Are the costs of housing a little too high for your satisfaction? You aren’t alone. Every month, people who live in apartments all over the world struggle with the rent, which is the one item that is difficult to cut down on. No matter how conscientious you are, there is a good possibility that rent is one of the largest line items in your budget. This implies that attempting to save money on rent could be at the center of your current financial difficulties.
Saving money while settling your bills are a real challenge especially if a big part of it goes to rent. Afterall, shelter is one of the most important needs. Learn about some ways to save up while balancing rent through this article.
Read Also: The 50/30/20 rule in money management
How to save up while still renting an apartment?
1. Find yourself a roommate.
Finding a roommate or two who are willing to split the rent with you is the most effective strategy to reduce the amount of money you spend on lodging each month. You might be able to find a roommate among your existing circle of friends or even by placing an advertisement on the internet.
Make sure that your lease allows roommates and that you comply with any of the requirements that your landlord requires, such as having your roommate also apply for the rental and having a credit check conducted on both of you.
2. Engage in Rent Talks and Negotiations
Before you commit to a new lease or renew the one you already have, investigate whether or not your current or prospective lease has any wiggle room and see if you can negotiate a lower price or better terms for your lease.
For instance, if the apartment you’re contemplating is located directly next to the outdoor air conditioning unit and the noise is evident, you could inquire with the landlord about receiving a discount of one hundred dollars off of your monthly rent. Or, if you are certain that you will be residing in the apartment for a considerable amount of time, you might investigate the possibility of locking in a reduced rate by signing a lease for a period of two or three years.
3. During the off-season, look for apartments.
If you can wait until the off-season to look for a new rental, you should do so if it works with your current living arrangement. There is typically less demand for rental properties during the winter months, particularly in more northern regions.
It’s possible that there are fewer apartments available, but it’s also possible that landlords are getting fewer people applying for those units. If they need a unit rented sooner rather than later, you may get a good deal because they will likely lower the price in order to get more people to apply
4. Make your payments in advance.
If you are able to scrounge together several months’ worth of rent, you may be eligible for a rent reduction if you pay the rent in full at the beginning of the lease. For instance, you may propose that they pay for the first eleven months now and you’ll give them the twelve month free of charge.
Because they will have the money for the following year regardless of what happens, your landlord may find this to be an appealing offer. This provides your landlord with the same sense of security as paying the first and last month’s rent: the knowledge that they won’t be left high and dry in the event that you unexpectedly terminate your lease. However, it may be difficult for you to recoup this money if you need to move out early. Because of this, you should only offer to pay upfront when you are positive that you will remain at the property.
5. Take into Account Moving to a New Location
If you have the ability to do so, you should think about relocating to a less expensive place outside of the city you now live in or to a new city altogether. Moving even a little distance away from the densely populated area in which you currently reside can result in a significant reduction in your monthly rent payment.
Increasing the length of your commute may incur more expenses; therefore, you should check to ensure that you are not exchanging a high rent for a pricey bus pass or a large gas bill for your vehicle. If you are able to work from home at least part of the time, relocating to a less expensive area may be an especially good alternative for you to reduce your monthly rent.
6. Sublet Your Apartment
Think about moving back in with family or staying with friends for a while before the end of your current lease so that you can sublease your flat. But before you do so, check to see if your lease permits it; many contracts expressly prohibit subletting, particularly when it is done through short-term rental services like Airbnb.
When you sublease your flat, you find another renter to pay rent on your behalf in exchange for the use of the space for a period of time. You need to check the local ordinances to see if there are any rules about rent-controlled pricing, but it is possible that you might charge more than your own rent while still turning a profit. You should make an official, written agreement with any subletters in order to keep everyone on the same page, protect yourself legally, and keep the relationship running well.
5 Ways to Save Money on Monthly Rent Payments
1. Locate a suitable rental that covers the essentials.
Finding a place to live that provides the necessities while also fitting your budget is essential. In the long term, your monthly costs will be substantially higher if you rent a place that is too large, has unnecessary amenities, or is fully furnished.
Before signing any contracts, be sure the rental homes meet your needs. Consider homes without yards if you don’t plan on having children and don’t want to spend extra in rent for a space that won’t be used.
2. Take into account the neighborhood and its conveniences.
When preparing to relocate, it’s necessary to think about more than just money and housing options. It’s crucial to pick a neighborhood that can accommodate your needs because different residents’ homes provide different conveniences and advantages. You can’t only rely on rental listings you find in a Facebook marketplace.
If you rely heavily on public transportation, for instance, it would be more practical to find a loft near a major transit hub than than one in a remote area.
If your child’s education is a priority, it will be much more convenient for everyone if you rent a home near an appropriate school rather than having to constantly relocate while you’re on vacation. After factoring in things like retail, sports and entertainment venues, and hospitals, one is left with nothing.
3. Make sure you’re only using utilities when absolutely necessary.
Your monthly energy payment is your responsibility as a tenant. Leaving your lights on all day and night can easily rack up that cost. Don’t waste electricity by taking longer showers than required or leaving lights on when you’re not using them. Tenants should also be aware of their monthly electricity consumption in order to plan for costs.
4. Pick your service providers carefully
Having a washer and dryer in your condo is convenient, but having access to a common laundry room is preferable. (unless they are included in the rent). In addition to freeing up storage space, this reduces the device’s overall cost. Tenants now pay less in total monthly costs because they no longer have to budget for laundry costs on a weekly basis.
5. Look for rental agencies that offer discounts
Search for “rental company near you” and “incentives” in a number of online condo directories. This will bring up a list of all the available rentals with discounts. Here you may read testimonials and get in touch with the business straight from your phone or email if you see something that interests you.
BRIA Homes, one of the country’s leading developers, offers condo and house and lot packages priced to appeal to middle-class Filipinos. BRIA Homes takes great pride in the speed with which it completes its projects. Modern methods of home building are used in every project to hasten completion without lowering standards.
Written by Benjamin Ferreras
