8 Smart Ways to Save Money on Rent
Tired of spending too much money on your rent? It’s not easy making rent if you live in a big city with sky-high living expenses. Luckily you don’t have to drain your financial resources to live where you want to!
Consider these 8 smart ways to save money on your rent and monthly bills, without moving to a cheaper location, getting a roommate or downgrading your apartment.
1. Go for a Long Term Lease
Choosing a long-term lease is a wise move if you want to save money on your rent. The longer your lease is fixed, the cheaper your rent can be. Landlords like the security of possession, so they’re often willing to lower the rent for a long-term lease. It will also save them money as they won’t need to renovate, paint the walls and change the furniture for new tenants too often.
2. Negotiate Your Rent
Don’t be scared to negotiate your rent when it’s up for renewal. It’s a typical landlord tactic to increase the rent but it doesn’t mean you have to accept it. Every bit you can shave off rent will help decrease monthly costs. First, ask if the rent price is open for discussion if it is here are some negotiation tactics:
- Offer to commit to a long lease term, say 18 months
- Offer to do some renovations on the apartment for free
- Offer to prepay several months upfront for a discount
- Offer your parking spot if you’re not using it.
3. Be Nice to Your Landlord
Being polite and friendly to your landlord can make a big difference when it comes time to review your rent. Having a trustworthy tenant that pays their rent on time and looks after the property, is very valuable for a landlord. They’re much more likely to keep you on board with your current rental price, than risk having you leave if they increase the rent.
4. Save Money on Energy Usage
One of the best ways to save money on rent is to monitor your energy usage. It’s not feasible to go completely without power or gas. But you can be more careful about turning off devices when you’re not using them and remembering to switch off lights. Changing your light bulbs to LED bulbs is also a great way to lower your utility bill.
5. Don’t Pay Rent With Utility Bills Included
Rent with utility bills included might sound like an easy and efficient package, but you could end up paying more for power than you need to. If you have the option, always opt to set up a power account under your own name. This makes it easier to decrease your monthly costs on utilities, especially in the summertime when you’ll use less power.
6. Don’t Buy Expensive Furniture
It’s a good idea to invest in your education. The same can’t be said about investing in furniture. Furnishing your apartment with the latest trends in homewares shouldn’t be your top priority if you want to save money on rent. When you sell that expensive coffee table on eBay, you’re never going to make back the money you spent on it. Buy good quality, practical furniture that you can live with, but doesn’t cost the earth.
7. Stop Watching Cable TV
Watching cable TV is an addictive hobby and it’s expensive. Why not join the other switched on cable customers who are canceling their subscriptions in droves to save money? Besides, if it’s not available you won’t be tempted. There are lots of other free or cheaper options for watching cool shows – think Netflix, Amazon, Hulu and Sling TV.
8. Cook Your Meals at Home
Buying fresh food and cooking meals at home is one of the best money saving tips out there. Eating out a lot is a surefire way to chew through your monthly food budget. Cooking your meals at home doesn’t have to be time-consuming. There are lots of quick-to-cook recipes that only use a few ingredients and are very nutritious.
Why not try some of these smart ways to save money on rent, you may be surprised at how much money you’ll have left over to play with!