Tired of spending an arm and a leg on gas? Want to eliminate the amount of hours you spend in traffic? Well the perfect solution is simple, move closer to your job!
I was reading this article “Renters go downtown to save on gas, commuting” by J.W. Elphinstone, and it appears that people are getting the idea to move closer to their jobs or mass transit areas in order to save money. This seems to be a nationwide trend, therefore, making rents higher in those metropolitan areas. Cities where this trend seems to be the strongest are Boston, Philadelphia, Cleveland, Chicago, Seattle, Baltimore, Minneapolis and Portland, OR.
Young renters and empty nesters alike want to move within walking distance of their jobs to save time and gas. Although the rents for apartments in downtown are increasing, the math is quite simple. You already spend $900+ on rent and an additional $200-$300 on gas due to your daily commute. So moving closer to where you work might cost more in rent, but you’re saving in gas and essentially getting more hours added into your life by eliminating the long commute.
Apartment seekers need to think about how they will narrow down their apartment search based on the aforementioned reasons. Landlords, management companies and apartment owners are advertising their properties with maps and brochures to showcase where they are in relation to landmarks and public transportation. The informed apartment hunters will do the research about location and ask questions regarding mass transit so they can find the perfect apartment for their needs.
Currently I work in downtown and the rents within walking distance of my job are so much more than what I pay now. However, if I were to eliminate the cost of my car (repairs, gas, insurance and maintenance) the cost would be about the same. And I would save an extra 45 minutes to an hour of my day from commuting. Plus, another added bonus would be extra ‘going green’ efforts by saving on consumption of fossil fuels! So maybe this is something I should think about…..
What are your thoughts?
Category: Property Managers & Owners