlord! Speak to your property manager if you wish to paint, hang shelves, or make significant changes. You can also read your lease terms concerning modifications. Time to start decorating! The 60 30 10 Rule of Apartment Decorating on a Budget You don’t have to have an inner “interior decorator” to make the most of your small apartment. A simple apartment decorating philosophy is the 60 30 10 rule. This rule makes it easier to guide your color selections from choosing to scatter pillows to furniture and throws. Created by principal designer Sarah Lynn Brennan, the rule requires that 60% of the room be the predominant color, 30% the next shade or texture, and the remaining 10% an accent shade. If you choose white as the main color, a secondary could include shades of grey across furniture and throws, with a splash of blue in décor for the accent shade. Choosing Color for a Small Apartment Looking at the 60 30 10 decorating rule, colors for the small apartment should include a neutral shade as the dominant color. A combination of greys, beiges, and neutral tones with natural light will instantly make a room feel bigger. Have fun with choosing your color range for your newly decorated apartment! Bring the Outdoors in with Affordable DIY Apartment Decorating An apartment decorating trend that never seems to go out of style is using plants or cut flowers to enhance the look and feel of a space. You also don’t have to spend on expensive pots to achieve the perfect look. Growing your own plants is the best way to create a modern and airy space. If you live on the top floor, use your patio to create a miniature garden. Plant herbs, flowers or succulents depending on your preference. You can easily use old wood or plastic crates and barrels as pots. Spruce it up with some spray paint or use hot glue and rope to cover the exterior. Once you have decided on a container, apply a waterproof lining, some drainage chips, and compost. Decorate your patio by growing your own little apartment garden. Create Apartment Storage By Recycling One of the biggest issues with a small apartment is storage. Fortunately, you can save money, create unique décor items, and create storage by recycling! Used Jars For the bathroom and the bedroom, you can clean used glass jars and place cotton buds, and other small items for storage in each jar. You can also fill jars with pebbles, shells, or marbles and place them on shelves as an attractive feature. DIY Jar Design Further decorative jar ideas include: Tying ribbons around the jar Painting the inside of the jar with chalk paint Filling with water to add some fresh flowers Applying mosaic tiles to the exterior For some unique décor ideas, you can check out this interesting DIY Jar Mosaic tutorial! With so many different ways to modernize and improve a simple glass jar, you may even start a new hobby. Gift Boxes When you go to the store and see a beautiful gift box, it doesn’t only have to be used on a birthday or through the Holidays! Git boxes are cheap, available in different colors and sizes making it a smart choice for storage. You can place cosmetics, hygiene items, hair accessories, and similar valuables in a gift box. Stack these on your side table next to your bed or as a centerpiece on your dining table. Choosing the Right Furniture on a Budget for a Small Apartment One of the biggest décor questions for a small apartment is what furniture to choose? You don’t have to go out and purchase an entirely new suite but rather look at key items to improve flow and space. If you have large sofas and tables that won’t fit into your apartment, consider storage before selling it. I look at the simple, inexpensive furniture you can include to add space and design a contemporary apartment. Flatpack Furniture Modern styles of flatpack furniture offer shelves and simple storage. The best thing about these items is that it is quick and easy to assemble! You can use a standalone shelving unit for your bedroom or living room. It is a simple decorative feature and offers much-needed storage. Multi-use Furniture Multi-use furniture is also a great way to decorate while maintaining your budget! Save space, save time, and save money with items that add value! An all-in-one mirror and desk drawer or a chest of drawers used as a side table are examples of furniture with multi-purpose features. Used Furniture The secret to success is to look around and to compare prices. An online search will also help you find space-saving and stylish furniture that someone no longer uses and is in pretty good condition. If you are purchasing second-hand furniture, ask for new pictures of the item from different angles. It would be best to see the item in person, but if you can’t, ensure the seller is verified on the site and is transparent about the goods being sold. Where to Find Modern and Affordable Décor for a Small Apartment You can easily modernize and accessorize your apartment on a small budget. A great way to find decorative items at a fraction of the cost is to look at a thrift store. With some creativity and imagination, you can replace an outdated fabric on pillows or find interesting features to incorporate on a shelf or counter without blowing your budget. Again, looking online for valuable deals or sites offering affordable décor will help you improve the look and feel. It is all about expanding your search and thinking about what you need. Before you shop online or at a local store, look at your apartment and think of what you could add of interest or that would reflect your personal space. This way, you go into your search with an idea and a plan, which makes it easier to spot what you are looking for. How to Create DIY Artwork for a Small Apartment Unleash Your Inner Artist If you’ve looked at decorative prints and art pieces, you know how costly these can be. A simple way to add color to your small apartment is to make your own artwork. It is affordable and you can get the whole family involved. The first step is to purchase a canvas. The size of the canvas depends on the area you wish to cover. Find some acrylic paint. Consider the colors you have already used to decorate your apartment and apply your artwork as an accent piece for a pop of color. You don’t have to paint a portrait to create DIY art. Simply blend your preferred colors on a canvas and voila! You have a one-of-a-kind art creation! If abstract art is not your idea of décor, fear not. You can easily design unique art with a stencil or a family portrait. Stencil a pattern onto a canvas or picture board for a more structured piece. You can also add warmth to the space by adding images of your family or your pets to a canvas or inexpensive frame. Hanging Your Art in a Rental Apartment If you cannot hand your art on the wall, you can use a wood canvas stand to display the piece. This prevents creating any fixtures. Alternatively, you can use mounting squares for small and lightweight canvas. Remember, sticking a mounting square on the wall will leave a residue. Be prepared to clean it prior to your end of lease inspection. Apartment Living Room Upscaling Ideas that Won’t Break Your Budget Rugs for Small Apartments on a Budget You can easily upscale your apartment with simple additions such as an attractive rug. For a small room, I don’t recommend choosing a tiny carpet. This simply makes the room look and feel smaller than it is. Apartment décor for a small rental is all about creating an illusion of space. A larger rug with a flat and robust material that is placed in the center of the room can draw your eye across the area rather than focus on a single, small feature. Along with the size of your new rug, pay attention to the color. A lighter carpet creates an instant light and airy room, but it is also harder to maintain, especially with regular foot traffic. Patterns that are not overpowering but add design interest will introduce flair and character. For deals on rugs, be sure to shop around and compare prices before making the final choice. Lamps and Shades You can easily create a feminine or a masculine feel in a room when you purchase a table lamp. From metal frames to acrylic bases, an inexpensive side lamp for the bedroom or living room will enhance your apartment, and with the added benefit of extra light! Repaint or Reupholster Outdated Furniture Breathe new life into old furniture with a new coat of paint or change the fabric on a chair or set of scatter cushions. A simple sand down and the use of chalk paint in a neutral or metallic finish can instantly update furniture and at a fraction of the cost! Get Creative and Have Fun Your decorative ideas all depend on your preferences. You can easily improve the look and the feel of a small apartment with budget-friendly decorations. Don’t be afraid to use color in the form of scatter pillows, throws, and DIY art. With some creativity and research into prices and the decorative items you can incorporate into your small apartment, you can certainly design a modern or classically styled rental that is affordable too. For tips on improving storage, check out our blog on Increasing Storage Space in Your Small Apartment.

