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An unplanned upshot of the current housing crisis is the total revitalization seen in the rental property market. With slumping prices, tightening in financing options and unprecedented foreclosure numbers, more and more people are turning to the rental market for alternatives.

Demand has shot up, resulting in vacancies in rented apartments dropping from 8% in 2009 to a mere 5% in 2011. Unsurprisingly, rents have followed suit, making affordable apartments hard to find.

In the current real estate market, only the well heeled can fork out enough for the perfect modern apartment with balconies, modular kitchens and spacious rooms. With even average apartments going for a premium, you would need to be really astute to find yourself a good and affordable apartment. Keeping a few rules in mind, like looking for properties in slightly older developments, focusing on the lower floors and looking away

from typical residential areas, you can fine tune your search for a more competitively priced apartment. Targeting a new landlord or home owners eventually looking to sell their properties is also a good way of finding yourself reasonably priced and well maintained properties.

For more tips to help you along on your rental hunt, continue reading here.

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