Hold tight. Whether you hire a mover or do the work your self there is a very real cost to moving. Instead of immediately starting the apartment hunt it makes “cents” to put pencil to paper and figure out the real cost of finding a new apartment.
First, take the amount your rent has increased and multiply that number by twelve. So, for example, if your rent went up $35 you will need to budget an extra $420 for the year to cover the new cost of your place.
Next, take the time to search the apartments in the area you wish to live. Determine if rents are more, less or about the same as your rental increase for a similar apartment.
Research the cost of moving. Even if you do this yourself, unless you are truly a minimalist, you have stuff that will need to be moved. The cost to rent a U-Haul and move yourself (with the help of friends, that is) will range from $20 on up plus a per mile surcharge. In addition there are optional insurance costs to cover any damage or theft to the truck or your belongings that you may wish to purchase. The supplies; dollies, moving blankets, boxes, tape…. that will all be extra as well. If you decide to hire movers the starting cost can range from $150 on up for 2 movers and 2 hours of moving time. Each additional hour can add another $75 to $100 to your costs and that does not include the basic supplies, like boxes and tape.
Along with actual moving costs are the costs associated with renting a new place:
- Application fee
- Security deposit
- Pet security deposit
- First month rent
Finally, factor in the amount of time it will take you to find a new apartment, move (make sure to include any time you may need to take off of work) and the emotional toll that the move may take. Once you calculate all of the above, then you can determine if the cost of your rent increase outweighs the cost of a move.