For renters, finding ways to save money on rent may seem impossible. It isn’t. Keep reading to learn how to save money on rent each and every month.
If you rent and have looked at the cost of moving to a new rental lately, you might have noticed that the cost of renting an apartment or house has skyrocketed. For someone who is already struggling to make ends meet, the jump in cost of housing can be devastating financially.
Is It Possible to Save Money on Rent?
While it may seem impossible, there are things you can do to save money on rent. Like every money saving tip, some are more simple to do than others and some may be more than you’re willing to do.
However, each one will help you save money on your rent which in turn will help you make enough money to survive.
Move to a Cheaper Area
One of the first things you should look at when you’re trying to save rent money is whether you can move to a cheaper area. Realistically, this only works if you have the ability to change job or job locations or you can work remotely from anywhere.
Big cities are often vastly more expensive to rent an apartment or home in than rural communities. The exception to this is what are known as “bedroom communities.” In other words, the suburbs. They tend to be just as expensive as the city.
Downsize Your Home
We often live in homes that are far bigger than we need and we pay for that both in cost and in the time needed to maintain a larger home. In reality, most of us could likely get by perfectly fine and happy with a much smaller home.
Larger homes always rent for more money each month, so the smaller you can downsize to, the more money you’ll save on rent payments.
I have downsized three times in my adult life and I have never regretted it.
First, I downsized to live in a hotel full-time. You can read about that – and see my monthly budget for that time – in this post right HERE. Both my daughter and I loved living in the hotel and the freedom that it provided over clutter and overly expensive housing costs.
Secondly, I downsized to live on the truck with my husband full-time once our girls were grown, graduated and moved out. This one was harder as a semi does not offer a lot of space, but the amount of money we saved was astronomical. With basically no other costs aside from our phones and food, we were able to boost our savings account in ways we had never imagined.
Finally, I moved into a 30-foot travel trailer just a couple of weeks ago and I love it! Since it is just the two of us, the 30-foot RV provides more than enough space and life is super simple these days. Paying just $1,000 a month for our RV, the lot and all utilities, we are able to save money on rent so we can continue to build our savings account at the same time.
I’m sure you’ll be hearing more about living in an RV as time goes by.
Rent Out Spare Rooms
If downsizing isn’t your thing, but you have spare rooms, consider renting those spare rooms out. Doing so will bring in additional income that you can use to pay your rent. Private rooms with kitchen and bathroom rights can often bring in several hundred dollars in extra money; more if your roommate has a private entrance.
But, as a word of caution, be sure to fully vet anyone you consider renting to. Before allowing them to move in, be sure to check references, employment and criminal records. Doing so is a very important step toward staying safe.
Sign a Longer Lease
When you sign your lease, don’t simply sign for the shortest time you can if you want to save money on rent. Some landlords or property management companies will charge a higher rent for shorter-term leases. Instead, sign your lease for as long as you reasonably can.
Not only will you get any discounts that may be offered for longer leases, but you will lock in your rent rate for however long your lease is good for. This means that even if your landlord wants to raise your rent, he can not legally do so until your lease is up for renewal. This will help give you a bit of protection against rising rent costs.
Move in the Winter
Rental prices during the warmer months of the year tend to be higher. This is because most people prefer to move during warmer months and landlords know this. In addition, the costs of renting a moving truck and other associated costs are higher during these months too.
Instead, consider moving during the colder months of the year. While it can be a bit harder due to lower temperatures and possible snow, you’ll very likely find better rates.
And yes, the money you’ll save on your rent is often more than enough money each month to make the trouble worth it.
Pay Your Rent On Time
Late fees on your rent can cost as much as a month’s worth of rent sometimes. It can really put a dent in your mission to save money on your monthly rent payment. Instead, break your rent payment into four weeks and try to pay it on time each month.
Not only will your landlord be pleased to get their payment on time, but you’ll save any and all late fees.
Work for Your Landlord
Another way to save money on rent is by doing work for your landlord if they have any. This can include mowing grass, shoveling snow or even more specialized work if you have the skills.
Sometimes a landlord will simply discount your payment off you monthly rent cost. Others will prefer to cut you a check for their own tax purposes. However it’s done, take the money you earn by working the side job and use it to save money on your rent payment.
Negotiate Your Lease
Negotiating your lease is one of the harder ways to save money on rent, but it can be done. The best time is at a lease renewal versus at a new lease. The reason for this is that at a renewal, you have the leverage of a good tenant history and the threat of moving if things are changed too much.
No landlord wants a rental sitting empty. So if you are threatening to leave, they may be more willing to work with you. However, if you make the threat of moving, be ready to follow through with it if your landlord refusing to negotiate with you.
Be polite. Be respectful and don’t ask for the world. A little goes a long way when you’re attempting to negotiate with someone.
In addition to rent, you can also opt to save money on your rent by negotiating other things. In fact, these things may be easier for your landlord to give you as opposed to an actual rent reduction. These things can include paying for water or trash, paid lawn care and so on.
If they do offer these things when they haven’t been covered already, take the money you have been spending and apply it toward your rent.
Be a Good Tenant
Finally, the best way to save money on rent hands down is to simply be a good tenant. Don’t destroy the home. Don’t cause issues for the neighbors. Don’t pay your rent three months late.
When you’re a good tenant, your landlord can give you a good rental reference when you leave. Without one, you may find yourself stuck paying more in rent or deposit costs just to ensure that your landlord is covered should things go bad.