Let’s admit it: rent accounts for a huge chunk of our monthly expenses. Even if the rule of thumb is that tenants shouldn’t spend more than 30% of their monthly income on rent, even 30% is a significant portion. So, what can you do to lighten your load a little bit? Here are 7 lower-cost alternative housing options that you can choose from to help you cut down on rent costs.
Main Takeaways
- Explore shared and compact alternative housing options like having roommates or renting rooms to cut costs while maintaining access to essentials.
- Consider alternative housing options such as ADUs, tiny homes, or mobile homes—these often offer privacy and affordability, especially in Texas.
- Look into short- or medium-term rentals for more flexibility and lower upfront expenses, without sacrificing convenience or comfort.
6 Lower-Cost Alternative Housing Options to Look at
If you’re looking to move to a more affordable home, there are different choices at your disposal. For example, here are 6 low-cost alternative housing options that might match your budget:
1. Roommates
As one of the top residential property management companies, we can tell you that one of the easiest ways to cut down on rent costs is to opt for roommates or housemates. They can help you take on the cost of the rent. And the more people you share your home with, the smaller your rent will be. Even better, they can split the utility costs and groceries with you. It’s a win-win.
2. Renting Out a Room
Renting out a room in a house is exactly how it sounds. You cut costs by renting out a small, unused space in someone’s home. In this arrangement, you likely will have access to the rest of the home — the kitchen, bathroom, etc. This way, you can still have access to the utilities you need. However, this setup can be stodgy, safety-wise, since you’re living in the same house with a stranger. So, you should always do your due diligence before choosing this alternative housing option.
3. Accessory Dwelling Units
When it comes to alternative housing options in Texas, ADUs or accessory dwelling units will always come to mind. ADUs are small homes built on the someone’s property. Yet, they are not attached to the property’s main residence. Imagine it as a tiny home in a property owner’s backyard – that’s how it usually works. But aside from backyard cottages, ADUs can also be in the style of converted sheds or reconstructed garages.
A key characteristic of ADUs is that you should be able to access them separately from the main residence. So, a primary benefit of an ADU is the privacy it offers, even if they’re built next to another residence. Aside from that, per Texas code, ADUs must have a bathroom and sink or dishwasher. So, you don’t have to go inside someone’s house to access those facilities. This lets you live more independently from other people.
4. Tiny Homes
Tiny homes have become increasingly popular across the country in recent years. To explain what they are, they’re compact spaces (typically 600 square feet or less) that are still functional and livable. Typically, they have the basics, like a kitchen, bathroom, living space, and bedroom. And most importantly? With less square feet, there’s typically less rent to pay.
5. Mobile Homes or Manufactured Housing
Did you know that Texas has the most number of mobile home parks in the country? It’s safe to say that mobile housing is a popular housing option in the Lone Star State. But why?
Mobile or manufactured homes are those constructed in a factory and are simply transported to their designated location. These are typically built with lightweight but durable and sturdy materials, which makes them easy to construct and move from one place to another.
However, what’s even better is that modern mobile homes often come with modern features such as energy-efficient appliances and function-focused interior design. Aside from that, mobile home parks typically provide access to shared amenities such as laundry rooms, playgrounds, and even sometimes pools. So, you won’t just have a new alternative housing option; you can live in a new, vibrant community.
6. Short-Term or Medium-Term Rentals
Let’s say that on top of wanting an alternative housing option, you need a lease that offers more flexibility than most rent contracts. If that is the case, then short or medium-term rentals may be the perfect answer for you. Not to mention that these typically come fully furnished and have minimal upfront costs–just some of the things you want when it comes to lower-cost housing options.
Find the Right Alternative Housing Option with BMG
When you’re looking for housing on a budget, it can feel impossible to find the right fit. That said, knowing the different alternative housing options – from shared housing to manufactured homes and ADUs – can help you have a clearer path forward.
As one of the top property management firms in Texas, we at Bay Property Management understand that there’s no one-size-fits-all solution to housing. That is why we strive to tailor our services to each renter’s unique situation. Whether you’re looking for a shorter-term rental or a long-term tenancy, a smaller or bigger rental, our expansive portfolio might just have exactly what you need. Look at our listings today to get started!