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How to Save Money on Rent

Ever since I was a kid I was brought up to be frugal and to save and budget money. * Disclaimer: I am not a financial planner.

How to Save Money on Rent

I've learned some tips and tricks that have helped me live comfortably within my means while saving money each month. Whether you're looking to move out of your parents' basement or just want to know how not to go broke every month, we've got some great options for you here!

In the same way that you would keep track of interest rates, grocery prices and other key metrics in your area, it's smart to keep an eye on rent trends. Instead of blindly accepting whatever price is quoted by a landlord or property management company, look into what other places in your area are charging for comparable apartments. If you find that your desired neighborhood is more expensive than others nearby (and if it's not), consider moving somewhere else where you can save money and still get access to all the amenities you want.

Another reason to look at rent prices across different neighborhoods is because they're not necessarily uniform throughout an entire city or region; they'll vary depending on factors like proximity to public transportation hubs and whether there's a college campus nearby. This can be especially important if you're planning on sticking around for longer than one year—you may find yourself saving hundreds of dollars per month by moving out of downtown Chicago or Boston into the suburbs (which tend to offer lower rents).

Haggle with your landlord.

You may not have much leverage with the landlord, but that doesn't mean you can't haggle. Be sure to do your research and know what the market is like in your area. If there are 10 units similar to yours on the market in a month, you'll be in a better position than if there are only five or six. It's also helpful to know how long it took them to get rented out last time around and what comparable properties are renting for now—this will give you an idea of how much leeway they might be willing to give on price.

If possible, meet with the landlord face-to-face (or at least over the phone). There's nothing wrong with asking questions about where else he rents his properties or about any previous problems tenants have had—you're just doing due diligence! This shows him that you're thoughtful about taking care of his property and making sure that potential problem tenants won't be moving into it next month (what if they get drunk one night and trash things? Or throw wild parties?).

Once again: make sure that all sides are clear on expectations before signing on anything!

Look for little things like smaller square footage, fewer appliances, or cheaper amenities to save money.

These things might not seem like a big deal, but they can save you a lot of money. There are many things that landlords include with an apartment that you may not need or want. Things like dishwashers, washer/dryers, balconies and fireplaces are usually extra costs for the renter. And if you're living in an apartment without those things then it's more likely the landlord will be able to charge lower rent prices as well.

There are also smaller apartments available that cost less per square foot than larger ones (think studio vs. two bedroom).

Move out of that super-trendy neighborhood or those posh apartments.

If you're looking to save money on rent, then it's probably best if you move out of that super-trendy neighborhood or those posh apartments.

The reason for this is simple: rents in trendy neighborhoods are often higher than they are elsewhere. Rents within posh apartment buildings are frequently even more expensive. If you want to save money on rent, then moving to a less expensive neighborhood or building will help put some extra dollars in your pocket each month.

Go ahead and annoy your roommates.

Once you've found a place to live, it's unlikely that you'll be able to live there in peace. At some point, someone is going to need to move something or do something else that will annoy the other roommates.

When this happens, go ahead and do it anyway! If one roommate asks you not to put your feet on the couch, just put your feet on the couch anyway. This will cause rifts in the group which can lead to conflicts about who gets what bathroom time or whose turn it is for buying toilet paper. This kind of conflict benefits everyone involved because now we have more material for our sitcoms about awkward situations in college!

Get a roommate – or two – and share the rent burden.

Living with a roommate can be a great way to save money on rent. Whether you’re sharing living space or splitting the cost of utilities, you can make your dollars go further by splitting the cost of rent and other expenses. If you live with two roommates, you can save even more money each month!

To get the most out of having roommates:

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  • Try to match up people who are similar in age, gender, and income level—it will help keep everyone happy in their living arrangements.
  • Be aware that any roommate agreement should include details about things like what happens if one person wants to move out early or if one person causes damage while they are living there

Choose a place where you can walk to local amenities and ditch the commute!

Instead of living near the train station, or along a bus route, think about finding a place where you can walk to local amenities and ditch the commute.

"The benefits are numerous," says Lissette Calveiro, real estate agent at Redfin. "It's good for your health (and wallet), plus it's more convenient than having to drive."

Here are some of the perks:

  • You'll get more exercise! It's not just a matter of convenience—walking is one of the best ways to stay fit while saving money. Plus, if you're living in an urban area with lots of walking-friendly streets and public transportation options, there's no reason why you shouldn't ditch your car altogether. You won't have to worry about gas prices or insurance premiums; instead try saving all that cash for other things like eating out with friends or paying off credit card debt faster

If you're super-serious about saving money on rent, live with a significant other.

Living with a significant other (or two) is one of the best ways to save money on rent. If you can find someone who makes similar salaries and has similar housing needs, then you'll be able to split expenses, which will make it easier for both of you to afford your own spaces.

Living with friends or roommates is another great way to save money on rent. It's not ideal if everyone lives in different parts of town and works different schedules, but if everyone lives nearby and plans their schedules around each other so they can all hang out in the evenings or on weekends, then it could work really well!

Rent splitting isn't just useful when it comes to apartments—you can also do this if you're sharing an apartment with friends or family members! This way saves money in three ways: firstly by reducing the total cost per person; secondly by reducing overall utility bills (for example electricity); thirdly by reducing food costs as well because people tend not cook for themselves when living together (they'll get takeout instead).

Go into the whole thing with a plan.

Planning is important. There are a lot of things you need to think about before you start looking for apartments and signing leases. If you don't have a plan, it's going to be difficult for you to find the best apartment for your needs. Here are some questions that will help guide your search:

  • Do I want an apartment or a house?
  • How much money can I afford per month?
  • Where do I want to live? Do I want to live in the city center, close by my office but far away from downtown activities, etc.?

With these tips, you'll save some serious money long term.

The first step to saving money on rent is understanding the amount you’re spending. Once you know that, you can decide how much of a sacrifice—and what kind of compromise—you’re willing to make in order to save.

If your rent is $1,000/month and gas costs $50/month, then your housing budget per month is $1,050/month. In order to cut back on this expense, consider moving closer to work or getting rid of one of your cars so that you only have one car payment each month instead of two. If all else fails, moving into an apartment building with fewer amenities could lower your monthly payments even further.

Conclusion

You're probably going to need an accountant, a lawyer and a financial planner to help you out with some of these options. But if you're looking for ways to save money on rent that won't require too much sacrifice or stress, this post is here for you! And don't forget that the best way to keep your finances in good shape is by saving early and often—even if it's just a few dollars here and there.

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This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2022 Shanon Sandquist

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