If you are interested in lowering the amount of rent that you pay each month in order to save as much money as possible, continue reading to discover a few effective cost-cutting tips for renters.
Negotiate Your Rent Payment
If you are interested in learning how to negotiate rent, there are a few key factors that you should keep in mind. First, how much rent are you willing to pay for an apartment?
It’s a wise idea to figure out the average rental price for apartments of the same size in your apartment building or in your local area generally. To get started, simply browse the available apartments in your apartment complex or local area online and compile a list of all the available apartments and their monthly rent. This will let you figure out how much the average renter in your complex or area pays for their apartment.
If your landlord or prospective landlord is charging you a number that is higher than average, it’s well worth informing your landlord about your research and asking your landlord to lower your rent. They may be willing to match the average price of an apartment in your apartment complex or local area. If your landlord refuses your request, you always have the option of trying to rent one of the cheaper apartments that you’ve identified in your apartment building or area.
Negotiate Your Rental Fees
If you plan on renting an apartment through a property management firm, it’s also advisable to negotiate your rental fees, as rental fees aren’t always set in stone. Alternatively, you may want to lease an apartment directly through a landlord in order to avoid paying rental fees on top of your rent.
Get a New Roommate
If you have a spare room available, you will be able to lower the amount that you pay in rent each month by getting a roommate. Depending on the size of your apartment and the size of your spare room, you may also want to consider allowing a couple to move into your spare room. A couple will usually be prepared to pay more for a single room than a single individual.
Avoid Making Late Payments
If you fail to pay your landlord on time, you may have to pay late fees. Furthermore, if your rent is frequently overdue, your landlord may be unwilling to negotiate on your rent in the future. Instead, make sure to budget your rent into your monthly budget so that you’ll be able to pay your landlord on time every month. By paying your rent on time, you’ll prove to your landlord that you’re a reliable, trustworthy tenant who is worth keeping.
Take Great Care of The Apartment That You Lease
You’ll be able to negotiate on your apartment lease in the future if you take good care of the apartment that you rent. Since great tenants can be hard to find, make sure to keep your apartment in great condition and your landlord should be willing to negotiate on your rent in the future.
Get Your Security Deposit Back
There are two primary purposes of security deposits. First, security deposits are usually used by landlords as a form of insurance. They are designed to cover any damage that a tenant may cause to the property they’re renting.
Security for rent is also used to ensure that a new tenant has the means to pay rent on a regular basis. If a prospective tenant is unable to afford a security deposit in order to secure an apartment, it’s highly unlikely that they’ll be able to pay their rent on time each month.
If you’re a tidy tenant who takes great care of your apartment, you will be able to get your security deposit back when you move out of the apartment. When you move in, be sure to note and photograph any damage to the apartment. If you do not do this, your landlord may blame you for the damage and keep some or all of your security deposit.
Invest in Renter’s Insurance
Renter’s insurance is a policy you can purchase to protect your personal property. If your property is damaged or stolen, you will receive a payment from the renter’s insurance company to make up for your losses. Although you will have to pay a premium for renter’s insurance, it is well worth it in case something happens.
Be Open to Signing a One-Year Lease
Even if you’re used to signing short term leases that give you the flexibility to move out of an apartment within a few months, it may be worth signing a one-year lease. When it comes time to negotiate rent with your landlord, offer to sign a year-long lease in exchange for a discount on the monthly price of your rent.
Smart landlords will consider your offer carefully, as the longer an apartment is rented, the more money the landlord will make. It’s extremely risky for a landlord to have a high turnover of tenants: They won’t receive rent when their apartment is empty and will have to personally pay for any costs associated with their apartment, such as utility costs. When it comes to negotiating apartment rent, making an offer to sign a year-long lease in exchange for a discount offers benefits for both you and your landlord.
Budget Administrative Fees And Move-In Fees Into Your Rental Calculations
Many prospective renters make the mistake of failing to take administrative (or admin) fees for apartments into account and simply search for apartments that offer the lowest rent. However, it’s a wise idea to factor any admin fees and move in fees that you may be responsible for paying into your calculations to discover whether or not a particular apartment is a great deal or not.
If you’d like to spend less money on rent and keep more money in the bank, try to use all of the cost-cutting tips outlined above. This is especially important if you have little experience with negotiating rent and rent-associated fees and are interested in negotiating the best deal possible.