If you experience a plumbing emergency in your apartment, the first thing to do is-Not Panic! With wear and tear, and perhaps a few plumbing don’ts (like pouring grease down the sink), it is common to have a clog or a leak appear from time to time. When issues including overflows, blockages, or burst pipes cause flooding or bad odors, it disrupts your lifestyle. Leaks and floods within the apartment will also damage your belongings. Knowing which steps to take when facing an apartment plumbing emergency can help you save on the costs and repairs. We look at what is considered a plumbing emergency, who to call, and your responsibilities as a tenant. Other topics you might like: Jump Out the Window or Soar Through The Door Why Live in An Apartment Complex? The Truth About Section 8 What is a Plumbing Emergency? Plumbing emergencies are situations that are out of your control and need the expertise of a professional plumber. A burst pipe can cause water to accumulate in your living room while leaks from the ceiling create moisture damage. Disruptive plumbing issues should always have a professional plumber come out to fix the problem. If you experience water seeping into your apartment, investigate where it’s coming from. If it is from a fixture in your apartment, the first step is to turn the water off. If you cannot find the water supply valve, call your landlord to help you. Turning the water off to your home will protect against severe damage. Before a plumbing disaster strikes, being prepared can go a long way to saving your apartment and valuables. Basic tools such as a plunger can relieve minor clogs in the kitchen or the shower sink. You can also ask your landlord for an approved list of plumbers you can contact should a major problem occur. What are Common Plumbing Problems in an Apartment? Every apartment will experience common plumbing problems such as a leaking tap, a clogged toilet, or a sink with slow drainage. Most of these issues you can resolve with simple tools and techniques. The replacement of a washer on the tap generally resolves a leak while a plunger helps eliminate blockages. The best way to avoid a plumbing disaster is to maintain your fixtures and systems through maintenance and good practice. How to Fix Common Plumbing Issues in an Apartment? Clogged toilets are easily resolved by using a good old plunger. If this does not resolve the problem, call your landlord. Clogged sinks can occur at any time. Bits of food flushed down the kitchen sink or hair and soap scum from the bathroom can clog pipes. A plunger, hot soapy water, and a mild drain cleaner are simple ways to remove blockages. For leaking taps, check the washer and handles. In most cases, the handles can be tightened, and the washer replaced to stop the leak. If it persists, speak to your landlord about having it checked by a professional plumber. Drain odors are common in apartments, especially ground floor units. Foul smells are caused by clogs. Try to plunge the drain and then pour hot soapy water down the pipes. You can also use a mild drain cleaner to eliminate odors. How to Prevent Plumbing Problems in Your Apartment? The good news is you can stop a plumbing crisis in its tracks with a few simple maintenance tips: Monthly Cleans Causes for drain clogs include pouring grease down the plughole, and the buildup of hair and debris in plugs and pipes. You can prevent blockages and overflows by flushing pipes with hot soapy water to remove grease and debris at least once a month. A golden plumbing rule is to never pour grease or oil down the drain. It causes food particles and dirt to stick to the inside of the pipes and then you’re left with a clog! Use a mild pipe cleaner to reduce clogs caused by gunk. Get rid of grease by tossing the excess in newspaper and into the garbage. Fast Repairs If you notice that your tap is constantly leaking or your drain clogged despite your best efforts, speak to your landlord. He or she will get an approved plumber to come out for an inspection and repairs before it becomes an emergency. Flush the Toilet Regularly Avoid tossing large amounts of toilet paper down the loo. Toilets can get backed up if not regularly flushed and dirt or objects poured down the bowl. Keep the toilet clean and clear of dirt. How to Manage an Overflowing Toilet? When you flush your toilet and you stare at the rising water level, a sense of dread might come over you. The best thing to do, don’t freeze! Shut the water flow to the toilet. This stops the bowl from overflowing and flooding the bathroom. You can stop water from filling the bowl by opening the lid of the tank and pressing the flapper valve down. What Do You Do If Your Apartment Has No Hot Water? There is nothing worse than after a long, hard day, to climb into an ice-cold shower! If you have no hot water in your apartment contact your landlord. It may be a simple fix. They will have a dedicated plumber come out to determine the cause. The reasons for a lack of hot water include age and a broken thermostat. Water heaters including gas and electric are best inspected by a licensed plumber. Are Tenants Responsible for Plumbing Issues? The responsibility of plumbing maintenance lies on the tenant. It is important to adhere to any requirements as determined by your landlord. Basic plumbing care includes avoidance of grease down the sink, cleaning drains with warm soapy water, and reporting persistent problems including clogs and leaks. If you experience a plumbing emergency, it is best to call your landlord. They have a list of approved plumbers who provide fair rates for services. It is up to you as the tenant to keep an eye out for any sudden issues or changes in plumbing operations. If your regular plunger can’t remove a clog, or a soapy flush can’t rectify the problem, contact your landlord. How Does Plumbing Work in My Apartment? A basic understanding of how plumbing works in your apartment can help you spot problems quickly. To avoid costly plumbing repairs, understand how the pressure system works, where the drainage goes, and where the major plumbing connections are positioned in your apartment. The plumbing system in an apartment will have separate pipes for the supply of freshwater and the removal of waste. All wastewater moves downwards towards the drains. This means that ground floor apartments will be first to notice drainage problems. Water shut off valves are located in specific areas of the apartment and for the building as a whole. If you have a plumbing problem such as a burst water pipe, your landlord can turn-off the valve for the area of apartments affected by the damage rather than the whole complex. When is the Right Time to Call My Landlord for a Plumbing Issue? Calling your landlord in the middle of the night for a minor leak is certainly not a good idea! The best time to call your landlord or property manager is when you experience an emergency. These after-hours calls are necessary if you have a burst pipe, a flood inside your apartment, or moisture dripping down your walls, and across your ceiling. Notify your landlord of any instance that is beyond your control and requires a professional for repairs and management. Your landlord will have a licensed plumber on hand for after-hours services. Landlords want your experience as a tenant to be a positive one. If you are unsure as to whether your plumbing is cause for concern, communicate with them. Send an email or phone them to resolve the problem. What is the Difference Between Plumbing Maintenance and Repairs? Plumbing maintenance includes scheduled cleans, checks, and restorations. Maintenance is performed to prevent problems from developing in the first place. Repairs are needed when a plumbing problem causes a disruption to normal operations or causes a complete breakdown. A plumber will perform repairs, but tenants can complete general maintenance. This includes cleaning plumbing appliances such as dishwashers and washing machines, and cleaning sinks, basins, and plugs. The correct use of cleaning agents can prevent blockages, drain odors, and plumbing damages. Is the Landlord Responsible for a Toilet Blockage? It depends on the cause of the clog. This is the reason plumbing maintenance is so important. If you fail to keep your plumbing systems reasonably clean and clear, then your landlord could request that you cover the plumbing costs. If you have caused the damage, your landlord can charge you for the cost. Be sure to maintain plumbing care to keep the system operating smoothly. Can I Contact a Plumber and then Charge the Landlord? No, you cannot call on a private plumber and then have the landlord cover the costs. Landlords have their own plumbing services assigned to apartments and complexes and often negotiate rates for general repairs and callouts. If you have a plumbing emergency and cannot get hold of the landlord, you will need to contact a plumber to address the issue. Always try to contact your landlord before calling your own plumber. Can a Plumber Repair an HVAC? A problematic HVAC is best managed by a heating and ventilation specialist. While many plumbers can install air conditioners and maintain the pipes and ducts of HVAC systems, it is best left to the ventilation, heating, and cooling specialists. When the HVAC causes issues, call your landlord. An experienced HVAC professional will be consulted to perform scheduled checks and repairs if necessary. Maintenance delivered by apartment management will go a long way to keeping you cool in summer and warm in winter. The Washing Machine Stopped Working, Who Do I Call? Plumbers are contacted for maintenance and repairs of pipes, systems, drains, and hot water heaters. Apart from unclogging drains or fixing leaks, plumbers also repair appliances such as washing machines, dishwashers, and related plumbing systems. Where appliances such as a washing machine start leaking, it can cause major problems inside the apartment. You can speak to your landlord about a faulty plumbing appliance only if the appliance is fitted and was there when you moved in. These appliances will become part of routine plumbing maintenance delivered for apartments. If it is your own machine, you are responsible for its maintenance and repairs. You can contact the landlord for recommended licensed plumbers offering fair rates. However, you cannot expect the landlord to cover the costs of your plumbing appliances. Keeping Your Apartment Plumbing Problem-Free! Apartment plumbing is connected across multiple dwellings and each with its own pressure system. When damage arises, you need an expert on your side as apartment plumbing can be quite complicated. Avoid attempting DIY fixes that are beyond the basic washer replacement for a tap or plunger for a drain or sink. Plumbing matters should be reported to the landlord especially if it persists. This can prevent a plumbing emergency in your apartment. If a plumbing issue from a neighbor is causing moisture damage in your unit, contact your landlord immediately. Landlords will investigate the issue and have a professional plumber determine the cause of the problem. Apartment plumbing emergencies can happen because of wear and tear. When you take care of your apartment’s water systems and rely on the maintenance delivered by your trusted landlord, many issues are easily prevented and resolved. Signs of a plumbing disaster including overflows, constant clogs, and flooding will require an emergency plumber. In such instances, never hesitate to call your landlord. Getting the issue tended to by a licensed plumber will prevent devastating damages to your apartment and your valuables.

