Easy Ways to Cut Rental Costs

Monday, October 10, 2016, 6:00 AM | Leave Comment

In these difficult financial times, it is very admirable you are trying to make it on your own, without a single pinch from your parents’ account.

Naturally, since you’ve already got the awareness that being independent means everything to one’s self-improvement, growth and overall outlook on life, then you also know things won’t be that easy (well, at least not until you find a job that pays well).

It will be helpful to save money in any way that you can, and to help out with that – we’re giving you tips that will help you reduce the amount you spend on your monthly duties and rent.

    Easy Ways to Cut Rental Costs1

  • Negotiate with Your Property Owner

    Before you rent a property, talk to your property owner about a few things that relate directly to the spending:

    • Negotiate the initial price by comparing it to the prices of similar rental homes and apartments in the building or that neighborhood

    • Agree on who is footing the bill on fixing things around the house, i.e. if the fridge/boiler/ sink/ washing machine or any other piece of home equipment breaks down; try to turn things into your favor and have the landlord pay for such damages

    • Try to negotiate a discount if you pay six months’ rent in advance (if that’s an option, that is)

    • If the rented place needs any sort of upgrading, like painting, you offer to pay for it in exchange for a month’s rent

    • Offer to do some extra, seasonal work around your rental unit – cleaning out the gutters, shoveling snow, cleaning out the pool – in exchange for a lower rent. Most landlords jump at the opportunity because that way they don’t have to pay anyone else to do it

  • Be Somewhat Flexible

    When you are renting out a space for yourself on a limited budget, you have to be flexible in terms of your expectations.

    While we absolutely understand you’d love a cosy, never-lived-in apartment, at this point, your finances are dragging things into another direction.

    Unlike brand new houses and apartments, older ones are generally less expensive to rent so you may consider saving up that way.

    Naturally, you shouldn’t accept a building that is falling apart, but have an open mind on the situation – well-maintained older living units can be just as comfortable as new ones for far less money.

  • Get a Roommate

    Sure, you may think you are too old to share your space with someone but since your finances aren’t allowing a luxurious life on your own, you’ll have to lower your standards a bit.

    Further, getting a roommate doesn’t have to be a bad thing at all, and it definitely shouldn’t be like in college; it is understood each of you will have their own room and won’t be into another’s personal space.

    The shared commodities are the living room, kitchen and bathroom – and that’s a fair game, don’t you think?

    Plus, sharing expenses with another person (or several other people) will significantly lower your monthly expenses, especially if you’re both into rent payment.

  • Easy Ways to Cut Rental Costs2

  • Don’t Splurge Like You Are Used To

    You may be used to driving your car or taking a cab wherever you go, going shopping every two weeks or wining and dining in fancy restaurants, but now that you’ve got rent to think about, you should consider toning such expenses down a bit.

    Instead of relying on taxi service, trust well-established public transportation systems to take you places.

    If your apartment is close to your work or your usual target spots, consider walking – you could save yourself a couple hundred dollars a month.

    Try to let go of your other splurging habits too, at least for a bit and you’ll see money will soon stop being an issue.

For all the first-time renters, all these tips may come as a shock. However, know that this is an adjustment period and that you’ll be fine in no time. Give yourself a chance to grow up by managing your own finances and habits. Good luck!

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