One of the biggest stresses that many Americans face is paying their rent. Many Americans struggle each month to come up with the money needed to pay their rent.
If you are reading this article, you are probably wondering how to save money on rent. You want to make sure you don’t come up short when rent is due.
But this is easier said than done, you may think. We’ve done the research and prepared this guide to help you save more money and not have difficulty paying off your rent each month.
The Guide On How To Save Money On Rent
If you are choosing a new place to stay, you should consider how much you should spend on rent. You should, of course, find a place that is affordable and within your budget. Choose a place where the rent is less than 50% of your monthly earnings.
Here is what else to know about how to save money on rent:
1. A Favorable Location
Whether you have to relocate or move to a new place for the first time, you need to choose a favorable location. There are many metrics that make a location favorable. One should be in a neighborhood that is reputable.
The location you choose should not have unnecessary amenities. While it might be nice to have a community pool and a gym, if these are beyond your budget then you shouldn’t opt for them.
If you are living on your own, consider a studio apartment instead of a two-bedroom apartment.
2. Negotiating
While your landlord might have a fixed rent, they may be open to negotiating. You can ask your landlord if the rent can be lowered. You can explain your financial situation and they might be willing to negotiate.
You can also request to pay your rent in smaller installments. For example, you can ask to pay a 25% rate less each month for three months. Then in the fourth month, you will pay the difference.
3. Stick With Individuals And Small Companies
You should choose to rent a property owned by an individual or a small company. These two entities are most likely to offer rent at a lower rate. They will also be more willing to negotiate with a tenant.
A private landlord might also be willing to overlook your credit score or low income. As long as you can consistently pay them and have one source of income, they will be ready to rent out their property to you.
Small companies and individuals may also be able to provide you with amenities at a lower price. Usually, these two entities want to find tenants quickly so they lure tenants by offering a gym, swimming pool, etc., without hiking up the cost of rent significantly.
4. Find A Roommate
You should find at least one roommate to share your home with you. Your roommate can split the cost of rent with you.
You can also ask your landlord if you are allowed to sublet your home. This means that you can rent out your home when you are not home. So if you are going out of town for a long weekend, why not rent out the apartment to your friend? With the money they give you, you can use this toward your rent.
If you ever have a friend who wishes to spend a few nights at your place, make sure you charge them for it. This will make it much easier to save money toward your rent.
5. Look At What You Need
Focus on what you need and not what you want. This goes back to the amenities that are offered.
To save on rent, you should only look at what you need. If you do not need amenities do not opt for them. Do not choose a space that is too large for you. Do not opt for a space that has a concierge service. While it may be excited to live in the city center, you might save a lot of money if you can live in the suburbs.
If you are only going to live on rent for a short time, then you definitely want to stick to only going for the necessities and not splurging on luxuries.
If you do wish to enjoy some of the luxuries in your new home, make sure you negotiate with your landlord beforehand. Ask them if you can receive a discount on using additional amenities. Always negotiate if you want an upgrade to your living standards.
6. Choose A Long Lease
You should choose a long lease where possible. Usually, these will offer a cheaper price. If you sign a short lease, the landlord might want to squeeze as much as possible. They may charge high rent for a shorter lease.
A long lease will let you save money in the long run. If this is your first time renting, you might want to stick to a six-month lease first before signing up for a year-long lease.
7. Work For The Landlord
You should also ask the landlord or the rental company if you can work for them. If you work for them part-time, they might offer you a discount on your rent.
For example, if you are handy around the home, you can offer to be the official handyman of your apartment complex. If a fellow tenant has a plumbing issue, you can volunteer to fix it. In lieu of a fee, you can ask your landlord to give you a discount for that month.
You can also work for the landlord on a full-time basis if you don’t have other work. This might grant you enough funds to pay your rent. If you are lucky, you might get free accommodation and not have to pay rent at all!
Enjoy Your Home
Now that you know how to save money on rent, you are ready to find your dream home. Follow the steps in this guide and you will surely be able to enjoy your home at a lower price.
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