Renting Apartments in Memphis In southwestern Shelby County, Tennessee, United States, Memphis is a city near the Mississippi River. In 2019 it had a population of 651,073, making it amongst the most populated cities in Tennessee. The city is the anchor of West Tennessee and the greater Mid-South zone that includes the neighboring areas such as Bootheel of Missouri, Arkansas, and the Mississippi. Memphis is home to distinct communities; moreover, it is among the USA's most culturally prominent cities. If you are looking for Apartments for rent in Memphis, TN, you are in the right place. We will take you on a virtual tour to Memphis so you can decide if you want to rent an apartment here or you should consider other options. The analysis will depend on many factors, such as: Other topics you might like: Why Live in An Apartment Complex? Why Do Landlords Take a Deposit? What Is An Apartment Lease? Is Memphis a good place to rent an apartment? If you are looking to settle down in a place surrounded by various cultures, this is the best place to settle! It is safe to say, if you have children, they will grow up to be culturally aware, given that they will have enough exposure from childhood. The place is popularly named as the blues' home and the birthplace of rock 'n' roll. The city has transitioned from a city with low commercial activity to a thriving commercial center in Tennessee. Did you know there are three fortune 500 companies in the area? Moreover, the downtown has completely revitalized, so if you decide to settle here, you will find many new and rising commercial opportunities. Due to the amazing jewels it holds in the form of commercial activity, history, and food – it is among the best renters market in the country, and the best thing is that you will be able to find a place to live easily. Unlike other parts of the country, you will not be stuck in a rat race to hustle and find a place to live. While you will have the opportunities to hustle, it won't be because you don't have a roof on your head. Apartments for rent in Memphis, TN, come with an added benefit that the food here is exceptional. The place is famous for its mouthwatering BBQ that people from all over the country come to taste. Is it expensive to live in Memphis? The cost of living in Memphis is 14.3 percent lower than the state median. It depends on criteria including your occupation, your average income and the real estate sector in that city, and depending on these the cost of living in any area will vary. Find an average cost of living in Memphis below: Utilities Costs Median Rent $715.25 / month Energy Bill $173.03/ month Phone Bill $184.44 / month Gas $2.33 / gallon Loaf of Bread $3.03. Gallon of Milk $1.77 Carton of Eggs $1.65 Bunch of Bananas $3.06 Hamburgers $3.86 Healthcare $93.88 What are the common requirements to rent an apartment in Memphis, TN? If you wish to rent an apartment in Memphis, you must abide by some requirements, as you must abide in the other parts of the country. In Memphis, there are some requirements to rent an apartment that is important to meet; otherwise, you will rent an apartment in Memphis. The requirements to rent an apartment are: You must have a job The correct amount of check stubs You must have a STABLE job. You should have identification and social security card. Rental history is very important when renting an apartment in Memphis. These are very basic requirements to rent an apartment in Memphis, TN; however, some may not like these. The purpose of these requirements and criteria is to ensure people renting the apartment and its effect on the surroundings. How long can I lease an apartment in Memphis, TN? One question we come across very often: How long can I lease an apartment in Memphis, TN? The answer: It depends! The duration of your lease will depend on the landlord/management company that controls the apartment complex in which you are trying to rent. Some rental companies renew the lease from month to month, while others may provide a lease for six months, 12 months, 18 months, or even 25 months. Pro-tip: Enquire about the terms of the lease before you sign the lease. The lease duration is the most important thing that you must check multiple times before signing the lease. Remember, you will be entering a legally binding contract that can be enforceable in the court, and you might incur damages and losses if something goes wrong. How long is the average application process to rent an apartment in Memphis, TN? There is no concrete answer as to how much time does it take to process a rental application. Normally it depends on the applicant. Read below to find the details of the documents you will need to process your application quicker: Required documentation Appointment fees Contact details of the employer Proper identification of all parties Once you provide them all these details, they will normally take 4-7 days to conduct processes on the backend. These processes will include: The verification of your background Credit history Rental history Employment history If you have provided proper documentation, all these processes will be expedited, and you will be able to hear back from them in 6-7 days. Can I view an apartment before I rent it in Memphis, TN? We know you will want to view the apartment before you rent it; after all, you will be spending days and nights there and call it home. To make your life easier, there is an option of the virtual tour in apartments where you aren't allowed to visit physically. However, there are several apartment complexes in Memphis where you can view the model unites. The virtual tours make your life much easier, especially if you move from another town to Memphis to not have to go and visit the apartment specifically. The best thing about apartments for rent in Memphis, TN is that you will explore the options and the apartments on the rental sites, social media, and perhaps on the apartment websites. Most websites post 3D images of the units that help you understand the apartment you might be calling home in a few days without having to go there. Do apartments in Memphis accept people with bad credit or evictions? Some apartments in Memphis do cater to people with eviction issues or bad credit. While it is much easier to get an apartment in Memphis if you have never been evicted and have a good credit history, some apartments will let you rent even if you have an eviction on your record. Now that we know that they do cater to eviction and bad credit history, the catch here is that they require that it is paid off, and a certain time has passed since they were evicted or had a bad credit history. There are specific schemes known as the second chance apartments, especially for those who have had a bad credit history. Are there second chance friendly apartments in Memphis, TN? Memphis has apartments that are friendly for a second chance. For potential renters who have had situations with evictions, bankruptcies, credit, and background problems, second chance welcoming apartments help make renting simpler. Where should I search in Memphis, TN, for apartments to rent? Memphis has several areas that you should search to find apartments for rent. These areas include but are not limited to Downtown Midtown University District East Memphis North Memphis Northeast South Memphis Southeast Whitehaven (Learn more why to live in Whitehaven) How to search for cheap apartments for rent in Memphis, TN? If you are looking for affordable or cheap homes, you could just search the keyword "apartment under (add your range) in Memphis" or "Apartments for rent in Memphis TN." In this way, you will find houses within your range, and the process will become much easier. It is best if you use terms such as reasonable or inexpensive instead of cheap because no matter how inexpensive it is, most people will not call the properties they are putting up for rent "cheap" since it is a very negative word. You might not get the results you are looking for! What are the average bedroom sizes of apartments for rent in Memphis, TN? Apartments in Memphis have different bedroom sizes, and no one size fits all theory here. Some apartments have one and two-bedroom; however, the others have suites, one bedroom, two bedrooms, three bedrooms, and some do have four bedrooms. Other topics you might like: Why Live in An Apartment Complex? Why Do Landlords Take a Deposit? What Is An Apartment Lease? How much are the fees for renting an apartment in Memphis? In general, when you rent an apartment in Memphis, the application fee is typically non-refundable and is spent on approving the application. Apart from the filing fee, certain firms often charge an administrative fee before or following the application's approval. If the application is accepted and the first month's rent, there is a security fee that will be owed. Based on the risk of renting to you, some places even ask for last month's rent. How much should I pay for rent in Memphis, TN? If you are looking for an average rent round to get an apartment in Memphis, it is $825. However, please note that it is the average rent, and there will be apartments that you can find in a range less or more than this. When you rent an apartment in Memphis, ensure that you keep your options open. What is the average rent of a studio apartment in Memphis, TN? The rent for a studio apartment in Memphis largely depends on the area. However, the average rent would be $641. What is the average rent of a one-bedroom apartment in Memphis, TN? The rent for a one-bedroom apartment in Memphis largely depends on the area; however, the average rent would be $684. What is the average rent of a two-bedroom apartment in Memphis, TN? The rent for a one-bedroom apartment in Memphis largely depends on the area. However, the average rent would be $636. What is the average rent of a three-bedroom apartment in Memphis, TN? The rent for a three e bedroom apartment in Memphis largely depends on the area. However, the average rent would be $636. What is the average rent of a four-bedroom apartment in Memphis, TN? The rent for a four-bedroom apartment in Memphis largely depends on the area. However, the average rent would be $855. What are some common amenities offered from apartments for rent in Memphis, TN? Some of the amenities that this apartment normally have are: Fitness center Business center Balconies Laundry room Swimming pool Child care center Playground Community room. Are there pet-friendly apartments in Memphis, TN? It is good news for you if you have pets! Most apartment complexes and landlord allows you to keep pets; however, there may be some restrictions that you must abide by regarding the breed and size. You might have to provide a pet deposit, which is not important to be refundable. Memphis is an amazing place to live, and if you are someone who is looking to rent an apartment in Memphis, TN then make use of the extensive guide provided above. Ensure that you do your research completely to know what you are signing up for. Happy Renting!

