Getting a good deal on an apartment can be a tricky business. That elusive bargain is a combination of ample living space, convenient location, responsible management, and of course, cost. Here are a few things to think about as you try to decide how much to pay for an apartment.

Location

There are any number of factors that can make location the priority for a renter. Perhaps you have a need to live near public transportation, want the convenience of a short commute, or have a preference for an ocean view. Regardless, if location is your most important consideration, prepare to give up other benefits, such as floor space.

"Bargain" Cities

If you are a young person looking to expand your social circle and start your career, then you probably think you might live in a major city such as New York, San Francisco, Washington, D.C., or Chicago. The downside, of course, is that you will pay a premium in rent. Here is the average monthly rent (as of fall 2009) for a one-bedroom apartment in five major American cities: Chicago $700 Los Angeles $1,200 New York City $2,400 San Francisco $1,400 Washington, D.C. $1,100 Contrast those rates with the much lower rents in smaller cities such as Minneapolis; Denver; Charlottesville, Va.; Seattle; or Memphis and you may find yourself reconsidering your options.

Know Your Rights

Do your homework on management any apartment you consider renting. There's no sense in signing a lease only to find out that the hot water doesn't work and the building supervisor won't return your calls. Check out the information on tenant rights for each state. (See Reference 1).

Source:

Tenant Rights for Each State

Average Monthly Rents, One-Bedroom Apartments in Five Major Cities