One of the hot housing topics has been a difference between renting costs vs. average wages in Beirut. The reason for that? Well, as the economy is kind of slowing down, the situation has become difficult both for the renters and the rentees.
High rents are making it impossible for the tenants to live comfortably but at the same time, renters cannot lower their prices. What’s to be done about this and how to find affordable housing in Beirut – we’ll see in the text below.
Average rents in Beirut
If you are planning to live in this city, you need to get informed before you relocate to Beirut. So, let’s talk about rents, first. When talking about average renting prices in Beirut, we need to consider a couple of factors that affect the price. First of all, the prices depend on whether an apartment is furnished or not. Next, another huge factor is definitely the location – some neighborhoods in Beirut are definitely more expensive than others. Therefore, when talking about the average rent prices in an average city area – you’ll need around $1060 for an 85m2 apartment. Naturally, more popular neighborhoods offer a similar place at the price point of around $1700. So, the prices can vary, but they are still quite expensive, especially for the average renters.
Average wages in Beirut
The latest wages information shows that the average salary in Beirut counts 3,958,918 LBP per month, which is around $2600. Of course, that information also depends on the job you have and the location, too. The salaries range from the minimum salary of around 500,000 LBP to the maximum of 17,500,000 LB.
What’s the problem – renting costs vs. average wages in Beirut
The problem in Beirut’s real estate system starts with people buying the house first. If taking a loan, people in Beirut are allowed to pay the maximum of one-third of their salary. And if you make a simple calculation – one making $ 1500 can only pay $500 for the loan, which is not enough to buy a decent home. However, this rule doesn’t apply to the renters – rents are quite high in Beirut, so people spend 50%,60% and even 70% of their salary on rent. Landlords can’t lower the rent fees, simply because they need the money for paying bank loans and running the place.
Another fact that makes it difficult to ‘survive’ in Beirut is that it belongs to the list of the most expensive cities in the world. And when we think about wealth inequality, which is also present – there’s a problem that occurs in Beirut economy.
How to rent an apartment in Beirut – for less?
When reading about renting costs vs. average wages in Beirut, only one question comes to mind. How to rent an apartment without spending all your money? Well, that’s possible with a couple of frugal tips and tricks and the right approach to the apartment hunting.
Know what you really need
One of the most common ways people ‘waste’ money on rents is paying for something they don’t really need. So if you are apartment hunting in Beirut, think about what are the things that are most important for your lifestyle. These may include neighborhood safety, nightlife, commute time, proximity to some special places, the size, etc. Once you figure your priorities out, you can start looking for a perfect place and spend money on something that really suits your lifestyle.
Give yourself some time
Finding an apartment that you like and that also fits your budget can be a bit stressful. So, if possible, take your time with the apartment-hunting process. It’s important not to make a bad decision and sign a contract that is not good for you – just because you’re tired of looking for a place. Be sure to take a break every couple of days, and give yourself some time to think and make a good decision.
Browse with trustworthy real estate companies
One way to avoid getting tricked and paying more money is to search for housing with trustworthy companies. Getting professional help is great, but be sure to pick someone you can really trust. This way you will be sure that you’ll get exactly what you’re looking for and pay exactly what it’s worth.
Get a roommate
If you are looking for a place alone – expect to pay a lot more for rent in Beirut. Therefore, if you want to save some money on rent, be sure to consider finding a roommate and quit looking for a studio. Splitting your rent costs, as well as bills, will be a huge help to your budget. However, you may need to adapt to your roommate a bit, but if you find somebody you like, it can be a great, friendly experience.
Take a middle-floor apartment
When you compare rent prices in a building, the most expensive apartments are those on the lowest and on the highest floors. The reason is that people either like a great view from their apartment, or they need easy access to their home. Therefore, apartments on the middle floors tend to be less expensive so be sure to keep that in mind when looking for an apartment in Beirut.
Avoid the luxuries
This one seems quite logical, but renting an apartment without some unnecessary luxuries can really decrease the rent price. For example, you maybe don’t need an in-unit laundry or some other amenity, so you can definitely pay less for an apartment without them.
In the end
As you can see, there are problems when talking about renting costs vs. average wages in Beirut. That’s why you need to make sure to go apartment-hunting prepared well. Be sure to explore the rent costs in different neighborhoods and remember the tips on how to spend less on rents.