If you are renting an apartment for the first time or perhaps you’ve made the decision to move to another state, you will be presented with an apartment lease when you secure your new space. Most lease agreements are straight forward while others include hidden clauses and complex terms. While a stressful part of your rental journey, it is a necessary one. Lease conditions can differ between states, in terms of their limitations and according to the type of apartment. Before you sign a lease agreement, we look at the best ways to protect yourself and to ensure the apartment lease you sign is fair, valuable, and makes your rental hassle-free. JUMP TO: 1. Should I Settle an Old Apartment Debt? 2. Can I Change My Mind on a Lease? Other topics you might like: Why Live in An Apartment Complex Renters Insurance & You How to Rent an Apartment The Apartment Lease Defined The lease is a signed contract between the renter and the landlord. It represents the terms and conditions of the agreement including a list of maintenance measures and services to be delivered for the duration of the tenancy. The lease will include the monthly rent, the length of the contract, and the date for scheduled payment. What Does It Mean to Lease an Apartment? The lease is a legal document between the landlord and the lessee or tenant. It will breakdown the terms of the rental including the deposit. Leases cover an average 12 months, but can be longer, and includes a monthly agreement. What is the Difference Between Leasing and Renting an Apartment? The major difference between leasing and renting an apartment is the duration. A lease can be issued for 12 months compared to a rental agreement that is valid for 30 days. For the duration of your lease or rental, your landlord cannot increase the rent unless there is a mutual agreement to do so. Remember, you cannot simply withhold rent or dishonor the lease if you are unsatisfied with a service or your landlord has failed to provide maintenance. Follow the necessary legal procedure if your landlord or property manager is not fulfilling their side of the lease. JUMP TO: 1. What is included in a lease? 2. What is a month to month lease? How Long is a Typical Apartment Lease? The lease is typically signed for a 12-month term; however, it is a flexible contract and can cover an agreed-upon time period provided there is a mutual agreement. In negotiations with a landlord or property manager, a lease can include a 6-month term. Most landlords agree to a 6-month lease to determine the suitability of tenants before extending it for the remainder of the year. To determine which agreement is best for your needs, discuss your options with your landlord or property manager, and determine the duration of your stay. Can I Change My Mind on a Lease? A lease generally covers a year. It is a contract that binds you to the terms, which means you are required to live in the apartment for that time. Should circumstances change and you have to move, you will still have to abide by the lease terms. In many instances, you may be required to cover the remainder of the rent. If you have 4 months on your lease at $500 per month, then your outstanding fee is $2000. It is important to read your lease prior to signing. Here you should find the clause with the amount owed, should you break the lease. Depending on the landlord, a security deposit is also withheld if you break your lease. No one can predict the future. The best way to protect yourself is to read, read, and read your lease again! Understand the terms even in the unlikely event you have to break the contract. This way you are prepared for the financial and legal implications. How Much Does It Usually Cost to Break a Lease on an Apartment? Depending on the terms of your lease, tenants can settle an early termination fee, when breaking the agreement. This fee is predetermined by the landlord. The average cost for breaking a lease is usually the first two months of rent. Can I Rent an Apartment with a Broken Lease? If you are considering breaking a lease, consider the consequences of this decision. When you terminate your end of the contract, this will negatively impact your rating as a tenant. It goes on record and may not be viewed as favorably by another landlord when you next apply for a rental property. If you wish to hide your tenant rating, this is not a possibility when breaking the lease is reported to the Tenant Rating Bureau. We do not advise breaking a lease and not paying the fee that is due. Not only can this result in legal matters but rental companies and landlords are less likely to offer a lease in the future. JUMP TO: 1.Does a Lease include Maintenance? 2.What is the difference between renting and leasing an apartment? What is Included in a Lease? To prepare for your lease and to ensure you are aware of the points that need to be covered, a look at the terms within the agreement can help you familiarize yourself with it. 1. Names of All Tenants Check that your name is correctly spelled to avoid future problems. 2. Limits on Occupancy A breakdown of the number of tenants who can reside at the apartment for the duration of the lease. 3. Term of the Tenancy The agreed-upon period of tenancy including 6-month or 12-month lease. 4. Rent The sum agreed upon for monthly rent. 5. Deposits and Fees The stipulated security deposit, lease cancelation fees, and related costs are presented. 6. Repairs and Maintenance The responsibilities of landlords and tenants are discussed here. 7. Entry to Rental Property Entry rights. 8. Restrictions on Tenant Illegal Activity Right to eviction based on tenant illegal activity. 9. Pets Regulations concerning keeping pets on the property. 10. Other Restrictions Restrictions as listed by the landlord. JUMP TO: 1.How to Move Out? 2.What is a Security Deposit? What is a Month to Month in a Lease? Month to month leases are suited to flexible occupants who cannot commit to a long term lease. These short term leases can be terminated by the landlord or the tenant with prior notice, which avoids the issue of a penalty. Monthly leases are also easier to manage because it is self-renewing. The lease will run from one month to the next unless otherwise indicated by the landlord or the tenant. While these types of leases offer a multitude of benefits, you can expect a higher rental compared to a fixed lease term. What is a Sublease? Subleasing is when the leaseholder decides to rent the apartment to another person who is not on the signed lease agreement. There are many reasons for subleasing. If a lessee needs to travel or wants to prevent the consequences of breaking an agreement, then a sublease is pursued. This does not mean that every rental allows subleasing. It is a condition that should be discussed with the landlord or property agency. You can also learn whether subleasing is included in your contract prior to signing. If you have a job where you constantly travel for months at a time, consider subleasing in your contract. A sublease does not mean that you are exempt from your tenancy obligations. If you do not receive the rent from the sublease, you are responsible for making the payment. It is not the responsibility of the landlord to pursue the sublessee for outstanding payment. The option of subletting can work for some and not for others. Take the time to learn of the pros and cons and whether a subleased contract is a suitable choice. How Do Apartments Check for Broken Leases? There may be a situation that is out of your control and a change in your living situation becomes your reality. You may be in the position of breaking the lease on your apartment. During the COVID-19 pandemic, breaking a lease has become a reality for many, and owing to the difficult circumstances, breaking a lease during this period will not be issued to your credit report. Your credit will only be affected if any remaining debts with your landlord have not been settled. When a lease is broken, it is typically recorded in a report with the Tenancy Bureau. JUMP TO: 1.The Apartment Lease Defined 2. How Long is a typical lease? Should I Settle an Old Apartment Debt? It is important to settle all outstanding debts prior to applying for a new lease agreement. Remember, any debt that hasn’t been paid to a previous landlord will appear on your credit report. You can easily settle your rental debts and know that it will not have a negative impact on your FICO score. Simply obtain the updated payment details for the debt and make the payment. While this will not change your FICO score, it will certainly appear more favorable to future landlords and property managers/agencies. What is the Purpose of a Lease? The purpose of a lease is to provide legal protection for the landlord and the tenant. It is a binding agreement in which the terms for the lease are stipulated so that all parties are aware of their responsibilities. The lease will indicate the period for the contract and the restrictions on occupancy. It is created to protect your rights and that of the landlord. Can a Landlord End My Lease? When you enter into a lease agreement, do not only consider your obligations but that of the landlord too. If you miss a clause concerning evictions and find yourself in the midst of being served by your landlord, it can serve as an overwhelming and stressful experience. Understanding when and how a landlord can issue an eviction will best protect your interests. Landlords can end a lease upon its expiration. The landlord does not have to issue a lease renewal. They are also not bound to extending your lease if you are looking for extra time. Follow up on your eviction rights, so you are aware of what landlords or property agencies can and cannot do. What Will Happen to the Lease Once the Apartment or a House has Been Sold? Should the property owner decide to sell the apartment and your lease has not ended, they cannot simply evict you. The landlord must adhere to tenancy law and that means upholding the lease agreement in its entirety. If the house or the apartment is sold, the terms of the original lease for the tenant will remain unchanged. If you have agreed to a monthly lease, the responsibilities stated in this agreement will suffice. JUMP TO: 1.What does it mean to lease an apartment? 2.What is a sublease? Does a Lease Include Maintenance? Most lease agreements will cover the basic maintenance of the property. This includes gardening such as trimming the lawn and trees, painting damaged walls, and calling out the necessary professionals when plumbing problems or electrical faults occur. Take the time to read your contract very carefully. Some landlords hand maintenance over to the tenants. If a plumbing issue occurs, this may involve you contacting the plumber and issuing the landlord with the costs. Maintenance procedures are best handled in writing so there is no confusion as to who is responsible for repairs and restoration. What is a Security Deposit? The security deposit is a necessary part of leasing an apartment. Security deposits are issued by the lessee as a means of financial protection for the landlord or the property manager. By the end of the lease, the property should be in its original condition, clean, and well-organized. Any damages or dirt left behind could result in the forfeit of a security deposit. If you fail to pay your monthly rental, the security deposit can also be used to cover the cost. The deposit can only be used to settle the expenses associated with the property damage. Other topics you might like: Why Live in An Apartment Complex Why Do Landlords Take a Deposit How to Rent an Apartment How to Move Out? Just follow the steps below: 1. Issue Notice If you wish to move out of your rental apartment, the first step is to provide the landlord with 30 days notice. This differs from the sale of a home. Real estate sales involve a realtor and placing the property on the market. With rentals, once the lease expires, provide your landlord with notice to avoid any legal consequences and fees. 2. Plan the Move Before you decide to move out, find properties of interest that are available and within your price range. You do not want to end up without a place to stay because of poor planning. 3. Take Care of Utilities Any bills that are outstanding concerning water and electricity must be settled. Leaving debts will simply impact your credit score, which means difficulty seeking approval for a future application. 4. Clean Avoid losing your security deposit by cleaning the property. Landlords will conduct a pre-eviction inspection. If damages are present and the apartment left in a mess, the landlord can withdraw the security deposit. 5. Book Elevator Time If you do not live on the first floor, booking elevator time is an important part of a smooth move. A moving company will be occupying the stairwells and elevator, so arranging a suitable day and time will avoid inconveniencing the remaining occupants. 6. Get Your Security Deposit Back To ensure you get your security deposit back, provide your original landlord or property manager with your new address. Landlords are not required to find you to issue the security deposit. Ensure they have your details to prevent complications when paying back the deposit. 7. Change Your Address All bills and services will require a change of address, so you receive post and deliveries to your new apartment. The Importance of a Lease Agreement A lease agreement governs the relationship between the tenant and the landlord. It stipulates the terms according to which both parties must adhere for the duration of the lease. When you are searching for a new apartment to rent, do some homework on your rights as a lessee. This can prevent any surprises in your contract. It also helps you negotiate terms you are unhappy with. Read your lease carefully and understand what is required. You can avoid the stress of failing to abide by lease terms, security deposits and evictions by reading the terms of the lease.

