How to Save Money on Rent

How to Save Money on Rent
  • Opening Intro -

    Not everyone is in the market for a home, with about one and three Americans choosing to rent instead of owning.

    For some, buying a home isn’t beyond their reach, it simply is not a personal preference.

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Rent costs can vary from market to market, with some areas of the country making it easier for tenants to find a place to live while other areas require tenants to deal with a housing shortage. What you pay for rent may not be negotiable if you live in an apartment complex, but that rate may be open to discussion if you rent directly from the landlord. Please read on for some money saving rental options.

Negotiate — That 3 bedroom, 2 bath apartment located near mass transit and just outside of a major city has a rental tag of $1,695 plus utilities. With a cold winter or hot summer, you may find yourself paying $2,000 or more per month. If you can commit to a long-term lease, your landlord may be receptive to dropping her monthly charge or at least cover some of the utilities. The more dependable a tenant you appear to be, e.g., double income or high income, the better your leverage.

Participate — Some 2-4 apartment facilities rely upon service people to maintain the lawn or remove snow. If you have a green thumb and enjoy working outside, then ask the landlord if you could provide this service instead. Have your rent reduced accordingly, but make certain the landlord pays for seasonal flowers, grass seed and other materials that are necessary to keep up the property.

Location — Easy access to schools, work, mass transit and stores can drive up your rent. If you don’t mind living off of the beaten path, you should save money based solely on your proximity. Having a city bus stop at the corner is a big advantage, but if you live a half-mile or more from such conveniences, then invest in a pair of walking shoes and enjoy your lower rental payments.

Roommates — If you’re single, you may not be able to afford $1,200 monthly rent payments for a 1 bedroom apartment, most certainly not the $1,500 charge for a two bedroom stay. Find a dependable roommate and split the costs of a larger apartment, enabling you both to save money. Split utilities and, if you have similar eating habits, consider sharing your food costs. Your landlord may demand that your roommate submit his own rental application, therefore only choose someone who is as dependable as you are for a co-tenant.

Facilities — Larger apartment complexes often come with many amenities including a fitness center and pool. Cancel your gym membership and work out on site instead. If you’re a fitness instructor, ask your landlord about offering classes to tenants for a fee.

Be prepared to have your credit record pulled when applying for an apartment. Obtain copies of your credit reports in advance, correcting whatever errors are found. Know your credit score too — the higher it is, the more leverage you have when searching for an apartment.

See AlsoSayLending: Insurance Needs and Services (Including Rental Insurance)

 
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Last update on 2019-12-12 / Affiliate links / Images from Amazon Product Advertising API

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Categories: Consumer Tips

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".