Most people will agree that when one opportunity folds, another opens up. Such is the case when it comes to housing these days. Whereas the opportunity to sell a home for a profit is shrinking in likelihood, the opportunity to find cheap, decent housing is growing by leaps and bounds.

A large part of the reason for all the great housing deals available these days is the credit crunch and the rise in foreclosures. With more people choosing to rent rather than sell their homes, townhouses, or condos, affordable rental housing is at an excess. In addition, an increasing number of people are choosing to live with roommates or with other family members, thus lowering the number of available renters in any given town.

These economic factors have combined to create a multitude of great housing deals in most metropolitan areas. The biggest benefit can be seen in rental prices for apartments and townhouses. In the case of many apartment listings, rental prices have dropped by the hundreds in recent months. Other deals that are surfacing include one month’s rent free if a renter agrees to a lease of a certain length.

Best of all, it’s easy to make most of these great housing deals work for you. If you’re looking to save a little money, or if you can no longer afford the location where you’re currently living, know that there’s a good possibility a cheaper, better deal is out there.

Start your search for great housing deals with these tips:

1. Don’t spend money on an apartment search service or a real estate agent. Instead, take advantage of free sources for housing listings. Often times you can find such listings at your local library or near the entrance to your local grocery store. Many cities and counties also feature online listings that you can browse for free. In most cases, apartment complexes themselves pay the commissions and fees for these listings so you can gain free access to the information you need.
2. Remember to consider all your options – including staying put. If you currently live at an apartment complex, find out whether the rental rates for units like yours have gone down. Once your existing lease expires, talk to your landlord about getting in on any special offers or deals he or she might have. It will be in the best interest of your landlord to keep you as a renter, so you may even be able to enjoy move-in discounts for first-time renters and other similar perks.
3. Scout out neighborhoods where you’d like to live. Some home owners looking to rent out their homes will not post listings online, but rather will only stick a sign in their yards. Alternately, homeowners may choose to forego the sign with the hope that they’ll be able to find somebody through word-of-mouth. Talk to people in the area where you’d like to live and find out whether they’re aware of new rental opportunities. In addition, consider posting a flier in local coffee shops or at your local library that communicates the fact that you’d like to rent in a certain area.

One final note when it comes to searching out great housing deals:  You must be sure to keep your credit in good order. Though landlords and rental agencies may be happy to lower prices to attract possible customers, few will compromise on credit score requirements. Find out your credit score and regularly check up on your credit reports to make sure your financial records are accurate. If your credit is less than admirable, know that there are several ways in which you can improve your credit score. Start by making all your payments on time and paying down as much debt as you can.