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How to save on rent

Finance & Money

Posted on Wednesday, April 10, 2019

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When signing a lease on a new house or flat, it’s good to know that there are ways you can bring down the monthly amount and have more money available for other things. Don’t just sign the contract without trying one or all of these five options first.

1. Negotiate

You might feel so excited about this new place that you don’t want to risk the opportunity, but this is your first opportunity to save. It will be harder to negotiate rent if a property management firm is leasing the property, but if you’re renting from a landlord, you might be able to get a lower price. Most landlords don’t want to waste time searching for trustworthy, committed tenants, so if you want to stay in the place for a long time, offer to sign a 24-month lease (instead of 12 months) at a lower rate. Another way is to offer to pay earlier in the month instead of on the 1st. If you are good at DIY, you can negotiate to do the general maintenance yourself, saving the landlord money and time.

2. Choose the area carefully

Certain areas will push up the rent because they are close to the city or near schools. If you can live a little bit further away, you might find a place at a cheaper rate – first factor in your transport costs to make sure that you can, in fact, make a saving if you do this.

3. Get a roomie

Consider sharing your space with a roommate. If it suits your situation, you can save an enormous amount on rent, water and electricity costs if you split them. Remember that renting is temporary, but you could save a lot of money that could benefit you down the line.

4. Pay upfront

While this option is only available to people who have enough money available, you can offer to pay a few months upfront at a reduced rate. If you have enough in your savings account to use, then commit to replacing those savings with a small amount each month.

5. Look outside of the busy period

If you are looking to rent in a student-focused area, prices will go up when universities are preparing to reopen, so look for accommodation in the winter months when there is more availability and less competition. Winter months are also times when landlords find it harder to get tenants so take advantage of this opportunity.

The information contained in this article is for information purposes only and does not constitute professional advice.

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