8 Ways Renters Can Save Money

by Mary Anne Ragragio


Posted on 2019-07-18 20:17:01


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It's not only the property owners who can save money but renters as well. That is why it would be a great idea to think of a saving plan. There are some things that you can do to help reduce the amount of money that you pay for the rent. The money that you save can help you buy your own house one day. Whether you’re a first-time renter or a long-time resident, it would be great to start saving your hard earned money.   

 

So here are some tips on how renters can save money when renting a place.

 

  • Save money from paying bills.
    1. Air-dry your laundry. There are some apartments that offer a right to an air-dry area in their property. If there’s none, you may use an indoor clothes-drying rack.
    2. Turn off and remove the outlet associated with electricity when not in use.
    3. Use energy efficient light bulb.
    4. Use water saving showerhead.
    5. Reduce your hot water heater.

 

  • Get yourself a co-renter. By doing so, it is important that you coordinate this matter to your landlord or property manager first. There are advantages of having a roommate in an apartment, but the most important reason is that you can split the payment for the rent so you can save money.

 

  • You may talk to your landlord and offer to fix minor repairs in exchange for the reduction of rent. If you fix minor repairs it will help landlord reduce maintenance cost.

 

  • If you will live alone in the apartment and want to save some money on the rent, it would be a good idea to be practical by getting a smaller room that cost a smaller amount of rent.

 

  • There are apartments that offer utility bills included on your rent. You may want to check your lease agreement first and see if you agree with how much you have to pay for the rent including the utility bills. There are many tenants who find this helpful. But if you are the type of renter who doesn’t spend too much on utilities because you don’t stay too long in your apartment, another option that you can do is to choose an apartment where you can pay your own utility bills.

 

  • Build a good relationship with your landlord. When you have a good relationship with your landlord or if you are a good tenant, there is a chance that your landlord will give you some consideration when you negotiate on lease renewal. You may negotiate with the landlord if you can have the same rent amount or at least minimize the amount of rent increase.

 

  • Ensure that you get your security deposit back. Make sure that you read, understand and know the rules that your lease states. Because in some cases, if you move out earlier than the end date in your lease agreement, there is a chance that you might not be able to get your deposit back due to breaking or terminating the lease early. It is also important that you leave your unit in good condition and clean to avoid being charged with damages to the property. You may take pictures of the property before you leave so you will have evidence how your unit look likes when you left it. The money that you can get from the security deposit will have you some money saved for future use.

 

  • If your landlord charges for parking space and you don’t have a car, you may want to talk to your landlord and request a discount on rent. Your landlord may just sell your parking space or rent it to another tenant.

 

Saving money while renting is not impossible as long as you live within your means and do not splurge on unnecessary things in daily life. 


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