Save Money While Renting: 10 Hacks Every Tenant Should Know

Save%20Money%20While%20Renting%3A%2010%20Hacks%20Every%20Tenant%20Should%20Know
source: https://unsplash.com/photos/8D2k7a3wMKQ

Is saving money getting real challenging for you especially now that you are renting an apartment of your own? Are you living from paycheck to paycheck? Worry no more because there is a solution to your problem.

Renting an apartment in these tough times is truly nerve-racking. What with the constant worrying of having enough money to pay for rent and bills before it is due and reserving some spare cash that can be used for medical emergencies.

Living alone might be scary because of the number of expenses one has to pay for every month. Here are some hacks you should be aware of to minimize the outflow of money and still save money while renting.

Move in at the perfect spot at the perfect time

More often than not, more people are looking for rentals during the summer. So if you are looking to save some money, it’s best to look for an apartment during the winter when the demand is at a low.

This gives you the chance to find a place with a lower rent because landlords need new tenants. The only downside to this is that you may have limited choices since most apartments are already taken this time of year.

The goal here is to find a safe, cheap yet livable place in an area that is widely accessible. Choose a spot that is pretty near your workplace, grocery stores, gyms, parking, laundry shops, etc. It’s better if the place is within walking distance of public transportation so you could avoid having to ride the taxi every time you have to go out.

Maximize what you are paying for

Check if the unit you are interested in has some damages that will affect your living. If it cannot be easily fixed, take it up with your landlord during contract negotiation. You can use this to lower your rent a little even for just a month or two.

Other than that, you can be honest about your financial standing when negotiating your rent. Your last resort can be signing a longer lease for a lower rent. It is also a good idea to negotiate your rent each time before it expires and you are planning to renew.

Keep an eye out for the amenities the apartment offers. Do they have a gym or swimming pool? Free Wi-fi connection for tenants, spa, and laundry services? Maybe a grocery or café downstairs? Whatever it is, you should use it. Not only does the location make things more convenient for you, but it also saves a lot of cash in the long run.

Build a relationship with your landlord

Having a good relationship with your landlord has many benefits. It may not always equate to having a low rent, but being friends with your landlord helps when there is something that needs to be resolved.

And since the landlord is responsible for property maintenance, you can easily approach them when something breaks. When it takes some time to get fixed, you can also be credited a certain amount off your rent. This is due to the inconvenience of the unrepaired appliance or amenity brought.

Landlords may even help you find a low-cost solution and assist you when there is a pressing issue. It also lessens the chances of tenants needing to approach law offices for tenant help because the tenant and landlord can resolve issues between themselves.

Split the rent and bills

An effective way to bring expenses down is to get a roommate to split the rent and bills with. You can also do the laundry and go grocery shopping with them. Sharing expenses is a smart way to save some money. However, you must find a roommate that is trustworthy enough and is not such a hassle to live with.

Renting an apartment entails spending a shorter amount of time on showers, rarely using heaters and air conditioners, and unplugging appliances and devices that are not in use. The electricity and water bill are what makes the amount you spend on bills payment shoot up. This is why it should be regulated and not wasted.

Refrain spending on unnecessary things

Practice sparing some time to prepare your meals from breakfast through dinner. Practice preparing and eating healthy food at home. Avoid ordering food online, eating at restaurants, or getting takeout even if it seems more convenient. Only do this if you have little to no choice so that you don’t get used to the idea of being okay with purchasing expensive food regularly.

And if you are planning to renovate your home to give it a personal vibe, be sure to get items that are functional and inexpensive. If the thing you’re eyeing is too pricey and only serves the purpose of decoration, maybe you should go to a flea market to look for a much cheaper dupe. Do not splurge on unnecessary expensive items that you will probably not use or lose interest in in a short time.