Americans spend more than 30 percent of their income on rent. That’s a big percentage that could very well go to your savings account. However, rent is really expensive. Thankfully, there are ways to save money while renting a property.
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How to Save More Bucks When Renting
Consider these five tips when saving money on rent:
1. Pay the entire lease
Have you saved more than enough money to pay for the entire lease? You may get a month free of rent when you decide to pay for a year’s worth of rent on the property. If you can’t pay for the entire year, try paying for at least six months and negotiate a discount with the landlord. Do this only when you actually have enough savings to cover for the entire rent.
2. Sign a two-year lease
Landlords prefer keeping good tenants for it can sometimes be tedious and daunting to find one. If you’re sure about the location of the property, consider signing a two-year lease.
Some landlords would actually give you a discount if you sign for a two-year lease. Also, it’s a guarantee that your rent won’t go up for about two years.
3. Consider getting a roommate
If you don’t mind living with a friend or a couple of friends, this will be a good idea. You won’t only be sharing the rent but other costs and miscellaneous expenses such as food, supplies, toiletries, energy, water and other essentials. You can still have privacy so long as you’re staying in separate bedrooms.
4. Try to negotiate after renewing your lease
Finding a tenant costs money. It also takes time. To save money on rent, try to look for similar apartments near your area and find out how much they cost. Negotiate this amount with your landlord. If you’re a good tenant, chances are you just may get what you want — a better price for the rent or a no increase on your rent.
5. Location is the key
Choosing a property situated in or close to the city will be really expensive. You can get a more affordable rent at a location that’s a little far from the city yet has a public transport close to your apartment. Of course, you also need to consider where you go for work or school when choosing a location. Make sure these places are accessible to you.
On Using Credit Cards for your Rent
A rule of thumb: Avoid using credit cards when paying for rent. Sure, you may get cash backs and mileage rewards or points when paying on credit, but that’s never a good idea. Credit cards hit you with hidden costs and service charges that will hurt you financially.
If you really need help paying rent, we can help you find a lender. Whether you’re looking for emergency cash loans or a personal loan, talk to us. We can help. Find out your credit scores as early as now to see if you will likely qualify for any loan.
Going Frugal
Living a frugal lifestyle doesn’t mean you’re afraid to spend money. It means you are carefully evaluating whether something is worth spending on. Going frugal means maximizing your resources to save money. It may be a little difficult to some but it can be done. Frugal living can immensely help you save money on rent. It can even help you purchase your own home.
Conclusion
Being creative and resourceful can help you save money on rent. It’s also imperative that you commit to doing everything you can to save money. Rest assured, it will be beneficial in the long run. The rent money you save over the years can contribute to buying that first home.
Cut your expenses now and open a dedicated savings account for this. Trust me, you will reap all the benefits.