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How to Save Money on Rent: The Best Things You Can Do

Photo by Damir Spanic

In the US, we pay anywhere from $696 to $1,507 per month on rent. And that’s just the average; you might be paying even more.

Considering the minimum wage is pretty modest all across the board, you might be struggling to either pay rent every month and/or put money into your savings.

Are you wondering how to save money on rent? Keep reading to learn some of the best things you can do to rent and save.

Sign a Longer Lease If Possible

Typically, landlords like stability. They’d rather have one tenant over five years than five different ones each year. There’s a lot more work that goes into the latter situation, as they’ll have to do viewings, get the place cleaned, and deal with lots more paperwork.

This is why many landlords will offer discounts if you sign longer leases. So, if you’re looking at places now, consider signing on for longer than a few months or even a year.

If you’re already in the middle of a lease, negotiate when you resign. Again, landlords want stability, and if you’ve shown you’re a good tenant, they’ll be willing to lower the rent price to keep you there.

Get a Roommate

The more people you have in an apartment, the less rent you’ll have to pay. Sure, you’ll have to give up some comforts and little of your privacy, but it may all be worth it when you halve your payments just by bringing on one more person.

Look Into Student Apartments

If you’re a student, you may have dormed for the first one or two years. But now that you’re not eligible for dorming anymore, what can you do? You might be wondering how to save money while renting and in school.

Most friends like to stick together and move into large apartments to save on rent. Although, in normal apartment buildings, it’s rare to find anything that has over three bedrooms.

If you’re wondering how to save money while renting in college, look into student apartments. These usually have up to five-bedroom units, and places like Student Apartments Madison have luxury amenities as well. These properties are usually located near campus, so you don’t have to worry about long commute times either.

Be Mindful of Your Energy Consumption

Do you like to fall asleep to the sound of your TV? Or do you like to put the AC on blast in the summer? Or perhaps you crank the heat to the max during the winter?

These are all very wasteful energy-wise. Doing any of these things will drive your utility bills up.

By sacrificing a little (such as only having your TV on when you’re actually watching, and turning the thermostat down a bit), you’ll be able to save up more.

Know How to Save Money on Rent

Now that you know how to save money on rent, you’ll be able to put more into your savings. Not only will you be more financially stable, but you’ll also be able to put your cash toward the things you really want instead of rent.

For more interesting articles, please take a look at our other blog posts.

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