Tips to Manage Rent to Save Money
If someone would ask you to picture your perfect home, what would it look like? You probably already have a pretty good idea right? You can probably point out its features, design, location, size, colors, and the way you are going to furnish it. Even though we all dream about the ideal home, it takes time to get there, and most of this time is going to be spent moving from one rental to another.
It is already costly for most tenants to live by themselves, to be able to cover all the expenses and have enough money at the end to cover basic needs. If you are just getting started on the road to independence, you’re probably not getting paid enough to cover all the expenses, or you barely make enough. Living from paycheck to paycheck isn’t all that desirable, right?
It is a journey that teaches you a lot along the way, and we all have been there. But with a bit of discipline and correct management of your finances, you can easily save some money and enjoy the fruits of your labor later.
If you are a teenager who is looking for financial advice or you just want to be successful in managing your finances, this might be the article for you. Here are a couple of guidelines on how to manage your rent in order to save money. By following the guidance you’ll put yourself in a better position to be financially independent later in life.
Negotiate rent price
Probably the most prominent part is negotiating the rent with the landlord. This applies before you sign your lease agreement or even more after your first lease has expired, and you are ready to extend your stay.
If you have been a good tenant, the landlord will look forward to keeping you even if that means lowering your rent. It is hard to find a suitable tenant nowadays, and moving you out to bring someone else is more costly. Even home buyers are negotiating closing costs when they purchase a home. Therefore you as a tenant should too.
A habit amongst landlords is to demand higher rent, especially after the lease has expired. At times there might be justification for that. Market changes, the increase in median rent price, and new applications for the place can be some of the reasons why landlords might try to push a higher rent. This is where you should try and negotiate and reach an agreement you can both benefit from.
If you find a real estate agent or brokers to work with to rent, you could ask them to negotiate on your behalf since they have more experience when it comes to closing deals. Otherwise, you would have to work directly with the landlord when it comes to negotiating prices.
Get a roommate
This is probably one of the most obvious ways you can manage your rent to save some money. Having a roommate is a great way to reduce housing costs by half, and this includes splitting utility bills and other services you both benefit from. Some apartments might not be spacious enough to accommodate another person, but if space allows for it, then you should definitely consider this option.
A price of $1,500 in rent, in some of the cities around the USA, can get you some really nice apartments. But can you afford that much a month? Well, if you want to share it with a roommate, that price goes down by half. You would only have to pay $750 a month, and if it’s a three-bedroom apartment, you might be able to bring two people in, therefore, further reducing the costs.
Don’t rush, do your research first
We tend to be too rash when it comes to renting, and it’s understandable, you want to get it out of the way as soon as possible. Many fall into the trap of grabbing the first offer they get, but this might not be the best choice. You might realize later on that doing a bit of research would have resulted in you finding a better deal overall.
This could be one of the greatest mistakes people make, especially when you try to save some money. Without proper research in the area, it would be only a matter of luck if you landed a good deal without even looking around first.
Give yourself a reasonable amount of time first to research the area and don’t rush into grabbing the first offer. Think about the fact that you would have to move again if you ended up with a bad deal or a place that is not livable.
Do your research and check to see the real estate demand. See if the demand for rentals is increasing. You can ask around other landlords or tenants who witness the changes in the housing market over the years they have lived there. Get yourself informed and do your research. That way, you will surely find a deal that is way better than taking the first one that comes up.
Save money on furniture
If you rent an apartment that is already furnished, this might save you the trouble of buying furniture. However, furnished apartments come at a higher price compared to unfurnished apartments or partially furnished apartments. Also, even with furnished apartments, you might still feel like something is missing, and you could use another bed, table, or closet.
Even if you need to buy furniture, you don’t need to spend a lot of money on premium or expensive furniture. When purchasing furniture, go for what’s absolutely necessary, not something fancy. Think about everyday usefulness. I’m not saying that you should buy lousy quality furniture, but having so many beds and coffee tables doesn’t seem like a good investment.
Also, while living in a rental, you have to think about the fact that you will probably be moving again sometime in the future. Are you ok with moving that expensive furniture around and risk damaging it? I think not! Buying non-expensive and minimalistic furniture is going to benefit you way more long-term. Yes, it might not be fancy, but it is practical, and it has a reasonable price.
Offer to fix something to reduce costs
If you’re a handyman able to repair and fix broken things that might be to your advantage, if something gets broken or if you feel like the walls could use some paint. You could offer to do it in exchange for a reduction in your rent.
By doing it yourself, you can save money from getting a handyman to do it and passing it on to the landlord. This will be a great way to manage your rental expenses. This might end up consolidating your relationship with the landlord, and this can only lead to good things when it comes to negotiating prices or reducing rent-related costs.
Final Thoughts on Saving Money With Your Rental
There are so many ways you can manage your rent to save money. Some things have to do with the relationship between you and your landlord. Others are related to your discipline when it comes to cash and correct decision-making. Sometimes you need to use your negotiation skills to bring down the price.
But, overall we think that now you have the right tools and ideas on how to reduce some rent costs and save some money.
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About the author: The above article on how to manage rent to save money was written by Andrei Geist. Andrei is a college student and full-time content writer at RealEstateAgent.com. Growing up on a farm in North-Central Florida, Andrei learned the value of integrity and diligence early on. As an International Relations major, Andrei is passionate about writing on a wide range of topics from geopolitics to international travel to economics.