Seven Ways to Save Money on Rent

No one likes to spend more money than they have to, but we all also like living in nice homes. Luckily, there are a few ways you can save money on rent without sacrificing quality. Let’s take a look at some of the ways you can end up with more money in your pocket every month.

Look at Smaller Apartments

First, it should come as no surprise that you’ll usually save money if you get a smaller apartment. Most people want extra space for offices and guest rooms, but how much space do you really need? Home are typically higher-priced when they have more bedrooms, but be creative. For example, look for a house with larger bedrooms and split the biggest one in half with a temporary partition to make two smaller rooms. Or, instead of a separate guest room and office, combine the two in one of the rooms – after all, you won’t have guests every night.

Give Up Your Parking Space

Off-street parking can add hundreds of dollars to your rent every month. If you’re willing to consider apartments without this luxury, you could save a lot of money. Before you scoff at the idea of parking on the street, check out monthly rates at local parking garages. Sometimes, you can buy spots for less per month in total than the extra you’d pay a landlord for the spot. It’s all about comparing prices!

Negotiate

Yes, you can negotiate with a landlord, especially if you have excellent credit and good references. What are you willing to give in exchange for a break in the prices? Are you willing to sign a longer lease? Are you willing to wait an extra week or so to move in? Are you willing to pay via direct deposit? Are you willing to give a larger security deposit? Be creative. If you’re a good tenant candidate, some landlords are happy to work wiht you, especially in areas where there are many vacant rentals.

Opt for No Pets

Pets almost always add to your rent costs. Some landlords ask for a non-refundable deposit upfront. Others ask for more in rent every month. Still others ask for both! If you opt to not get a dog or cat, chances are you can save money in rent (as well as pet food, toys, and vet bills).

Move into an “As Is” Apartment

Landlords pay hundreds or even thousands of dollars to get an apartment ready for new tenants after old ones move out. Are you wililng to throw a rug over stained carpet or deal with walls that haven’t been painted recently? Can you do a few minor repairs around a rental yourself? If you’re willing to move into an apartment that is “as is,” your landlord might be willing to lower the rent. Just make sure that any problems are well documented during a walk-through so you aren’t charged for damages when you move out.

Try Other Neighborhoods

Don’t be afraid to search in neighborhoods where rent is lower. This doesn’t automatically mean that they are “bad” neighborhoods. While this can be the case, often it is a matter of convenience. For example, around major cities, rent will be lower as you move away from the business district because people have to travel farther for work. Rent can also be higher in areas that have access to public transportation or amenities like near-by shopping malls or restaurants. Sometimes expanding your search even a few blocks can make a huge difference.

Get a Bigger Place – and a Roommate

Lastly, if you want to save money on rent, don’t forget that you can opt for the bigger place with more bedrooms – and give one of those bedrooms to a roommate. Even if you’re a married couple, sharing a place with a roommate is definitely a great option to pursue if you want to save money on rent every month. Just rent a room out in your house and you will feel much better with less renting money coming from your pocket.

This guest post is from Allison with ChangeOfAddress.org.

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