In the last decade, the number of Americans choosing to rent rather than buy a home has steadily increased. Today, more than 31 percent of Americans rent their household.
There are plenty of benefits to renting.
When something goes wrong, you have a landlord there to fix it. When you need to move unexpectedly, you may have to pay to break your lease, but you won’t have to worry about selling your home. With an apartment or condo, you don’t have to worry about upkeep like cutting grass or landscaping.
But renting a home, apartment, or condo can be expensive. And when you won’t have a home in your name to show for your investment, saving money wherever you can is a must when you rent.
Keep reading to learn a few smart ideas on how to save money on rent.
Negotiate with the Landlord
If you’ve already started shopping for an apartment and fallen in love with a unit but are worried about making your rent money each month, you may still have an option.
If you’re renting from an individual, rather than from an apartment complex, you may be able to negotiate your rent down some.
This only works on smaller units in areas that have plenty of rentals in a variety of price ranges. If the area is popular and rentals get snatched up quick, it’s very unlikely a landlord will agree to a rent reduction.
And if the apartment is part of a larger complex or owned by a corporation, you likely won’t even be able to talk to someone who could offer you a rent reduction.
It never hurts to ask, although if you know that other renters are vying for the same unit, it could delay your application and cause you to miss out on your dream home.
Rethink Your Location
If you can’t negotiate your rent down, it may be time to go back to the drawing board and start shopping around for savings instead.
One simple way to do this is to rethink your location.
When you’re moving to a big city or even a medium-sized city, rent is always going to be more expensive downtown or close to downtown. Even certain neighborhoods or areas far from the downtown metropolis may have higher rent costs because of their location.
If you have a car or access to other transportation to get to and from work, getting an apartment in a cheaper zip code or neighborhood can be a great choice.
You will want to price out what it will cost you to commute versus how much money you’ll save on rent.
If you aren’t locked into moving to a certain city, choosing to live in less expensive cities and states across the U.S. can also save you big.
For instance, while a one-bedroom apartment in San Fransisco will cost you an average of $3,600 a month, that same one-bedroom averages just $470 a month in Wichita, Kansas.
Obviously, this isn’t an option for everyone. If you already have a job and a family or your heart set on a certain city, you might only be able to save a small amount on rent compared to the average.
But if your options are open, moving somewhere that your money goes farther will mean less spent on rent and more in your savings account!
Opt for Fewer Amenities
Apartments and condo-complexes do everything they can to attract renters and raise their prices.
From fancy new appliances to upgrades like recessed lighting, hardwood floors, and balconies all drive the cost of rent up.
If you don’t have your heart set on these amenities, searching for units without them is a great way to save some cash.
If you’re saving for a house while renting anyway, and this home will only be temporary, living without even more basic amenities, like a dishwasher or an in-unit washer dryer, can help you save big time.
Shop Alternative Sites for Rentals
The best way to rent for less is to avoid shopping realtor websites or standard real estate sites.
Alternative sites like Craigslist can help you connect with individual landowners who might have more affordable properties to offer.
Another option is to look for discounted apartments on sites that help you find units in larger complexes for less.
Get a Roommate
There’s one simple way to literally cut your rent in half, in thirds, or even in quarters.
Of course, it does involve potentially sharing a bathroom. But it also means splitting cleaning duties and grocery costs!
Getting a roommate is a great way to save on rent money when you need cash the most. If you have friends and family in the area, being roommates can also be very fun.
Finding a roommate online who you’ve never met can be intimidating and even a bit scary. But if you do your homework and are careful in the early days of living with someone new, you can save money and maybe even make your first friend in your new home.
Look for Other Areas to Save
If you’ve looked for cheaper apartments in less popular neighbors, you don’t want a roommate, and you need your fancy amenities, there are still other ways to save money.
Rather than trying to save money on rent, look for other areas of your life where you could be saving money.
Take the bus or bike to work rather than paying for gas and city parking. Try to cook more meals at home rather than always dining out. Buy household items like toilet paper and cleaning supplies in bulk to get them at a lower cost.
Side gigs can also be a great way to earn some extra income to put towards your rent. Whether you’re mowing grass in your neighborhood or filling out surveys online, your options are endless.
These options are also great for those months when suddenly isn’t enough to cover all of your expenses.
How to Save Money on Rent
When it comes to learning how to save money on rent and other expenses, you have plenty of options. Choosing the right ones for you can help you cut your monthly costs so you can put your money towards other expenses or even start building up a savings account.
If you already own a home, renting out all or part of your property is a great way to make some extra cash! Check out our template to start renting out your property and earning extra income today!
