Did you know that there are ways that apartment living can save you money? A major topic of discussion right now is the difference between buying and renting. While buying a home has its perks, renting can also benefit your wallet. Despite what people say, renting may help you save money, budget better, and make better financial decisions. Consider the following when looking into the possibility of renting.
How expensive is rent?
The average monthly rent from December 2020 to December 2021 increased by 14.1%, bumping the average price across the nation to about $1,877.
Many apartment dwellers have a lot of anxiety around the rising rent prices. It can be hard to find a rate that works for your wallet while rent is continuously increasing. The apartment search itself may tire future renters out before finding a place.
There are ways to save money through apartment living without digging for the lowest rent price in the area. Some of these ways are obvious, like getting roommates or even renting out a bedroom on an app if it’s allowed; however, there’s even more that you likely don’t know of!
Explore the topics and tricks below to discover many apartment living financial hacks. You can love where you live and save money with the right strategies.
Up Front Rent Payment
Many private landlords will allow a renter to pay some rent upfront on the lease. If you can save a bit of money before getting the lease, you may be able to front some of the rent money. Since this form of payment directly puts money into the landlord’s pockets, they may be willing to discount the rent that this would cover. This budget method takes a bit of saving, however, it can be a reliable option.
A great option to save on apartment living is to decline your parking spot for a possible discount on rent. If the community has free parking or a street area nearby that could suffice, it may be well worth it. This would allow the landlord to use that parking spot for another tenant, putting money into their pocket while discounting your rent. Many apartments charge extra for parking garages and spaces, so going without a designated parking spot will likely save you money.
Another great option is cutting cable TV. Streaming apps can save money monthly while also giving access to even more shows and movies than cable TV. Streaming services are also more flexible than cable TV with cancellations and timelines. Many cable TV services lock you in for a certain amount of times, while streaming services offer cancellation at a click of a button, making it easier for the user if they need to save a few bucks.
Adopt energy-saving practices include replacing inefficient lightbulbs with LED ones, repairing dripping faucets, and calibrating your thermostat to save energy. These little adjustments reduce your monthly spending while also helping the environment. Additionally, comparing prices from several utility providers may show more affordable options, providing still another way to save costs. Basically, paying attention to your utility bills is a simple but effective strategy to improve your ability to stick to a budget and save more money.
Renewing & Extending
When renewing a lease, if you’ve been a good tenant, landlords may often accept negotiations of the price. It costs them money to move you out, touch up the apartment, and move someone new in. If you can negotiate with this, it can save you money while rent prices continue to climb.
It can also save to sign an extended lease. Most individuals search for 6 months to 1-year leases. If you’re able to, it can save money to sign an extended 18 month or 2-year lease, saving the landlord on those same expenses.
Plan Seasonal Moves
Many individuals are searching for new leases in the summertime. When this demand increases, so do the rent prices. Also, when temperatures start rising, so do rent prices. It may be time to look for an apartment in the wintertime. You may need to purchase some extra warm mittens, but this is a great way to stay ahead of rent price increases.
Find the apartment that’s right for you!
Search for your new apartment today! It can be tough to see exactly where to save money on rent prices when it is ever increasing. It takes some additional effort, but it is possible in 2022 to save money through apartment living and renting with the right tips.
Categorised in: Apartment Living
This post was written by Isabella Housel