5 Practical Ways To Save Money On Rent

save money on rent

The first apartment or home you move into is an exciting part of a new chapter of life.  However, having a place to call your own comes a new realm of financial responsibilities that you now have to handle. Now that you’re on your own though, how do you save money on rent?

Rent can be expensive, especially when you add the cost of utilities and everyday household items. There are ways to help bring down the alarming price of monthly rent. 

1. Find a Roommate

Depending on the amount of space and bedrooms you have, having 1-2 roommates is a great way to lighten the load of monthly costs. Not only are you able to split the rent, but you can also split costs of groceries, toiletries, etc. 

Having a roommate is also great if you’re more on the extroverted side, especially if it’s your first time moving out. The extra company can be very comforting, helping the new space to feel a bit homier.

2. Be Nice to Your Landlord

When taking tours around potential apartment spaces, be aware of the landlord’s tendencies. Don’t be afraid of asking questions and showing you care about the details! Moving with caution and awareness will also allow you to better discern whether that complex or neighborhood is the right place for you.

Showing a reliable, dependent, and stable persona to your potential landlord will also benefit you when negotiating rent costs down the line. Having a stable job and an organized financial budget will help you gain their trust. 

3. Sign for a Long-Term Lease

Landlords dread vacancies. Because of this, they’re usually cautious with who they lease their space to. The last thing they want is to give an apartment to a person who will unexpectedly leave within a few short months.

Another tactic that may be worth trying is negotiating the number of years included in the lease. See if you could bargain for a lower monthly rate in exchange for a multi-year lease. This is another reason why having a good relationship with a landlord will benefit you as a potential tenant. 

4. Settle for Fewer Apartment Amenities

When looking for apartments, it’s easy for our eyes to be drawn to flashy amenities like an on-site gym or a fully renovated modern kitchen. However, the more “luxury” commodities an apartment has, the higher the rent.

If rent cost is a concern for you, evaluate your priorities and identify what you could sacrifice for the sake of apartment pricing. Prioritizing needs vs. wants is a major factor in your decision-making that will help you save money. 

5. Be Mindful of the Season

The time of year you search for apartments will play a considerable role in costs and availability. During the summer months, university students flood apartments trying to find a room in preparation for the fall semester to come. This makes the summer a very competitive time of year to be searching. 

However, summer might be ideal for families with young kids looking to rent out a home. In most cases, kids have the summer off of school, making that time perfect for families to move and get re-established.

Maybe you are already established and just need to make more money? In that case check out our article on renting out that spare room for some extra cash!