Five Ways to Reduce Rent and Save Money
Rent is the biggest and most unavoidable monthly expense, and many find it a struggle to pay it on time every month. Luckily for some, there may be an alternative to high rent prices. Consider these options:
1. Consider Other Areas
One of the main things that a tenant can do to improve their rental costs is to consider other, less popular areas. While these areas may at first seem prohibitively far away, there are specific situations in which this could actually suit the tenant better than they believe. As an example, a specific housing complex might initially seem far away but it might be right on the bus line. A tenant should consider all locations before making a final decision.
2. Improve Credit Scores
A credit score is one of the determining factors in whether a tenant can rent a place, and having a better credit score will allow a tenant more room to negotiate. A credit score is what tells a landlord how likely a tenant is to stay the full term of their lease and whether they will consistently pay on time. A landlord that doubts the tenant’s financial viability may charge more to get more money upfront.
3. Renovating Properties
One way a renter can get cheap rent is by renting an apartment that requires renovation. The renter can complete the renovation in exchange for lowered rent, or sometimes even a few months of free rent. This is an excellent option for renters that have a certain skill set, such as electricians, carpenters, and plumbers.
4. Extend Leases
Landlords are often more than willing to get renters to sign longer contracts in exchange for lower rent, and it’s often worthwhile to ask a landlord about this even if the rent total isn’t a concern. Landlords have no income while the units are empty, so a longer contract is extremely valuable to them. Renters that dislike moving and intend to stay for a long period will also be able to make sure that their rent will not go up for the lease’s duration.
5. Find Some Roommates
One easy and often fun way of reducing rent is to get roommates. Often, renting out a larger apartment or house and then splitting the rent is cheaper than renting your own place. The larger the property and the more people sharing it, the lower the costs will be for everyone individually, including the cost of utilities.
By being open to new ideas and communicating effectively with their landlord, a renter can find creative ways to cut their rent and save their money. Most renters will be able to find at least a few ways to lower their rent costs, and over the months these savings will slowly build up.