Living in an apartment is not just about saving money, it's also about security, convenience, and reducing time-consuming maintenance that you'd have with a traditional house. It's about making you a part of a diverse and welcoming community where everyone looks out for each other. We know that every decision has its pros and cons and living in an apartment complex is no different. So, if you're thinking of moving into an apartment or a residential complex, we are here to help you explore some important factors to make an informative and valuable decision. From understanding your budget and where you would prefer to live, to what is more important to you - the amenities or the inside of the apartment? There is always going to be a trade-off, but with careful consideration, you can discover the rewards apartment complexes can provide. Let’s dive into a few key questions that everyone always asks when it comes to living in an apartment complex... Other topics you might like: Why Do Landlords Take a Deposit? Renters Insurance & You How To Rent An Apartment What is an Apartment Complex? Living in complexes is growing in popularity among young adults, families, and retired couples, but what are these units exactly, and why are more people investing in them? An apartment complex consists of one or more buildings or apartments located in a small or large unit. It is owned by a single property owner or association. Complexes are likened to gated communities where residents benefit from the shared access to amenities such as swimming pools, social areas, and playgrounds for children. While complexes include living in close proximity to neighbors, it is governed by an association and includes regulations to protect the rights and privacy of all tenants. Complexes are also considered a safer alternative with most including 24-hour security and monitored/authorized access. Many different types of apartment complexes exist in the USA from retirement and family complexes to single apartments. Depending on your living requirements, you can find the ideal complex to complement your lifestyle and affordability. Apartment complexes offer unique amenities some including swimming pools and public gyms while high-end or luxury apartments provide access to private tennis courts and lounge areas. II. Why is Living in an Apartment Better? The convenience, safety, and the value of living in an apartment complex are among the many reasons such residencies are growing in demand. An apartment complex offers a lifestyle. With its variety of amenities and communal living, you will find your new lock up and go a safe, secure, and richly rewarding space. Apartments in themselves are diverse in design and you can find anything from well-maintained amenities and spacious or open-plan interiors to modest units with a small garden, balcony, and little upkeep. Is There Value in Apartments to Rent? Over the last 50 years, rental properties have skyrocketed in the US compared to general house sales, and with good reason. People invest in apartments because of the financial opportunity it offers. Because living in an apartment doesn't require constant maintenance that is associated with a house, there are greater savings. Forget about cutting the lawn, fixing the plumbing, or repairing the roof. These things are taken care of by your landlord or property management team. Apartments also offer peace of mind your property is safeguarded against intruders and is a simpler lifestyle for those who do not desire the responsibility of managing a residential property. From complexes designed for comfort, security to accommodate the needs of families to high-end units with access control, you will find that living in an apartment is fast becoming the better and the smarter choice for both short and long-term renting purposes. III. What are the Advantages and Disadvantages of Living in an Apartment? The different styles and features of properties cater to different lifestyles and life stages. If you are a young professional, looking to start a new family, or wish to live in the city center, a local apartment could be just what you need. For apartment living, tenants enjoy its simple upkeep and affordable monthly rent; however, an apartment complex may not be suited to everyone. IV. The Advantages of Living in an Apartment Affordability Apartment rentals are more affordable and accessible compared to seeking a home loan and making mortgage payments. Even if you have bad credit, you have a better chance of being approved to rent an apartment than getting a home loan. As long as your income is more than your debts and you have a full-time job, you can afford to rent an apartment. You can also find cost effective rentals that will help you save towards buying a house or reducing your debts and improving your credit rating. Less Maintenance Apartment complexes are managed by a body corporate or association ensuring general maintenance from garden areas to repainting are taken of. Should anything go wrong with the plumbing or electric, the complex has a technical team to come out to complete inspections and repairs. The onus does not lie on you to perform these maintenance tasks. Essential Services Management Plumbing, electrical, and related household services are managed by the landlord or property owner. This reduces out-of-pocket expenses including monthly home insurance. Amenities Depending on the apartment complex, you can access the available amenities. Modern apartments offer access to swimming pools, child daycare, play areas for kids, storage, security monitoring, controlled access, and laundry services. Flexibility Apartment owners can benefit from the flexible lifestyle complexes offer. Rather than commit to a single stand, you can rent an apartment across the coast in the summer, and as your lifestyle changes, upscale your city living. It depends on the conditions of your lease. V. The Disadvantages of Living in an Apartment Downscaling If you are moving from a house to an apartment, significant downscaling of furniture and general goods is a must. You receive less square footage than you would with a house. One could argue that an apartment is for a minimalist lifestyle. Lacks Privacy Communal areas mean less privacy concerning outdoor activities, no yard, and depending on the apartment, no balcony. Permission to Make Changes To perform any changes to the existing apartment, you must be granted permission by the landlord. Whether hanging a painting or changing the wall color, always consult with the property owner or manager prior to modifications or it could risk the loss of your security deposit. Short Term Living It is often dependent on a lease agreement that runs from 6 months to a year. VI. What are the Disadvantages of Living in a House? Now that we’ve explored the pros and cons of living in an apartment, investigating the reasons more people are looking to the apartment lifestyle requires a look at the disadvantages of living in a house for comparison. Cost Owning a home is expensive. For most people, it is difficult to qualify for a home loan or mortgage which limits their options concerning property size, location, and features. The monthly payments concerning a home, are unaffordable for many single working professionals, entrepreneurs, couples, and new families. Maintenance You are responsible for all costs, maintenance, and upkeep of the property. From gardening and landscaping to plumbing, electrical and general damages, these out of pocket expenses are the responsibility of the homeowner. Any hidden roof, flooring, and plumbing or electrical issues that become apparent after the sale, and you will be required to cover the cost. A property inspection is one way you can minimize such costly surprises. Limited Selection Purchasing a house is generally expensive but if you have an affluent location in mind, this could send your budget through the roof! Homes in specific areas can be few and far between. You may wait months to years for a property to become available in a specific neighborhood. VII. Is Living in an Apartment Safe? Living in an apartment complex is one of the safest moves you could make provided you research the complex, the location, and the neighborhood! Most apartment complexes have round-the-clock access control or manned security and potential intruders would find it incredibly difficult if not challenging, to make their way past the security monitors or other apartment units to gain initial access. Apartments are busier than a free-standing home which also makes it more difficult for theft to take place. This is not to say that it never happens, but with homework into the general safety of a unit and neighborhood, it is generally a better option. Let's look at common security features and services found in apartment complexes: Most complexes have CCTV installed. This includes 24-hour surveillance of common areas. Theft and burglaries are lowest in surveyed complexes, as intruders would have to pass access control, stairwells, and multiple apartment doors before making their way in and out. In the event of a fire, extinguishers are available around the complex, making it easier to control flame spread before it causes major damage. Ensure your selection of high-rise buildings possesses the necessary fire safety certification. Storage facilities and garages will keep your vehicles and valuables safe from access and prying eyes. Play areas for children within the complex are also safer than if they were to venture into a public park. Apartments also possess security lights that burn through the night and maximize exposure. VIII. How Can I Enjoy Living in an Apartment? Simple and Minimalist Living Living in a house, it is easy to become overwhelmed and frustrated by the clutter. Apartments have less square footage making for a minimalist lifestyle. You can also lock up and go, with peace of mind that your valuables will be safe. Living in an apartment simply makes for easier living. Belong to a Community For many people, a sense of community is an important part of determining where to stay. Apartments offer a strong sense of community with many offering local activities to get to know your neighbors, fun-day events, and communal areas that are shared encouraging a social interaction. More Time to Do What You Love With maintenance taken care of by your landlord or body corporate, you have more time and more cash, to do the things you love. IX. Why Is It Important to Read a Rental Agreement Closely? It is important to read a rental agreement or lease to avoid missing any fine print. Understand the details of your tenancy before you sign the contract to save time, money, and much heartache or misunderstanding at the end of the day. Read the Document in Its Entirety While pages of verbiage may not be a fun thing to do, it is a necessary one. Read through all paragraphs to avoid being caught by any hidden terms in your lease. Don’t Take Their Word for It When interacting with landlords or property managers, do not merely take their word as surety. Investigate and read the apartment lease before signing on the dotted line. Exercise Sound Judgement When reading the documents and you find a clause or condition you are not satisfied with, discuss this with the manager or landlord but do not sign. Until you can negotiate and rewrite the clause, avoid adding your signature or paying any fees. All Changes Must be Made in Writing Never agree to a change in documentation verbally. Any additions or subtractions must reflect in the written agreement itself. Carefully Examine the Costs From the deposit to the rental, do not fail to understand what you will be paying in total (no add-ons) each month. X. Should You See an Apartment Before Signing a Lease? Not only should you see an apartment before signing a lease you have the right to! It is a good idea to perform an inspection of the apartment during daylight when most areas are easily visible. Look at the condition of features such as carpeting, finishes, appliances, door locks, and general plumbing. Many apartment lessees forget to consider the apartment dimensions making it difficult to accommodate furniture upon moving in. The layout of the living areas should also be practical and best complement your lifestyle. Tenants can also request that a report be issued concerning existing property damage. The report is issued by the landlord and includes any stains, broken fixtures, damaged walls, and similar issues. Taking note of existing damages will prevent you from being held liable and possibly losing your deposit, upon the end of your lease. Any damage can be queried well before signing the agreement to avoid unnecessary costs and an attachment to a lease that you cannot get out of. XII. In Conclusion Apartment living provides a strong sense of community, it is flexible, a simple lifestyle, and you can choose which features or number of bedrooms are best. Apartment complexes are available in different styles from contemporary with open plan living to modest and comfortable for property starters. Modern apartments also offer a lifestyle that is more than just a home. Many have access to the latest amenities including a swimming pool and gym or laundry while others are located in the city center and beautifully maintained, suited to the city hustle and bustle. Apartments can include wonderful views, close-knit communal living, and high levels of security, particularly when located in a gated or access-controlled community. Its minimal maintenance and affordability contribute to its attractiveness for tenants and developers. If you are looking for a way to enter the property market with a home that provides less maintenance, affordability, and a strong sense of community, then apartment living is for you. As a last word of precaution, always remember to read the lease agreement prior to signing it. Have the apartment inspected or look at it yourself to ensure it provides what you need for the time you will be staying there. Factors from its practicality and location to its security and features for families will help you make a valuable and rewarding decision.

