Hey, good news: the rising cost of renting a place is steadily slowing down. Why the change? According to this article, it’s because of the boom in new rental unit construction.
According to the article, for the past few years, rental prices have been rising at almost double the pace of wages…until recently. They slowed down in February, closing the gap between rent and the average 2.2 percent increase in wages most people get each year.
Simply put, that means people are seeing housing costs that are more aligned with the growth of the economy. While this comes with some growing pains (gentrification and affordable housing to name a few) it also means that you’re going to see less soaring rent prices in popular areas.
Supply and demand, everybody. Remember that from Econ 101? So now that you might save some extra dough on rent in the future, here are five things you should do with that money.
1. Break up with your sagging Ikea bed.
Your first adult bed is a rite of passage, but after awhile it’s time to face up to the fact that the slats broke way back in 2009 and you’ve been rolling to the middle ever since. Upgrade your mattress and bed frame with the money you save and start sleeping like a king (or queen).
2. Host a dinner party.
It doesn’t have to be perfect, but hosting a party where you feed your closest friends promises to be a memorable experience. Set up some makeshift tables and put cheap candles everywhere to create a cozy vibe. Since future-you will be saving so much on rent, you can even go crazy and spring for organic produce.
3. Donate to charity.
Sometimes the best thing to do with the money you save is to give it away. Share the love and donate to local charities that provide temporary shelter and even help people get into an apartment of their own.
4. Invest in “real” art.
Art is, like, subjective or whatever, which means that technically the Fight Club poster hanging in your bedroom counts, but you can do better. Bonus points if you invest in something from a local artist. Stroll around your city and stop into all the galleries you normally walk past to check out all the unique talent around you.
5. Fill a bathtub full of pennies and dive into it like Scrooge McDuck.
Why not? Now is the time to make all your childhood fantasies come true.
