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How to Save Money on Your Apartment Rental

  • June 14, 2021

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For renters of all backgrounds, you probably know how much of a hassle saving your income can be. Apartment renters who have to deal with making ends meet can sometimes be pressed for cash. Saving money may seem like a never-ending cycle, especially if you do not know how to budget accordingly. 

Thankfully, saving money is much more feasible than you might think. With a bit of responsible budgeting and patience, you can easily save money for apartment rentals. As long as you manage your finances through a long-term plan, you’ll be able to keep your costs low for the foreseeable future. 

Check out this following guide on how to save money on your next apartment rental:

Income Report 

When saving money on your apartment rental, you need to assess all your income sources. For example, your salary and any other monthly income should be recorded down on a document. Then, take a look at your general expenses each month. Since rent will be a major part, record any other present expenses in this document. 

This document is what financial experts describe as an income report. Although this report won’t directly save you money in the short term, organizing the figures is crucial. It gives you a direct insight into how much you are making, versus how much you are paying. Plus, you’ll be able to see the things currently being paid for that you don’t really need!

Roommates

While splitting rent can be somewhat hard to do on your own, it doesn’t have to be that way forever. An easy way to significantly cut down on your rent payments is to find a roommate. Roommates are a sure-fire way to help you manage costs. The more roommates you have, the more help you'll get in splitting the apartment rental. 

In order to find a roommate, you’ll have to put out an advertisement on an applicable website, such as Craigslist. Then, be sure to get familiar with the potential candidates. You should always select a roommate that you are comfortable living with. That way, potential disagreements can be mitigated. The last thing you want is an unreliable roommate who can't pay the rent on time!

Lease Negotiation 

At some point, the lease of the apartment will eventually be brought up. This agreement is a legal means of allowing you to rent the apartment accordingly. Leases can be signed in a variety of terms, depending on your needs for the short and long term. For long-term leases, it may be wise to negotiate at the time of the lease’s renewal. 

It helps to be a good tenant when living in an apartment. The rapport you build with your landlord can go a long way in potential negotiations. Once the renewal time approaches, use this to your advantage in negotiating lower rent costs. Any little reduction can go a long way to saving money! 

Parking Space & Commuting Alternatives 

If you have a vehicle, you probably know how pricey the car can end up being. To save money in the long run, consider selling your vehicle. This allows you to give up your parking space to the apartment, which can tack on additional costs to your rent. Try to offer this to your landlord in exchange for reduced rent. 

While you are at it, it might be better in the long term to use various transportation methods to move around. Owning a vehicle can be a pricey investment, especially if you have troubles in saving money. If selling your car is at all possible, take a look at other commuting modes available. 

For example, busses are always running in abundance. Or you can try taking the subway to work each day, so long as you time it right. Since there are so many methods of transportation available, you’d be surprised as to how easy saving money can end up being. 

Apartment Rental Tips

There are other tips and tricks to help you save money on your apartment rentals:

  • Winter Rental: Renting an apartment in the winter could be beneficial. The summer season can bring higher costs of rent due to college graduates flooding the market. Finding an apartment in the winter can be much better financially speaking. 
  • Private Rental: Instead of living in an apartment that is run by a corporation, private apartment rentals could work out better. Whether they are owned by a family or third-party, lower rent costs are much more realistic to discover here. 

New Location: Finally, it might be time to find a new location altogether, if monthly rent ends up being challenging to meet. Take your time to research new markets in various areas, and don’t forget to seek out professional help if needed!

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