I never knew exactly what Section 8 was until I was in my mid to late twenties. All I knew growing up was that a lot of single moms were on Section 8, but that was the gist of it. However, now that I'm older I understand that it's a housing program to help those in need and I don't want the stigma of it only being for single moms to continue. So, I figured if I was misinformed of exactly what it is then there may be other people I could help educate on exactly what Section 8 provides. Other topics you might like: Why Live in An Apartment Complex? Renters Insurance & You Why Do Landlords Take a Deposit? I. Housing Choice Vouchers Section 8 is actually apart of the housing choice voucher program. So, what is a housing choice voucher? The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and disabled to afford decent, safe, and sanitary housing in the private market. This program allows the family, individual, or participants to find their own housing which includes single-family homes, townhouses, and/or apartments. The housing does have to meet the requirements of the program but is not limited to subsidized housing projects. These vouchers are administered by PHAS better known as public housing agencies. The funds PHAS receive come from HUD better known as the U.S. Department of Housing and Urban Development which administers the housing program. If a family or individual qualifies for the program and receives a voucher, the family or participant is responsible for finding suitable housing where the owner/landlord agrees to rent under the voucher program. In some cases, the current resident of the applicant may participate in the program. Any housing choice must meet the minimum standards of health and safety as determined by the PHA. A certain amount of the rent will be paid to the owner/landlord directly by the PHA on behalf of the family or individual. If there is a difference in the amount then the family is responsible for the difference. In some cases, the voucher can even be used to purchase a home - a modest one. II. How Do Housing Vouchers Work? The actual housing choice is up to the family to decide. The local PHA will encourage the qualified participants to consider several housing choices to ensure they find the appropriate fit. Under federal guidelines, the housing unit selected by the family must meet health and safety standards before the unit can be approved. Once a unit is found and the family and landlord agree on leasing arrangements then the local PHA must inspect the dwelling and determine the size and rent amount is reasonable. The PHA has a formula that is used along with the set payment standards and calculates the amount of housing assistance a family will receive. However, despite what the PHA comes up with that does not mean the landlord is required to lower or adjust the rent amount or lease duration. Families can choose a unit that is below or above the PHA payment standard. Furthermore, the qualified family is required to pay 30% of its monthly adjusted gross income for rent and utilities. If the rent is greater than the payment standard, the family will have to pay the difference. However, if the family moves where the rent exceeds the payment standard, that family may not pay more than 40% of its adjusted monthly income towards rent. III. Who Is Eligible? The PHA determines eligibility based upon the total annual gross income and family size. US Citizens and specified immigrants who have eligible immigration status can qualify. The income of the family cannot exceed 50% of the median income for that county. According to PHA's federal guidelines, a PHA must provide 75% of its vouchers to applications whose income does not exceed 30% of the median income. Hud publishes median income level and is varied by location. PHA will collect family income, assets, and composition information during the application process. This information will be verified with the family's employer, local agencies, banks, and other sources to determine eligibility and the amount for assistance. If you are deemed eligible you will be placed on a waiting list unless they have immediate availability. If you are placed on the waiting list, once your name is reached a representative from the PHA will contact you and assist with your steps moving forward. IV. Waiting List Often the demand for housing assistance exceeds the limited resources available. Unfortunately, long waiting periods are common. If the PHA has more families on the waiting list than can be assisted within a certain period of time it is possible that they will close the waiting list until more families can be assisted. The local PHA can establish local preferences when selecting candidates from the waiting list. It is possible that a homeless family could be chosen first over a non-homeless family. If a family is involuntarily displaced or is paying more than a certain percentage of their income for rent they may supersede another candidate on the waitlist with less dire circumstances. If a family falls under these preferences than they would move ahead of a family who did not fall under any of these preferences. PHA has the discretion to establish these preferences based on the housing needs and priorities of its community. "As a side note, the PHA also offers a public housing program. This is different than the housing voucher program. If there is a long waitlist for the housing voucher program, applicants for the housing voucher program can be asked to be placed on the waitlist for the public housing program." V. Can I Move & Still Recieve Assistance? The government is aware that family needs change over time. They know that family sizes increase and decrease and that employment can also change. Luckily, the program is designed to allow families to move without the loss of assistance. Families must notify the PHA ahead of time, terminate the existing lease within the lease provisions, and find another acceptable dwelling. According to the housing voucher assistance program, new voucher-holders may live anywhere in the United States that falls under the jurisdiction of that PHA. If the new voucher holder does not live in the jurisdiction of the PHA f at the time of applying than the family is required to lease a unit within that jurisdiction for the first 12 months of receiving assistance. If a family wants to move to another PHA's jurisdiction then they need to consult with that specific PHA before moving. VI.What Role Does Each Party Play? So, your family found housing and your local PHA approves- what happens next? At this point, it is time for you to sign the lease. t the same time that you're signing the lease the landlord and PHA will sign a housing assistance payment contract that runs for the duration of the lease. You as the tenant, your landlord, and the PHA now have obligations and responsibilities under the voucher program. As the tenant, you may be required to pay a security deposit as most landlords/owners require same. When your lease expires the landlord/owner may renew the lease or move you to a month-to-month lease. While you are under the lease you are required to comply with the lease and voucher program requirements. Rent should be paid on time and the condition of the unit should be maintained. If anything changes with your income or family size you should notify your local PHA immediately. Now that you have a landlord he/she is also required to provide and maintain certain things. The Landlord is required to provide a safe and sanitary living environment. The unit should pass the housing quality standards and these standards must be maintained as long as the owner/landlord is receiving the housing assistance payments. The landlord is also required to provide any services as agreed upon in the lease and/or contract with PHA. You've moved in at this point - is there anything else that the PHA is required to or able to do? The PHA has the right to terminate assistance payments if the landlord/owner fails to meet obligations under the lease. The PHA is also required to reexamine your income and size annually. In addition, to a re-examination of your information, the PHA must inspect your dwelling at least once a year to ensure it meets the housing standards. During the entire process, HUD is monitoring the PHA administration to ensure that the rules of the program are adhered to and no fraudulent activity or unlawful activities are occurring. Other topics you might like: Why Live in An Apartment Complex? Renters Insurance & You Why Do Landlords Take a Deposit? VII. How Do You Apply? Contact your local PHA and/or for further assistance contact the HUD Office nearest you. HUD has other subsidized programs and you can obtain a list of same from your local HUD office.

