6 Practical Ways for Renters to Save Money

6 Practical Ways for Renters to Save Money

Are you looking for ways to save money while renting a home or apartment? These tips can surely help!

Saving money is quite a challenge. If you are a long time tenant, you might say that it’s quite impossible at your current state. Although this might be true, it’s not entirely impossible to do. Below are some of the best tips and advice that could help you save some cash while renting a house. Check them out!

Choose location wisely

There are few factors to keep in mind when choosing the location of a home or apartment to rent. Some of them are as follows:

  • Job and/or school location
  • Daily routine
  • Public transport accessibility

According to the experts, transportation is the second biggest expense for consumers after housing. With these stats, it’s highly advisable for you to choose a home to rent closer to public transport or better yet close to your work or a place you frequent with.

Opt for a long term lease

Always keep in mind that the longer the lease, the cheaper the fee. Most landlords or homeowners gives out their rentals for a cheaper price if a longer lease is sign, let’s say 2 years. You can save a few hundred bucks or so just by signing a longer rental term. So if you don’t have any plans to move to another city for the next 5 years or so, sign a longer lease contract to save great amount of cash. Remember, the longer the lease, the lower the landlord should be willing to go. Negotiate it wisely!

Mind your energy consumption

Energy and utility bills can create great damage to your monthly budget. So keeping them in check at all times can truly help you save some cash in the long run. Turning off the lights when not in use, unplugging electrical items directly from the source and shutting down other appliance that consumes energy can create a huge impact on your monthly dues. Replacing your light bulbs with LED or energy saving ones can make a huge difference too!

Get a roommate

The easiest and best way to save money on rent is by getting a roommate. With a roommate, you can split up the monthly fee including the rental, utility and even groceries. Invite your friends or relatives to share the house or apartment with you. Just make sure to write down all the things that you both agreed upon before signing the lease.

Choose a smaller home

Consider renting a smaller house or apartment. The smaller the space is, the cheaper the price will be. If you are renting alone, it’s highly advisable to rent a home with small space. This way, maintenance will be easy and cleaning won’t be a time consuming chore.

Review the lease agreement thoroughly

Check the lease agreement before signing. Make sure that everything that is written is right and clear. If there’s some part that you want to be clarified, don’t hesitate to ask the landlord. Last thing you want is paying something that you don’t know about but you have to because it is written on this piece of paper.

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Comments
  • I love the place I live in, so I dont plan on going anywhere else soon.. But thanks for pointing out these things, some of them I never even thought about! Especially a smaller home is something I can agree on..

  • A handy post for sure, it can be very hard to find a way to save money when you rent. It’s a shame you don’t seem to get discounts for longer leases here in Australia though.

  • Getting a roommate and a smaller place are definitely helping. I need to be more careful with my energy bills though

  • This is such a big problem, especially in where I live now. Rent prices keep increasing and we have to keep moving every two to three years to be able to afford the rent. I totally agree on location – it makes all the difference!

  • Thanks for your tips! I am also a renter and I opt a place that have good security and I only add basic furniture that I need. Having only the basics are the wise move.

  • Very useful tips !! I can relate to all the points as when we moved houses recently our main goal was to find a small house in a perfect location. And so we did. A wise Energy consumption will not only be a benefit for your wallet but will help to save the environment as well.

  • Yes I totally agree with the idea of getting a roommate where all the costs can be shared at the same time the other person will feel home rather then being felt like a guest in a hostel or guest house.

  • I don’t wanna rent no more! Unfortunately I’m living with my boyfriend and a roommate it’s out of equation! Nice pits..Def gonna try!!

  • I rent and I think saving money when renting can be very difficult. You also have to be very careful as you can save money by going cheap but, sometimes, going cheap ends you up in a bad area. As with most things, you have to learn self control and be harsh on yourself every now and then!

  • Yes so many people think it’s okay just to sign and not read the agreement fully. It’s something so simple yet I think we just sign to get it over with. Read read read. Great tips!

  • Love all the tips! So much more goes into renting than what I originally thought. My favorite tip was to make sure you read everything you sign. Usually I just sign my name and don’t really read all the conditions but it’s a must!

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