Renting a property does not come without sacrifice. In a world where rent can be raised as often as every three months and coffees are 6 dollars, it’s wise to be thinking about how you can save your money for a better tomorrow.
When it comes to renting and leasing no one knows the challenges tenants face better than SnapInspect. From negotiating a new lease to up-cycling furniture, this list of ways you can save money renting as a tenant is filled with innovative ideas. Keep reading below to find out our top money saving ideas while you are renting.
Location, Location, Location
Probably the most cliche, overused phase in the property industry, but not without good reason. Location makes or breaks a property.
Before agreeing and signing a lease, do extensive research on potential locations. Often areas can seem cheap and low cost, hiding the real cost of living in that particular area. Here are some factors to consider when checking out a potential rental property.
- Average rental cost
- Cost of gas
- Properties distance from your workplace
- How far the property is from public transport
- Supermarket prices
- How well the area matches your lifestyle
- Rules and regulations of the community’s HOA
- Proximity to shopping centers
- The overall cost of living
Renting a property that is out of your financial capability is one of the easiest ways you can get into massive debt. If your rent price isn’t directly sucking up all your money, the cost of living could bleed you dry instead. Be smart, live within your means and ensure that the area you want to rent is affordable and not out of your reach.
Differentiate Your Wants and Needs
Deciding to reduce your budget while looking for places to live means you’ll have to separate and understand your needs from wants.
For example, you may be fixated on getting a place with a pool and outdoor area. When in reality a home with a kitchen, bedroom, and bathroom will meet all your living requirements, without forking out thousands on rent monthly, sending you into a downward spiral of debt.
Negotiate Your Lease
Whether it’s your first time signing a lease or the 50th, failing to negotiate a lease before signing can leave you severely stripped of cash, regardless of if you have done location research.
Heres a few factors to consider when negotiating your next lease:
- Ask your property manager if they are open to negotiating the rental price
- Display your strengths as a tenant (Build value around yourself)
- Research the property value
- Be open to negotiation (compromise)
- Meet in person, follow up in writing
- Ask a property agent to negotiate on your behalf
- Have a plan B property
- Suggest lower rent for a longer lease term
- Negotiate for all available perks
Negotiating a lease can be intimidating, especially if it is your first time securing a lease. SnapInspect suggests coming fully prepared for the negotiation meeting with facts and proof that backs up your points to give you added credibility.
You could be living in the wackiest neighborhood, but if you have a bus station or subway nearby that enables you do not have to drive to work, it’s a good location.
According to the American Public Transport Association, Public transport saves you up to $10,000 a year compared to using a car.
If you can secure a property that has public transport close by and can get you to the city center in 20-30 minutes consider it a win.
Monitor Energy Consumption
Energy consumption is one of the easiest things you can alter to save money. The obvious solution is to cut down on tv time, turn off lights, and power outlets when not in use and monitor water heater usage.
You can also go a step further and turn off devices that need energy when not in use. Your internet router, microwave and tv set are all examples of things you can switch off.
Get creative, Audit all your energy output and see what you can cut to help you save money.
When you are saving money, it’s essential to recycle and up-cycle items that you were potentially going to throw out. Those old crates taking up space in your garage? Transform them into a low-lying bed frame. Desk in your room taking up too much space? Get creative and turn into your new coffee table.
It’s a mindset that once you get into, you won’t be able to stop. The golden rule is to consider how you can breathe new life into every single item you are about to throw away; you’ll be surprised at what can be given a second use!
Get a roommate!
One way to relieve the financial pressure of paying rent is to split the cost with roommates.
Advertise on Facebook, Craigslist, Roomster or any other online source that potential roommates are looking for. Having a roommate or multiple roommates, you can split the rent with eases a lot of financial pressure that comes with paying a rental fee solo.
Evaluate your subscriptions
Amazon Prime, Netflix, Spotify magazines, newspapers, meal clubs and more. When you take a step back and realize how much you are spending per month (In some cases it’s well over $100!), it’s easy to see that you may need to cancel a few and only keep your most used subscriptions.
Cook and eat your meals at home
Buying dinner out continuously is a terrible habit to be in when you are trying to save.
We know that for some of our readers this is going to be a very uncomfortable situation. However, if you are smart, shop within your budget and only buy the essentials for meals you can save hundreds each week.
Leverage the properties imperfections to lower rent
When you are inspecting the property before securing a lease, it’s essential to be very observant and asses every corner of the house. Finding small flaws like paint chipping on the wall of the kitchen or faulty plumbing systems can be enough leverage to negotiate a lower rent.
Don’t get ahead of yourself and start after for 50% off every time you see a broken light bulb, But do question the landlord on aspects of the property and see what you can work out. Alternatively, offer to fix the imperfections for a cheaper rental rate for that week.