It rained in your house and now your brand new couch is more like an overly used sponge. That tree your husband has been meaning to cut down just hit the house and now you have your own sunroof. The kids plugged up all their game systems, in addition to having all the lights on and the microwave was running thus causing a surge to the house and now the 56" TV is fried. Initially, you are irate, fed up, pissed off and the list probably goes on until you realize you were prepared for this very moment, you know how- Renters Insurance. Other topics you might like: Why Live in An Apartment Complex? Why Do Landlords Take a Deposit? The Truth About Section 8 WHAT IS RENTERS INSURANCE? Renters insurance does not cover the space in which you live when you are renting, it covers you. Renters insurance will cover your personal belongings and offers liability coverage for injuries or damage you are legally found liable for. Sometimes renters insurance is broken down into categories such as contents insurance and liability coverage. Contents insurance pays for your possessions if they are damaged or stolen. Liability coverage will help protect you if your apartment floods or catches fire and it affects a neighbor or if someone is hurt it can help cover those costs. WHY DO I NEED RENTERS INSURANCE? If something happens to your home as a result of a natural disaster, it is more than likely your responsibility to replace any of your damaged belongings. Renters insurance will help protect your items in the event of water damage, windstorms, lightning, theft, burglary, and/or vandalism. Although these occurrences may hot happen frequently it always better to be prepared. If you consider all the importance of your belongings and start adding up costs you may be able to see just how much having renters insurance would protect you in the long run. Most people have furniture, clothing, baby items, electronics, and other items in their homes worth value. Now imagine trying to replace all, or the majority of all those things at one time due to an unexpected event. The key is to always be prepared so that when things happen you don't have to get prepared. AN IN-DEPTH BREAKDOWN OF WHAT RENTERS INSURANCE COVER Now each policy is different so be sure to do your research as to what you need and what is offered. All coverages are different based on your particular policy. Nevertheless, we can go over the items and circumstances that are commonly covered by most renter insurance companies. I. Theft - You just bought that awesome 72" TV from Best Buy and boy, oh boy does it have a great picture. You get home, get it all set up, and realize you're missing the HDMI cord you need to hook up your gaming console. So, you leave to run back to the store to get the cord, but when you get home someone has broken into your house and stolen your new TV- tragic. What can you do? Well, if you have personal property coverage through your renter's insurance you can file a claim which will either provide you with some or all of the money needed to replace that television. In some cases, renters insurance can also protect you when you're not at home. Let's say you were taking TV over to your friends for an epic movie night but someone robs you at a gas station, it is possible that your renters insurance would cover part or all of this claim as well. II. Not at Fault Damage - Your brand new TV is plugged into a surge protector and you are playing your favorite game on Xbox (of course) and suddenly the plug sparks and a fire catches- what is there to do? You have to leave the house because of the smoke inhalation and repairs, so what options do you have? The great thing is your renters insurance can help you replace your personal belongings that were damaged. The extra added plus is that if you have "loss of use" coverage with your policy it will help pay for your temporary living arrangements until the house is habitable again. The same instance would apply if there was a major pipe burst, flood, leak or etc. III. At Fault Damage - The benefits of liability coverage can be applied here. You're over at your best friend's house playing Super Mario Cart on the Wii. You're winning and get overly excited and accidentally throw the remote into the TV. Thus, not only creating a crater in your friend's TV but leaving it inoperable. What are you to do? Once again here is where your renters insurance can save you. Liability coverage can also cover damages caused by you or members of your family including pets. So think of it just like full coverage car insurance. If you get into an accident at fault or at no fault of your own your insurance can help in finding a remedy to that problem. Renters insurance can protect you not only at home, or in travel, but also in the event you cause damage at another residence. How great is that? IV. Injury - You know your grandmother is coming over so you make sure to clean the house and have it ready so grandma does not have any reason to fuss. So, before grandma comes over you mop the house really well, but when she arrives the floor has not fully dried. Grandma walks in the door but before she gets to her favorite chair at your house she slips and falls. Now grandma has to go to the doctor and medical bills have incurred- what are you going to do? Although, not a frequent occurrence, it is possible and you could be left with extensive medical bills. There are policies that will cover these types of incidents as well through your renters insurance. WHAT DOES RENTERS INSURANCE NOT COVER? I. Auto Theft - Your renters insurance will generally cover the theft of personal belongings if stolen from your car, but will not cover the actual car if stolen. II. Expensive Items (Exceeding a certain amount) - It is possible to insure valuable items using your renters insurance policy, but more than likely your insurance will have a coverage limit for these types of items. In some cases, you can purchase a supplementary policy to cover these items. They may have specific policies for expensive jewelry or electronics. You do not want to be in a situation where something is damaged, but unable to be covered under the policy. Be sure to compare policies and call if you have more specific questions. III. Flood & Earthquakes - Most renter insurance policies cover natural disasters. However, floods and earthquakes typically are not included in this coverage. If you happen to live in an area where this is common, make sure you check that the policy you have or plan on having covers these instances. IV. Non Resident Items - The only items covered by your renters insurance are belongings owned by those who live in your house. More than likely your renters insurance will cover your spouse and children. Some policies will allow you to cover your young adults if they are away at college. However, if you have a roommate they would want to have their own personal property and liability coverage through their own renters insurance policy. V. Landlord Responsibilities - If you live in an apartment building your landlord should have their own insurance that covers damage to the units. For example, if your apartment catches fire your renters' insurance will help replace your personal property, while your landlord's insurance should pay for the restoration to make the apartment habitable. KNOW YOUR INSURANCE POLICY Of course, all renters insurance policies are different and you will need to refer to your own individual policy to see what is and what is not covered. You need to make sure you know your coverage limits and deductibles and what type of coverage you have. Remember there are two types of coverage for personal property: the replacement cost and the actual cash value. Replacement cost means your renters insurance company will pay you the cost to replace the damaged or stolen item with something comparable. Actual cash value coverage means that your insurance company will take into account the depreciation and you will receive an amount that they believe the item is actually worth. Make sure you verify your type of coverage. PRICE OF RENTERS INSURANCE The average premium for renters insurance is about $15-$25 a month, but this varies based on location and the coverage needed. There are factors that will help determine the type of coverage you need and the price. If you are in area that is more frequent to floods and natural disasters then it could be higher. If you are in an area that is considered high risk for crimes and theft then it is also possible there would be an increase in your renters insurance. The price of your coverage will also depend on the value of the items you want to insure if you want personal property coverage and/or liability and the amount you choose for your deductible. Other topics you might like: Why Live in An Apartment Complex? Why Do Landlords Take a Deposit? The Truth About Section 8 IN CLOSING Renters insurance is a layer of protection that can help you in the event of a loss. Initially, this can seem to be an unnecessary bill, but if one day your house is flooded and all your clothes are ruined- it may become a necessary bill to help get your life back on track. Did you know that a lot of car insurance companies will let you bundle renters insurance with your policy? It is also possible that by bundling these policies you can receive a discount. Remember that even if you think you can replace all your belongings in the event something was to happen, renters insurance could help keep you from ending up in a financial crisis. Also, if you are found liable for extensive damage, you could end up needing to file bankruptcy - renters insurance could help prevent this. You should seriously consider your financial ability to cover unexpected costs that can arise from incidents that would normally be considered under renters insurance. In addition to having to cover an incident if a situation was to arise consider the normal bills and day to day cost of living you would still be required to maintain or handle. You want to make sure that you are not in financial straits. Even if you feel that these situations are unlikely to occur, you may want to reconsider. There is not one person who likes to spend money on a service they may never use, but no one wants to go broke trying to fix a situation they could have had taken care of in the beginning either. Every day we are alive anything could happen. No matter what we predict for the day, all days are unpredictable and we need to be prepared. Maintain your peace of mind and get renters insurance.

I. Where is the money? By now, like most Americans, you’re waiting on the second round of stimulus checks- me too! Most of us expected the second round of checks to come in the month of August, but unfortunately, Democrats and Republicans have failed to come to a consensus- not surprising. From different articles I’ve had the pleasure of reading, it seems that the base amount of $1,200 has been agreed upon for adults and $2,400 for married couples, but the amount for dependents is still being thrown around. According to FoxBusiness.com “ President Trump called on Congress to approve a fresh round of $1,200 stimulus checks for American families by reallocating $300 billion in unused coronavirus relief funds.” Supposedly Trump was going to make an executive decision to make this happen, but he could not due to needing approval from Congress. So, once again many Americans are being left in limbo waiting on the people in power to make a decision. Until a decision is made, I suppose now would be a good time to consider how you plan to spend it. Well before we discuss how to allocate the funds from the second check, let’s go back and think about what we did with the first one. II. Bills & Debt - How should I have spent my first stimulus check? If I remember correctly the first round of stimulus checks went out in mid-April right around the time business and schools were closing down due to the increase in Coronavirus victims and deaths. Losing a job or having to call off work due to having to watch our children ( i.e. schools closed) caused a lot of people to lose their financial stability. So for many Americans just like myself, we used the first round of checks to catch up on bills or pay some bills ahead for the uncertainty of what the future would bring. Now generally most people would probably say that’s what you were supposed to do with that money- take care of your financial business. On the other hand, I wonder what people did who were not in financial straits. I wonder if they used their money for trips, events, or outings with friends, family, or loved ones - creating memories. Considering that unemployment was granted shortly thereafter for most people who lost employment because of the pandemic, then it would be safe to assume that some of us who chose to be responsible with the initial stimulus check could have instead chosen to use that money to make memories. Additionally, what about the low-income residents across the United States, what is your opinion on what they should do with the unexpected lump sum of money? For some people, unfortunately living in dire straits is a regular occurrence. The lump sum of money that the first stimulus check provided for the lower-income may not have been best utilized for bills. That first stimulus check could have been the largest amount of money they had ever had at one time. Now, what would you do in that scenario? If, no matter what you paid, you still would be behind- would you rather pay that bill or pay for a lifelong memory as we see on social media as portrayed by the “financially stable”. Even if you are not considered low-income and you decided to use the first check to catch up on bills - I bet secretly you had something else you would have rather spent that money