Renting an apartment gives you a place to call home and the flexibility to move each year until you find an apartment that works better for your budget and also save up enough for a down payment on a house (if that’s your target).
However, enjoying the flexibility of renting an apartment comes with a price. A 2020 rent report guide showed that $1,621 is the average monthly rent for a one-bedroom apartment. If you prefer a two bed-room the rent, that would rise to over $2000 but in some rental markets, the rent amount may even be much higher and this is not including utility bills.In this article, you will see some great ways to save money when renting an apartment.
Get A Roommate
It’s great to have an apartment to yourself but if you opt for a roommate it will help slash the cost of the rent. The cost of a one-bedroom apartment is around $1,000 and $1,200 for two-bedroom. You can save about $400 every month by splitting the cost of the two-bedroom with a roommate instead of paying for a one-bedroom yourself. The cost of utilities will as well be easier since you’ll split the cost.
Negotiate with your landlord
The truth is landlords don’t like their apartments to be empty at any time, so do well to request a discount from your landlord. Ask that they cut you a deal on the rent. It doesn’t hurt to request a reduced rate. You may not know what the landlord is willing to accept until you negotiate.
If the landlords perceive you may end up choosing another apartment, they will give you a better price. Also, always negotiate the cost of your rent when it’s time for renewal.
Sign A Long-term Lease
Long term leasing is another way to have a reduced rent rate. This involves signing a lease for multiple years. Vacancies are landlords’ worst moments, so this tactic might work well for you if you’re choosing to rent in a small city but may likely not work in large cities since they have high rental turnover.
Choose an Affordable Location
It will cost you more to rent when you choose an apartment in a safe and prime location but moving to the suburbs or outskirts will definitely give you more affordable options. However, your transportation or fuel cost may increase when you move to the suburbs, so this moving option is best for people who work remotely since they do their job from just about anywhere.
Sacrifice a Few Amenities
Getting an apartment with perks like an on-site gym, doorman, and others is good but choosing a no-frills apartment will reduce your rental cost. Likewise, you’ll get to pay more if you’re going for standalone houses and pay less for apartments with dated bathrooms and kitchens.
Most importantly, consider how your choices might impact your overall quality of life. If you’ll feel happier having a nicer space, go for it. But give up those perks if saving an extra $200 a month will make you a lot happier.
Before you decide to rent an apartment, spend time researching your options, and look out for ways to save some money in the process. Select your location carefully and negotiate with the landlord or property manager for a reduced rental rate, preferably rent with a private landlord for a more reduced rate. Consider sharing an apartment with a roommate or sign an extended lease to cut down rental costs. The money you have saved on rent can be put toward your student loans, credit card debt, and emergency funds.