How to Lower the Cost of Renting an Apartment

The cost of living, unfortunately, isn’t becoming friendlier to the average person anytime soon. Everything from property taxes, to the costs of rent, are increasing by the year. This can put an undue amount of stress on those belonging to the latter, especially for apartment renters. However, it is important to know that there is help around the corner.

You don’t have to feel crushed by the weight of your rent going up each month. There are a number of ways to lower your apartment’s renting costs. Some of them are direct, while others can be seen as much more indirect. Either way, they are realistic in nature, and should be considered.

Here are the eight best tips on how to lower the cost of renting an apartment:

1. Negotiate costs with apartment landlord

Negotiation can help to lower the cost of renting an apartment. For those who have been renting their apartment for some time, you know just how important the lease is. When it comes time for you to renew your lease, you’ll want to first do some market scouting. Take a look at the prices of other, nearby apartments, and write down their monthly costs.

If you have a good rapport with your landlord, you can try to use this research during your negotiation processes. Be sure to discuss this in a kind, respectful manner, and don’t make any hasty judgments. Most property owners are flexible with renters who are in good standing, as it pertains to renting.

2. Make changes to your commute

As human beings, we are always on the move to our next destination. For most of us, work will take up a large portion of our day-to-day lives, and may need us to travel in order to get there. If you do not work remotely, you probably know how much of a hassle commuting can be, even with a vehicle.

If it is possible on your end, you can significantly cut down on rental costs by selling your vehicle. By taking the bus or subway, you can effectively make commutes easier, as well as allocate extra funds to rent. If your work is nearby, you could potentially bike or walk to work!

3. Get an apartment roommate

Sometimes, getting a roommate can significantly make your financial worries much less stressful. By splitting the payments with someone else, you are able to cut down on what was originally spent on rent. Plus, some roommates can be a fun addition to your lifestyle, if you find the right one.

To do this, you’ll most likely have to put up an advertisement on an appropriate website. Craigslist is one of the most popular options to use in this light. Or, you can put up physical advertisements around your neighbourhood as well. Sooner or later, you should hear back from someone looking to share rent with you.

4. Sign one-year renting agreements

Many renters typically do not think about long term living prospects, since the present can be enough of an issue to deal with. However, if you know ahead of time that you will be living elsewhere after a year, you may be in luck. Some landlords offer one-year leases, which can heavily work in your favour. It also creates a more stable relationship with your landlord too.

5. Expand your apartment search

Certain apartments may not be so readily noticeable for rent. This is why you may be required to expand your scope, when trying to find better apartments for rent. If the cost of living in one apartment is currently too high, take a walk in nearby neighbourhoods. Look for any lease signs that are visible.

Should you happen to come across one, it could be a sign of a solid offer. These slightly hidden advertisements could offer lower rent, since less money was spent looking for tenants. It doesn’t hurt to think outside the box!

6. Be flexible with apartment options

No one wants to live in a downtrodden apartment, especially in one that is falling apart at the seams. However, try to keep a flexible mind about living in an older apartment. Rent could be much easier to make, as long as your basic utilities are in working order here.

7. Ask for help with apartment search

Your family and friends could also be a huge benefit in your search for a new apartment to rent. They may know of different locations altogether, which could end up being fruitful to your circumstances.

8. Choose a new apartment location

At the end of the day, you have to do what is best for you. Should you find it challenging to make ends meet in your current city, consider moving to a new one entirely. The apartments for rent in cities like Hamilton or London might be much more feasible in the long run.

You shouldn’t have to downgrade your standard of living too much, just to lower your monthly rent. That is why it is important to consider the help that is available to you; you never know what can come in handy!

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