What Are the Best Ways to Save Money on Rent?
- The average rent saw its highest spike on record, increasing over 20 percent year-over-year in 2021.
- “Look and lease” specials allow potential tenants to receive a discount or bonus for signing a lease within 24- to 48-hours after viewing the rental.
- An apartment locator is a professional who assists clients with finding a rental property.
Rent can be an expensive monthly expense — especially in big cities. If you’re not careful, you could spend hundreds of dollars on rent each month with no additional savings to show for it. Even worse, the rent is rising nationwide. iPropertyManagement reports that the average rent saw its highest spike on record, increasing over 20 percent year-over-year in 2021.
Luckily, there are several ways that you can save money on rent without giving up anything in return. To help, here are the best ways to save money on rent and keep your budget intact. With these tips, you won’t need to sacrifice your savings for a place to live.
Find a Roommate
Finding roommates is one of the best ways to save money, as you’ll be splitting the cost between how many people you decide to room with. That could mean splitting rent, utilities, and other bills two, three, or even four ways. Although you may need to sacrifice some creature comforts — namely privacy — the money you save in the long run is worth it.
When choosing, you better be sure to consider what kind of person would be compatible with your lifestyle. Would they mind sharing your living space with pets or children? What are their attitudes towards housework, and will they help maintain your living space? There are plenty of great roommates out there. You just need to find the right one for you.
Look at Newly Constructed Properties
While it may seem highly unlikely, newly constructed properties can be a cheaper option than buying an existing property. Since property managers and developers want to start earning money on their investment as soon as possible, some may offer great discounts, such as six-weeks for free, to entice people to sign leases and move in.
Consider “Look and Lease” Specials
The discounts aren’t exclusive to newly constructed properties. No matter the age of the rental, some property owners may offer a “look and lease” special to potential tenants.
Through a “look and lease” special, potential tenants may receive a discount or bonus for signing a lease within a shorter time after viewing the rental. These discounts or bonuses can take the form of:
- Free gift cards;
- Free parking;
- Waived administrative fees;
- Saving money on first and last month’s rent, or;
- Discounted rent on longer leases.
Be sure to make up your mind quick as these specials are only available for 24- to 48-hours after viewing the rental.
Hire an Apartment Locator
An apartment locator is a professional who assists clients with finding a rental property. They can help with:
- Determining which choices that fits the client’s needs and budget;
- Notifying the client of upcoming deals, specials, or promotions on potential rental properties;
- Explaining hard-to-understand details about the rental location to the client, and;
- Evaluating the terms of a lease.
A big advantage to hiring an apartment locator is their service in most major cities comes at no cost. Locators receive a commission when their client signs a lease. In the rare case that a locator charges fees, it will be given to the client in writing before hiring.
Ask Questions About Costs and Add-Ons
From utilities to parking to other add-ons, there are a lot of costs that goes into calculating rent. That’s why it’s crucial to ask questions when viewing a rental property. You never know, asking the right questions could lead to possible saving opportunities.
For instance, there’s no need to pay for the included parking if you don’t own a vehicle. Asking questions about parking and if there is a chance to exclude it from the rental agreement for a savings may be fruitful.
Another avenue of questioning is if the rental is energy efficient. If not, offering to buy or use energy efficient appliances and products may lead to a discount in your rent.
Do Your Research
Before you can find ways to save money on rent, you need to do some research. Researching the local real estate market and becoming familiar with the average price of rent in the area will do wonders when looking for savings.
Also, being on top of local listings will help in securing the best saving. The best deals and discounts will go fast, so you need to be ready to act.