Inflation in the rental market can make it difficult to make ends meet for Louisville renters, and the costs of renting properties in this city are incredibly high. You may be wondering how you’re doing getting through this. But there is some good news. In this piece, we highlight five ways that can help Louisville renters combat inflation.
What Does Affordable Housing Mean?
Millennials and Generation Z favor renting over buying a home because they believe it is the more affordable option. Sometimes it is. But sometimes it isn’t. One guide is if your living costs, rent, and utility costs do not exceed 30% of your annual household income, then your housing is considered affordable.
As Louisville is becoming an increasingly appealing location, renters in the area can expect an above-average price increase in the rental market. While some neighborhoods in South Louisville are very affordable, areas such as Phoenix Hill and The Highlands are some of the most expensive in the city, where one-bedroom rental properties cost $1,642 and $1,749 per month, respectively.
5 Ways Louisville Renters Combat Inflation
If you are a tenant in Louisville, consider these five ways to combat inflation and find affordable housing in this city.
1. VETT Vouchers and Subsidies for Veterans
In partnership with the U.S. HUD (Department of Housing and Urban Development), the Kentucky Housing Corporation launched the VETT Program to assist homeless veterans in the neighborhoods of Kentucky. Up to 100 veterans can apply for special assistance to pay for affordable housing. They will need to meet the criteria described on the certification form.
It is also possible to receive short-term subsidies from local public housing authorities and the SSVF program, which assists veterans with low incomes.
2. Saving Money by Buying in Bulk
You may consider buying in bulk as a tenant searching for ways to save money to combat inflation. Using this method at stores like Costco or Sam’s Club, you can save money that you can allocate to utility bills, rent costs, and other expenses.
If you also search for weekly deals via the Internet. Sites like Brad’s Deals offer tremendous discounts. When purchasing consumable products in bulk, you can save more and avoid the challenges of meeting increasing rental costs.
3. Improve your Credit Rating
Your credit rating can open doors to better rates and offers if you take the time to improve it. The best methods for improving your credit rating are to pay credit card balances and bills on time.
A good credit rating of 670 and above will increase the chances of getting lower interest rates from lenders when you take out a loan. This can help you save money. Which, of course, helps you to handle rental inflation.
4. Make Wise Investments and Good Financial Choices
Some wise investments can be optimum options for your income. By consulting a financial advisor, you can choose a wise investment to make a good return on your money, making rental inflation easier to manage.
Good financial choices can also help you weather the storm that is rental inflation. Plan with your expenses, and use rent credits wisely if you intend to rent to own a property.
5. Consider Utility and Energy Bill Assistance Programs
Other options for handling rent inflation costs include considering utility and energy bill assistance programs. One such program is Project Warm, which can educate you about how to lower your energy usage and save on energy costs at no cost.
Using the Low Income Home Energy Assistance Program, you may also get additional support to pay for high heating bills in Kentucky. You must check your eligibility for the program; depending on your household income, you may get financial support.
Only residents of Kentucky can apply for this program, which may ease any financial challenges you are facing due to inflation.
Combatting Inflation the Easy Way
It’s clear that rising rent costs can make it difficult to live comfortably in Louisville. But implementing the five strategies listed in this article can make it easier to handle these costs. Remember that if you choose to invest your money, always solicit the advice of a financial advisor. An experienced financial advisor will support you and advise you about which investments are the best options for your particular situation.