Roommates Help Pay The Rent!

In times like these when the economy is slow, having a roommate to help pay the rent definitely helps.   In big cities like New York, Los Angeles and Miami, rent for a 1 bedroom apartment can easily go for $2000 a month.  Wow that's a lot!  Sure you can find a 1 bedroom apartment for $1,200, $1,300 or $1,400 per month, but that's still a lot of money to be shelling out for something you don't own.  Here in Los Angeles where I live, I'm paying $1,320 per month for my rent and honestly I cannot afford that by myself as a freelancer.  Therefore, I need to have roommates (yup-I have two).  Of course I wish I could live by myself and not deal with two female roommates, but let me tell you, when the rent is due at the end of the month along with the water bill, the electric bill, the gas bill and everything else I have to pay for in my life, I am HAPPY to split my $1,320 rent 3 ways.

Case Study

I have a friend who recently moved into a much smaller apartment because he could no longer afford to pay his rent.  He had a very nice 1 bedroom apartment out in Hollywood, but the rent was going up to over $1,300 a month.  He didn't have roommates like me, but was considering one because he works as a freelancer as well.  Due to his busy schedule however, he didn't have a lot of time to meet with individual people to see who he would like to move in with.  So eventually he ended up moving into a studio apartment. 

At his new place he has no garage parking like he had with his old apartment, most of his furniture is now in storage where he is paying $100 a month and the neighborhood where he now lives in is well...so-so (his last neighborhood was really nice).  But hey, my friend was able to cut his rent almost in half and he's happy.

So Where Do You Fall In?

Maybe you too can move into a studio apartment if you find you are paying too much  for rent.  If you have good credit, a steady work history and a chuck of cash saved up, maybe you can try buying some property.  However, if you have been reading the papers lately, many homeowners are going through foreclosure because mortgages are spinning out of control too.  As a matter of fact, a good number of those  homeowners are moving their families into apartments and I'm sure the living space is much smaller than what they are accustomed to.  

If you are finding yourself struggling with the rent, try considering getting or moving in with a roommate.  Just the same, if you live in a big house and have an extra room, why not have that room for rent?  Not glamourous I know, but it's only temporary and you can save some extra money each month.  

Imagine if you are paying $1,200 a month for an apartment.   Could saving half of that ($600) every month for a year in some way help you out?   You could pay down your car note, credit cards bills, student loans and more!  If you are lucky to find a cheap studio apartment where you can live by yourself, then go for it.  However, if you are not in the position to move and you have a large living space or an extra room to rent, get a roommate.

The Upside

Having a roommate is really not all that bad and can actually be an advantage both financially and socially. Yes I understand you will feel like you are giving up on what you cherish the most- your privacy-but you will soon adjust to the situation.  The key is to find the perfect roommate for you and yes, it is possible.  One of y current roommates is the best roommate I've had to date (the other one is my twin sister so she doesn't count).  I searched long and hard to find the perfect female roommate for me and you know what, it was well worth it.  Do I sometimes have problems with my roommates and get into arguments?  Of course I do, but we work through our problems like mature adults and then everything is peachy again.

Piece of cake!

If your rent is becoming too expensive for you to manage, look into moving into a smaller, more affordable apartment or try to find a roommate through a roommate listing.  Having a roommate is not all that bad, especially if it helps you to save up some money.  Let's face it-times are hard and the rent isn't getting any cheaper.  So until you can afford that penthouse on your own, get a roommate, save up some money and be happy (because saving extra money always makes people happy :)!

Cheers!

T. Bo