6 Creative Ways To Save Money When Renting An Apartment
If you’re one of the many Americans renting the place you live in, it comes as no surprise that rent is probably one of your biggest monthly expenses. So, it only makes sense to cut it where you can. This blog post shares 6 creative ways to save money when you’re renting an apartment.
Editor Note: This is a guest post written by RENTCafe.com
When your budget needs a little breathing room, take off the pressure with these creative ways to save money when renting an apartment. Some may be more suitable to your situation than others, so consider which ones you can apply:
1. Cut the cord and pay less for television
If you are paying a fortune for cable TV or streaming services, cut the cord and watch free over-the-air programming with an antenna. In most U.S. metro areas, all you need is an antenna pointed toward the closet local broadcast tower to watch free TV. For example, a $40 HD antenna will let you watch around 20-30 channels for free. This can save you around $100 per month. These broadcast channels carry classic TV, movies, and other favorites. Put in your street address at NoCable.org to find out what stations you can receive and to get the best direction for pointing your antenna.
Another inexpensive entertainment option is Philo. At only $16 per month, you get to watch more than 40 channels. It’s the least expensive on the market for streaming live TV. Moreover, it includes an unlimited cloud-based DVR. You can also use Philo on iOS devices, web browser, Roku devices, Amazon Fire TV, and Apple TV.
2. Move to a less expensive area
Moving can be expensive, but a well-planned move across town could save you as much as $150 (or more) each month in expenses. This can add up to $3,600 in just 2 years! Renting in a premier downtown location is expensive. Not to mention, it also comes with parking fees, expensive dining, and fancy shopping. These factors can all add up to your monthly costs.
Try to find a place to live that’s close enough to work so that you don’t need a car. For example, try to find a place that is close to a bus stop or near the subway so you can easily get where you need to go. A short commute allows for a little wiggle room in your budget. This way you can splurge on more important things. Studies show that top-rated locations charge 37% more than lower-rated ones, which could leave as much as $444 more in your pocket each month. This is an easy way to save money when you’re a renter.
3. Rent out extra space for storage or parking
If you don’t want to leave the bustling downtown, consider renting out any extra space you have. Commercial storage units are expensive. Private storage space in a garage, spare room, attic, or shed can be valuable. You can earn extra cash by renting out unused space.
If you’re using public transportation, you might have premium parking space just sitting empty. In a prime downtown space, parking can bring in $50 per day! That’s enough to make a big dent in your rental payment. There are websites like JustPark.com that will help you market and collect rent for parking.
One way to save money when renting an apartment is to rent out extra space for parking
4. Trade work for rent
If your landlord won’t consider lowering the rent, they may still be open to making improvements on the building. By upgrading the appliances, especially replacing an old refrigerator, you can save a few hundred dollars in utility bills each year.
Or perhaps you could exchange your elbow grease for painting and fixing things around the apartment. Taking really good care of an apartment and helping maintain the overall property can go a long way toward negotiating power or a rent discount when it comes time to renew your lease.
5. Downsize or share your living expenses with a roommate
If you’re in a rental situation that stretches your paycheck a bit thin, search for a smaller place that doesn’t exceed your needs. Finding a place to live that’s a bit more modest can give you some breathing room. This way you can start a rainy day fund or pay off debt. Also, you don’t want to live somewhere unsafe or unhygienic. Think acceptable but not exciting.
Another approach is to divide a more expensive place with a roommate. Sharing your apartment or house can be the key to affording a place and a great way to save money. For example, splitting the rent and living in a two-bedroom apartment with a roommate for $600 per month instead of living solo in a one-bedroom apartment for $1,000 per month can save you $4,800 a year!
6. Skip the brokers and their fees
If you’re a confident negotiator, you might be able to strike a better deal without involving a real estate agent or middleman broker. Or you can rent an apartment from a site like RENTCafe.com, that connects you directly with the property manager of the unit. So you can avoid any third parties related fees. Rent is a recurring cost that you can’t reduce once you’ve signed a lease, so any leverage must be used up front. On the other hand, when you involve an agent on your behalf, you won’t have any influence to negotiate the rent in any way. Brokers don’t care about your payment history or willingness to compromise. They just want you to sign on the dotted line.
Frugal living helps you pocket some change
Experts recommend you should not exceed 30% of your income on housing. However, your rental payment alone doesn’t completely represent what you pay when it comes to housing. Expenses like parking, utilities, and everything else contribute to your overall cost of housing.
Reducing your monthly housing expenses from all sources leaves you with more to spend elsewhere. So why not start saving money on rent today?
This guest post was brought to you by RENTCafe.com – a nationwide apartment search website that enables renters to easily find houses and apartments for rent throughout the United States.