on, right? III. Spend, Save, Stress & Repeat Heartsill Wilson once stated “What I do today is very important because I am exchanging a day of my life for it. When tomorrow comes, this day will be gone forever, leaving something in its place I have traded for it. I want it to be a gain, not a loss - good, not evil. Success, not failure, in order that I shall not regret the price I paid for it.” As humans every day we are faced with the choice to decide between what we need to do and what we want to do. Society has a way of convicting financially irresponsible or unstable people because of personal preferences, experiences, or opinions. However, society fails to realize that even though it condemns people for their financial spending, its ultimately no one else’s decisions, but yours. I read many articles about investing in stock, putting the funds in a high yield savings, or making an emergency account. Honestly, with the state of the economy right now and the stress, this pandemic has put on people across the world it may actually prove to be more beneficial to use that money for something that will bring you joy. According to The American Institute of Stress “Stress is a leading cause of premature deaths”. Quite frankly, of all the possible things you can die from I’m pretty sure stress is not the way any of us want to go out. Not to mention the very old phrase I’ve heard many older and wiser individuals tell me “ you can’t take the money with you when you die anyway”, thus making me wonder why we put so much effort in becoming rich and filling bank accounts with huge wads of cash - somewhat pointless honestly (minus college education and things like that). So, with that, I honestly ask you, how many of the average American people are/were actually in a position financially (pre-COVID/post-COVID) to help ensure a better future for them or their loved ones? Moreso, what big of a difference honestly would $1,200 make in the pursuit of ensuring the financial stability of you or your loved ones? Quite frankly- not much. After careful deliberation with myself and the people in my head (just joking), I’ve decided that the next stimulus check should predominantly bring my family and me some joy. I’ll even be honest and add that a portion may go to bills as that is just in my character, but I did promise myself that after all the stress and anxiety that 2020 has already brought the nation, we deserve to create a memory worth having out of it - one that brings joy not stress. Besides, according to Corporate Finance Institute “A stimulus check is a check sent to taxpaying consumers by a government. Stimulus checks are given to boost the economy by providing consumers with funds to spend. Consumer spending is an essential component of a healthy economy and, in times of economic uncertainty, it usually decreases. Therefore, the government will provide stimulus checks to keep the consumer outlook strong and encourage spending.” If that didn’t convince you to spend the money, even though it is provided for that purpose, just remember what Marie Antoniette was accused of stating to the “peasants”- “Let them eat cake” IV. It’s my money. I can spend it if I want too. Thank you for bearing with me through the not so entertaining part of this blog. Now that’s over - Time For Some Fun! Remember earlier I said now would be a good time to plan how we want to spend that second stimulus check (we have finally arrived)- boy oh boy do I have some awesome ideas for you. By the way, I’m sure you may already have plans for the money; moreover, I really hope that whatever you have planned is something that brings you or someone you love great joy and minimal stress. On the other hand, if you’re like me, still pondering in your brain about what to do with the next check - then the rest of this blog is about to be your best friend. We are going to go over some sure-fire ways to create timeless memories and “stimulate” the economy with the second round of stimulus checks. 2020 better watch out because “HERE WE COME!” V. Adventure Time “We’re off to see the wizard, the wonderful wizard of Oz”- Just seemed to be an appropriate quote to start our journey to something fun. By now, you’re wondering what is she going to tell me to do with my money right? Good question. I’m telling you to spend it. Remember though, we’re spending it on something that brings us joy. VII. Vacation Now I know that with travel restrictions and everything else that 2020 has brought us it seems pointless for me to suggest a vacation, but I am a firm believer that anything can be accomplished with moderation. I’m not saying go to a heavily populated area, with no mask and party like its 1965, but I bet there are some places you could visit that would provide a lower health risk with equal fun. There are museums and places open across the United States right now, yes they are currently operating at a lower occupancy, but they are still open and operating for business. I was thinking the other day that I wanted to go on vacation- somewhere you can take a two-year-old and I instantly thought of the Chattanooga Aquarium that my grandparents took me to as a child. They have the biggest turtle I have ever seen- at least in person. The atmosphere is so much fun with children running around, exhibits, and animals everywhere, and smiling faces eager to absorb all the information and sites around. They even have they’re very own Imax theatre. If I remember correctly and I’m pretty sure I do when I went they had a Spongebob Exhibit and it was in 4D. You could feel the water and everything. It was like I was actually in Bikini Bottom- for all the people who don’t know, that’s where Spongebob lived in the tv show. The experience was unforgettable. I live in Memphis and Chattanooga is actually not that far of a drive from home. Not only would the trip be a vacation but riding there in the car with my family would definitely help create great memories. Also, I’m sure my two year old would love to see the animals in real life. It would be an inexpensive trip but would bring all of us joy. If you have any nearby cities or towns with attractions, places, and/or even restaurants you’ve always wanted to visit, now would be a great time. Use that stimulus check to expand your horizons while driving across the horizon. VII. Something Daring & Adventurous There is just something about an adrenaline rush that just wakes up your soul. At this point in 2020, we all might need a soul wake-er-upper, lol. So in this section not only are stimulating the economy, but literally stimulating our minds and body as well. I’ve always wanted to cliff dive and/or jump from an airplane. Seemingly, one is more dangerous than the other, but I’m pretty sure either experience would be invigorating. If you think about it, either one of those options do not require you to be around a large group of people and helps keep you at low risk for contracting the coronavirus. Imagine the view from a cliff or as you spiral in the wind coming out of an airplane. I bet the experience creates a new outlook on life. Just the idea of seemingly being able to fly if only for a moment is probably one of the closest options we’ll ever have to being superheroes- well having superpowers anyway. I’m not sure of all the places you can go to do this or if it's only offered in specific areas, but I can tell you from what I've read and stories that I have been told. According to the Wisconsin Sky Diving Center, there are five top benefits to sky diving: YOU’LL IMPROVE YOUR IMPULSIVE REACTION TO STRESS SKYDIVING MEASURABLY, LASTINGLY IMPROVES YOUR MOOD SKYDIVING TUNES YOUR SITUATIONAL AWARENESS SKYDIVING ENCOURAGES BETTER COMMUNICATION YOU’LL SLEEP BETTER VIII. In Closing Like Dory said, “ Just Keep Swimming”- and that is exactly what I plan to do

Becoming and remaining financially stable requires dedication and definitely discipline. You need good financial habits. No one wants to be in a spot where they are financially unstable. It is always better to have a nest egg or emergency fund put to the side for those “uh-oh” unexpected moments. It is also nice to have money put to the side for a day of fun because we deserve those sometimes too. I am going to give you ten easy steps to becoming and maintaining your financial stability. I’m not sure about you, but after this pandemic, I would love to have some money put away for a much-needed vacation. 1. Ixnay the Impulsive Spending You just got off work and you're tired so on your way home you drive past the McDonald’s and think that would be easier than cooking when I get home. Or maybe on your lunch at work today you were looking up clothes online and saw this awesome outfit you just have to buy. These are examples of impulsive spending. Either we buy something we don’t need because we’re too lazy to utilize what we have or we see something calling our name that we don't need, but feel like we just need to buy. These expenses add up over time and ultimately all these little purchases dwindle our money over a short and long period of time. 2. Save Money For most people, it’s hard to save money. We have our children, bills and unexpected expenses that arise which sometimes make it nearly impossible to put anything away, but we have to learn to do it anyway. My rule of thumb is 10% of whatever I bring in goes to my savings, but sometimes I just can’t afford that. When this happens, try and put at least $20-$25 away and build on top of that. It may not seem like much in the beginning, but over time this money will accumulate. Maybe you could just save your loose change in a jar, or maybe just $5 or $10, but something is always better than nothing. 3. Track What You’re Spending Go over your last six months to a year worth of spending and see where all your money is going. Analyze how much you’re spending on fast food, shopping sprees, bills, the children and etc. You need a clear breakdown of where your money is going. Once you can easily see what expenses you have you can then reanalyze how they can better be spent or saved in the long run. I recommend once a year going over your budget and analyzing how best to allocate your income. 4. Invest Even if retirement is far away it is never too early to invest in a 401K or IRA. You can also invest in stocks and bonds, but make sure you educate yourself on that before taking that risk. Potentially you can also invest in an up and coming business, but whatever decision you choose, be sure to check the risk vs. the reward and any and all fine print along with interest rates, charges, and fees. 5. Prevent & Eliminate Debt If you have current debt, call the company and start a payment plan. Even if you can only pay a small amount, start getting that balance down. Ask the company if they are willing to settle on a lump sum less than the amount owed, sometimes they are willing to do that. In the process of taking care of the old debt, prevent yourself from accumulating new debt. The goal is ultimately to be debt-free. 6. Budget Remember in step 3 we said to track your spending, now I can explain why. Once you track what you're spending you can eliminate what is not important and prioritize what is important. Separating the two will help set your budget. Your budget is what you bring home minus any bills or necessary expenses. The remainder of that is what you will need to budget for additional expenses, daily expenses, or anything else that may arise. This also includes whatever you allot to your savings. 7. On-Time Payments Do not procrastinate with making payments. Make all payments on time and be sure to always pay at least the minimum. Ultimately you want to pay more than the minimum to decrease the interest and get the bill paid off faster, but that is not always an option. If you can make payments early do that as well. When it comes time for your bill carrier to report to the credit bureau you want your payments to show that they were paid in a timely manner. 8. Stay Dedicated Budgeting and maintaining financial stability is hard, but stay dedicated. Do not give up on yourself when something unexpected arises. Remember to push forward. If something unexpected happens, go over your budget and spending and calculate the option that is going to be best for you. Do not allow yourself to get frustrated or lose sight of your goals. The best advice I can give is that “anything worth having is worth fighting for” and that includes yourself and your credit. 9. Short Term and Long Term Goals There are going to be personal expenses or items that you want to reward yourself with. It could be a new car, a new house, or maybe a family vacation. It could be something more simple such as a new pot set for your kitchen. No matter what it is, divide the things you want into long term and short term goals. This will require that you plan efficiently and timely to achieve these goals. This will help you set dates and avoid procrastination. 10. Emotional and Mental Stability It is hard to manage your life when your mind and emotions are not on the same page. Be sure to keep yourself healthy and maintain an active lifestyle (within your budget of course). It is hard to take care of business or think about the future when you are bogged down in “right now”. Try to keep yourself uplifted and when you feel down try to find the avenue in which to bring yourself back up. Becoming financially stable and maintaining financial stability is not difficult, but does require hard work and discipline. Furthermore, most things in life require hard work and discipline it is just up to you to make sure you apply the effort to get the results you want. You may have to make some sacrifices, but ultimately it will pay off for you (literally) in the end. Think you are financially stable? Check out our guide on buying a house.