How Landing Standby Helps Renters Cut Their Housing Costs While Maximizing Flexibility
It’s no secret that the world’s financial landscape has been anything but stable over the past year. Creeping costs and warnings of a recession have caused everyone from major institutions to everyday people to become more conscious of their expenses. While people have already started cutting back on non-essential purchases, travel, and grocery costs, it’s only a matter of time before renters begin reassessing their housing situation to offset these rising prices.
For this reason, we have introduced Landing Standby, a new type of membership that gives members access to apartments at a lower rate alongside the greatest flexibility. Read on to learn more about why now is the right time to reevaluate your housing budget and how this new program enables members to pay just $1,295 a month for their apartment.
The demand for lower costs and higher flexibility
People have been feeling the constraints of the world’s tightening belt for quite a while now, with the American Psychological Association reporting in March 2022 that the rise in prices of everyday items due to inflation was the top source of stress among adults. By September, 42% of people reported their financial situation had worsened over the past year, according to Deloitte.
And, with The Conference Board predicting a 96% likelihood of a recession in the U.S. by the end of Q3 2023, it’s clear that spending habits will continue to shift in response to growing instability. Even now, Jungle Scout reports 82% of people have attributed rising inflation to an impact in their spending, with 76% of people making fewer fun or impulse purchases and 45% of people buying less expensive brands to cut costs.
While cost-saving behaviors across smaller spending categories can help to reduce the pressure of rising costs, the fact remains that housing still accounts for a hefty chunk of renters’ monthly spending. The New York Times reports that renters currently fork over 36% of their paycheck on housing (a notable rise from the oft-recommended 30%), and 69% of people consider cost of living or financial impact to be a top three factor in their moving decisions, according to Livability.com.
As people consider new ways to save money on their housing costs, another trend enters the mix: increased flexibility. In response to the COVID-19 pandemic, 58% of Americans now have the opportunity to work from home at least one day a week, with 35% having the option to work from home five days a week, according to McKinsey. Additionally, Upwork reports that 4.9 million Americans have moved because of remote work since 2020, and 18.9 million more are planning on moving due to their flexible work arrangement.
Those who are looking to spend less money on their housing in the face of rising costs and have the ability to be flexible can benefit greatly from participating in Landing Standby. But what is this program, and how does it work, exactly?
What is Landing Standby?
Landing Standby is a new type of membership that gives members access to all of our available furnished apartments for just $1,295 per month. The catch? Like flying standby, you’ll be asked to move on short notice.
“The need for flexibility among renters has increased alongside the desire to reduce the cost of housing,” says Bill Smith, CEO and founder of Landing. “We launched Standby to serve as a win-win scenario for those whose lifestyles are agile enough to unlock lower rent costs.”
When it’s time to switch, you’ll be given a three-day heads-up to pick out a new Landing in any available neighborhood or city. In the event there is no home available in your chosen area, you may select another location, or pause or cancel your Standby membership.
Landing Standby offers members the ultimate flexibility, with no minimum required length of stay or early termination fee—if you want to leave, all you have to do is provide three-day notice, and you’ll be reimbursed for any unused nights that month.
The benefits of using Landing Standby
1. More ways to explore
Standby members can elect to move around their cities when it’s time to pack their things, or set their sights on entirely new adventures all across the country.
Exploring multiple cities with Landing Standby
Standby members also have the opportunity to move to other cities, providing a unique opportunity to check new and exciting cities off your bucket list. This is a particularly popular approach among remote workers and digital nomads, with 64% of Landing members who identified themselves as such choosing to transfer to a new city in 2022.
Overall, the most popular U.S. cities flexible Landing members set their sights on in 2022 included Austin, Denver, Phoenix, Seattle, and Dallas.
Certain U.S. states are particularly well-suited to city-hopping. Landing members who used their flexible stay to explore a single state in 2022 most often chose to move around Florida (49%), followed by Texas, (22%), California (9%), and Colorado and North Carolina (7% each).
While you will, of course, be responsible for transporting yourself to your new destination, your lower rent costs will make budgeting for this endeavor far easier than it would be paying for a traditional apartment rental.
Wondering how to handle your taxes while living in different states? Check out our blog post, “A Digital Nomad’s Guide to Taxes.”
Exploring one city with Landing Standby
Flexible living options have become increasingly attractive among an audience of remote workers and digital nomads. However, some people just want to stay put, whether they need to be in the area for work, want to stay closer to family and friends, or are just happy where they are.
In fact, over the past year, we found 50% of our members with a flexible stay transferred to a new home within the same city, with over half living between zero and five miles of their original location:
Renters are also interested in moving to multiple apartments to explore their current city, with 57% of those transferring to a new home within their city trying out a different neighborhood. This is a great way to determine whether you want to put down roots or just take some time to test out your lifestyle in a new locale.
2. Reel in your rental budget for better savings
With the world trending in a more financially-conscious direction, it’s wise to make moves now to ensure you have more cash in your pocket to save for a rainy day.
According to Realtor.com, the median cost for a one-bedroom apartment across the U.S. was $1,876 in June 2022, and this number spikes significantly when considering higher-cost-of-living cities such as Miami and San Francisco ($2,260 and $3,000 per month, respectively, according to Zumper).
Cutting your rent costs down to $1,295 per month represents a 36% reduction from this national average and tallies up to more than $7,000 in annual savings.
“Taking the initiative to lower your rent costs in the face of rising economic uncertainty is the kind of proactive, forward thinking you need to ride out any potential storms,” says Smith. “With housing traditionally accounting for such a massive portion of renters’ monthly finances, even moderate cuts to your housing budget can have a massive impact on future-proofing your finances.”
69% of people consider cost of living or financial impact to be a top three factor in their moving decisions.
3. Consistency you can count on
While the idea of hopping between apartments on an unpredictable schedule may give you some pause, living in Landing’s network of professionally designed apartments means you can expect a consistent experience from home to home.
Switching apartments is far less daunting when you know exactly what to expect from your new home—with no need to adjust to a new mattress or bemoan your lack of bottle opener.
Looking to become a Landing Standby member?
As the world continues to adjust to a higher cost of living, take advantage of the opportunity to cut back by becoming a Standby member. Discover a more flexible way to live and explore your surroundings, and check out Landing’s available Standby apartments today.