Renting is often an excellent way to spend a lot of money, especially with the prices for rental properties jumping up all over the country. Unfortunately, many renters spend most of their monthly income on paying rent, not including other bills. So how does one go about saving money in these times? Here are a few tips to lower your monthly expenses and put a little extra in your bank account.
Negotiate on the lease.
Not everything in the lease agreement is exactly set in stone. There are a few things you can go over and negotiate on. For example, you can do yard work or maintain certain aspects of the property for a set amount taken off the monthly rent. Or double-check for extra perks that you cannot use but would make the rent payments higher, such as individual parking.
Depending on market conditions, you may also have room to negotiate more favorable lease terms, such as including utilities or agreeing to a longer lease for a discounted rate.
Look for a roommate.
Having a roommate can be one of the easiest ways to help you save money on a rental property. Not only will you be able to split the rent and utility costs in half, but you can always have the option for a bigger place as well. This can significantly reduce your monthly expenses and create a more affordable living arrangement.
If you’re thinking of renting out a room in your current rental, consult with your landlord or property manager first. You need to make sure there are no restrictions regarding subletting.
Take advantage of vacancy referrals.
If you know where to look, you can often find places that offer renters discounts for filling vacancies. Or if your property manager has a few vacancies that need to be filled, helping them find adequate tenants can also bring you some discounts towards your rent.
Look into the extras.
Not only do you have rent to pay – utilities, cable, heat, and air can also add up to the bill. Finding a place with a few of these things can help keep your monthly bills on the lower end of the spectrum. Even simple things like trash and water can save you a little bit of money every month.
Share bills with your neighbor.
In this day and age, pretty much everyone uses the internet, especially Wi-Fi. So, if you have a good relationship with your neighbor, consider sharing an internet connection and splitting the bill. That way, both of you have access to the internet while paying only half of it.
Be energy efficient.
Switching over simple things like your light bulbs or smaller appliances to be energy-efficient can help save you some money in the long run. For example, if you’re looking at a few rental properties, check to see if the larger appliances are energy-efficient. With the current thrust toward sustainability, there are many property owners who have green-certified rentals. That can help save you a decent amount off of your monthly bills, which will add up to a surprising amount at the end of the year.
Get renter’s insurance.
Invest in renter’s insurance to protect your belongings from theft, fire, or other damages. Though an additional expense, renter’s insurance can save you a significant amount in replacement costs if an unfortunate event occurs.
Rent during off-peak seasons
If possible, time your rental search during off-peak seasons when demand is lower. Landlords may be more willing to negotiate rent during these periods, and you may have more rental options to choose from.
Renting a house doesn’t have to be a financial burden. By implementing these money-saving tips, tenants can achieve greater financial stability and enjoy their rental home without stretching their budgets.
Remember, being proactive and financially savvy can make renting an affordable and enjoyable experience. Think outside the box and look beyond your rental agreement. From joint tenancy to shared utilities and lease negotiations, renting does not have to cost you an arm and a leg!