Renting an apartment? How to save money

Renting an apartment? How to save money

Rent makes up a substantial portion of your household monthly budget. When you are living paycheque to paycheque, or trying to find extra room in your budget to achieve other financial goals, this is one cost that you should try to reduce.

As a renter, here are some ways you can reduce your apartment costs.

Roommates

Want to save you your rent? You can reduce the cost a great deal if you live with a roommate. Not only will you pay out in rent, you can split other costs, like utilities and cable.

Rent out your parking spot

If you’ve got parking included with your apartment, but don’t own or need a car, consider renting out your parking spot. This can be very lucrative if you are in an urban location, or if your apartment is located near public transport for commuters.

Sign a long term lease

Typically, if you are willing to sign a longer term lease, you can expect to pay less in rent. Only do this though if you know that you can commit to the location and the price for the long term.

Negotiate at renewal

When your lease comes up for renewal, take the opportunity to negotiate your rent with your landlord. Depending on the market that you are in, you may be able to reduce your overall rent, or get other fees reduced or waived

Private apartment vs. complex

An apartment complex may have some nice amenities, like an indoor pool or a nice gym, but know that those amenities come at a price. Is it worth the extra rent? You may be able to find a cheaper apartment in a private home or through a private landlord. Shop around.

Location, location, location

You’ll pay a premium to live close to amenities, like shopping and public transit. If it makes sense for your lifestyle, consider areas that are a little further out. Make sure that you aren’t taking on more cost though by living further away (i.e. increasing the cost of your commute).