Owning a home isn’t for everyone. Sometimes it just makes sense to rent instead. Still, since rent is often the biggest item on the budget, it is important to do what you can to save money while keeping a roof over your head.
Negotiate
Negotiating up front can save you the biggest chunk of cash. If you can negotiate to lower your monthly rent, you will continue to save as long as you are in the apartment or rental home. Your landlord may be more likely to negotiate if you are willing to take a longer lease, have an excellent credit history or are willing to take on minor repairs yourself. If lowering the rent is not an option, ask for other money-saving concessions, such as including the utilities in your rent.
Get a Roommate
Having a roommate to share the rent and the expenses is one sure way to be able to save money on your rent. Splitting the cost of a two-bedroom apartment is often much cheaper than renting a one-bedroom apartment on your own. Just make sure that your rental agreement with your roommate is well understood so you don’t wind up at fault if your roommate doesn’t pay rent.
Help Your Landlord
I mentioned above that you might get a reduction in rent if you do your own minor repairs in your own apartment, but what if you were willing to take on other jobs, such as dragging the garbage cans to the curb, showing potential renters empty apartments or even retrieving mail? You might just get another chunk of your rent taking off.
Get Free Furniture
If you need to furnish your new place, first look for sources of free stuff. Friends and family may have some extra furniture, so put the word out that you are looking for some. Freecycle and Cragislist are two more sources of free furniture. You can also check in the apartment building in case anyone is moving out and doesn’t want to take their furniture with them.
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