5 places where you can rent for $500 per month or less ·

5 places where you can rent for $500 per month or less

According to recent studies, two-bedroom apartments remain out of reach for most renters in the States. However, the editors at Internationalliving.com reveal five places outside the U.S. where you can rent for $500 per month or less…

“Housing eats up the biggest chunk of most folks’ monthly budget. One of the ways retirees save big overseas is by lowering their housing cost. In many places we recommend, you can rent for $500 a month—or even less,” says International Living Executive Editor, Jennifer Stevens. “And even at that modest price, you won’t be skimping.

“Plus, with less spent on housing, you have more money in your pocket to spend on other things—like travel, eating out, and entertainment. It’s one reason expats retired abroad report they live a richer, more varied life than they could on the same budget back home.

“Our report details five top retirement destinations where you can rent for $500, or less—in Europe, Latin America, and Southeast Asia.”

Penang, Malaysia

As one of the easiest places in Asia to retire to, more and more expats are moving to the island of Penang, Malaysia—where English is widely spoken. The attractive Malaysia My Second Home (MM2H) visa program allows foreigners to live in Malaysia for up to 10 years, and is one of the most flexible visa programs in Southeast Asia.

Many expats find their homes on the island’s north side, where the housing options are abundant in the coastal towns, as most expats want to live near the water. In Batu Ferringhi, rentals are a bargain.

“If you’re looking for an unfurnished condo in Batu Ferringhi, Miami Green has a 1,087-square-foot apartment with a balcony,” says International Living Southeast Asia Correspondent, Kirsten Raccuia.“It has three bedrooms, two bathrooms, and comes with car parking. It’s in a gated community with a basketball court; two large pools; badminton, squash, and tennis courts; and a mini-mart. There is also a modern gym and a jogging track. It’s located just up the hill from the beach and food stalls, so you won’t have to go far for a little R&R. At $310 a month, it’s a steal.”

Medellín, Colombia

Whether you are looking for a sophisticated and modern urban scene, or a sleepy Caribbean beachside town, Colombia has so much to offer expats, with many taking advantage of the inexpensive properties and a colorful and rich culture.

Once an economist for the State of Iowa, Joseph Hogue was attracted by the many charms of Medellín—Colombia’s second-largest city, in the middle of the Andes Mountains. He lives in the Floresta section of Estadio, a quiet upper-middle class neighborhood where his cost of living is much lower than back in the U.S.

“My rent for a huge three-bedroom, four-bathroom, 1,235-square-foot apartment is only $300 per month,” he says. “And all utilities: electric, gas, water, cable, internet, and home phone come to only $90 per month.”

Sihanoukville, Cambodia

With 10 white-sand beaches and a wide variety of undeveloped coastline nearby, the Cambodian city of Sihanoukville is a popular destination with expats.

On top of the beautiful surroundings, fresh ocean breezes, and a tropical climate, Sihanoukville also has one of the most affordable costs of living for any beach destination in Asia.

“What I really dig about my life now is that I am no longer stuck in a crowded and expensive city,” says Texas native, Roger Carter of his new life in the coastal resort city. “I can enjoy retirement hanging out at the beach, with all the worries of overpriced healthcare far behind me.”

Roger lives in a large, two-bedroom apartment that costs $350 a month. From here, he can enjoy both the city and the coast.

“I didn’t choose Cambodia—it chose me,” says Roger. “I researched some websites and emailed a few different hospitals. The feedback I got was unreal. Not only were the meds I needed easily available, but the overall cost of everything was incredibly cheap. The low cost of healthcare has literally saved my life.”

Cuenca, Ecuador

If you’re looking for a rich cultural life that blends the historic and the modern, Cuenca—Ecuador’s third-largest city and the economic center of the southern sierra—is just the spot.

As one of Ecuador’s five UNESCO World Heritage Sites, the city has long been known for a rich intellectual, artistic, and philosophical tradition that matches its colonial architecture.

Plus, Cuenca’s temperate climate is a major draw for a healthy lifestyle—the excellent weather means local fresh fruits and vegetables are available year-round.

Originally from western New York, Pat and Rick Jackson wanted to retire at 55, and they were able to meet their goal thanks to Cuenca’s low costs.

“Living in Cuenca costs about 25 percent of what it cost us to live in Philly,” says Pat. They pay just $500 a month for their two-bedroom, two-bathroom condo in the Puertas del Sol neighborhood. It’s a 10-minute, $2 taxi ride or a 25-cent bus ride into the town center, and a 12-minute walk to Supermaxi, a large North American-style grocery store.

Figueira da Foz, Portugal

Ninety minutes south of Porto and 25 miles east of Coimbra, lies the coastal city of Figueira da Foz. Here you’ll find several beaches and one of the largest casinos on the Iberian Peninsula. It’s also where the River Mondego meets the Atlantic Ocean.

In Figueira there are parks, palaces, a municipal museum, and Europe’s widest urban stretch of sand, earning it the nickname the “Queen of Beaches.”

The city has a solid expat community where everyone benefits from the fine Mediterranean climate of mild rainy winters and warm dry summers—the annual average temperature is 59 F.

“For $393 a month you could rent a renovated two-bedroom apartment here with a fireplace, and views of the river and ocean,” says IL Portugal Correspondent, Tricia Pimental.

The full report can be found, here: 5 Places Where You Can Rent for $500 A Month or Less

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