Times are tough these days when it comes to the rising cost of living.
Renters are having an especially hard time budgeting and saving money with inflation going through the roof as well as the cost of rent going up due to the housing crisis. If it is hard to make ends meet then you may want to look at ways to lower your living costs when it comes to renting.
It may seem like you don’t have any control over your living costs aside from your own bills. Luckily, this isn’t the case since there are ways to save money. In this article, we will go over several tips that will help you decrease your costs to rent an apartment.
1 – Get insurance
It may sound counterintuitive to add an expense to your budget when you are trying to lower your living costs. However, when you buy renter’s insurance for apartments you could save thousands if something were to happen. Many people wrongly assume that in the event of a catastrophe or robbery that their belongings are covered by the landlord’s property insurance.
If something were to happen and you had to replace all of your furniture, computer, and devices then short of starting a charity to raise funds, this is all going to come out of your pocket.
2 – Negotiate before you sign the next lease
Landlords love having good tenants that pay on time and don’t cause them any headaches. When a landlord has a tenant that respects the property it actually saves them money in the long run since there are fewer repairs to make over time.
This works to your advantage by negotiating with your landlord in between leases. If you were to leave then it would cost them money to have to list the apartment, pay a realtor, and run background checks. If the next tenant is not as responsible then it costs them a lot more money. It is in the landlord’s best interest to negotiate with you for a lower rent.
You have some wiggle room so bring up the ways that it benefits the landlord to keep you around instead of trying to go for the highest rent price possible.
3 – Look for an apartment in the winter
Spring and fall are the most common times for people to look for an apartment. There is going to be a lot of competition with other renters especially if it is located in a university area. This means that you aren’t going to get any kind of break on the rent. In fact, you may end up in a bidding war if you are having trouble finding a place.
If you look in the winter when nobody else is, then the landlord may be lowering the rent to be more attractive and bring in a tenant. It costs money to have a property sit empty so the prices will be much lower when nobody is looking to sign a lease.