More Than Fifty Percent of Renters Are Spending More on Moves This Year; Professional Movers and Truck Rentals Listed as Top Expenses
(CHICAGO) August 6, 2008 – As soaring energy and food costs continue to drive up consumer expenditures around the country, increased moving expenses are no exception for renters looking for a new place to call home this year. In fact, more than 50 percent of renters said they have either already spent, or anticipate spending more on their move this year compared to years past according to a national survey by Apartments.com.
Fifty-four percent of renters cited professional movers and truck rentals as their two biggest expenses. Furniture followed with 17 percent and bedding, bath and home goods account for 9 percent. According to American Moving and Storage Association (ASMA), distance and weight are the two primary factors that determine the cost of a professional move. However, other price drivers impacting overall costs include rising fuel prices, higher equipment costs and a shortage of qualified truck drivers, further increasing labor costs.
In light of the current U.S. economic conditions, more and more Americans are open to relocating for employment opportunities and moving closer to urban centers and public transportation to reduce commuting time and costs. And with 90 percent of Apartments.com survey respondents packing up to move this year, renters across the country are sure to feel the premium price tag associated with their recent or upcoming move. The majority of survey respondents (39%) said they will spend between $501 and $1,500 on moving expenses while 16 percent top $2,500. However, budget-savvy renters can save on their professional moving costs with these tips from Moving.com:
- Shop around – This is a great time for renters to negotiate with professional movers. If costs are too high, shop around for four to six moving quotes. Given the competitive climate, don’t shy away from asking for complimentary extras such as boxes and moving supplies.
- Get more for your money – This is your whole life that you are packing up so don’t sacrifice quality for the cheapest moving option. Determine everything that is included in your moving quote, push for additional perks and vet out quality issues beforehand. Understand all costs and confirm the prices several time with your mover so there are no surprise on moving day.
- Avoid peak rental season – Avoid moving during peak rental season, which begins in May and carries on throughout August. By creating some flexibility in your calendar— moving in September versus August and moving during the week rather than a weekend —you will experience a substantial cost savings.
Despite increased moving costs, 69 percent of renters are still shelling out cash on home décor, electronics, furniture and bedding/bath/home goods to make their apartment feel like home. Renters are encouraged to visit both the Apartment Living and Moving Center on Apartments.com for thrifty apartment decorating tips and a one-stop-shop for moving resources including quotes for renting a truck and hiring professional movers.
Renters interested in learning more about their rights are encouraged to visit the Landlords and Leases section of Apartment Living on Apartments.com for tips and articles on a variety of issues including security deposits, subletting an apartment and renters insurance.
As part of its monthly What Renters Want research series, Apartments.com surveys renters on various topics. For more information on these surveys or to receive a copy of additional survey results, please contact Tammy Kotula at email@example.com.