What's one way that someone can save money on their rent?
To help you save money on your rent, we asked real estate agents and business leaders this question for their best advice. From paying annually instead of monthly to choosing a location outside the city, there are several tips that may help you find the best ways to save money on your rent.
Here are eight tips to save money on your rent:
● Pay Annually Instead of Monthly
● Make Money Back by Renting When You're Away
● Rent Your Garage Out for Storage
● Parlay Excellent Tenant Behavior into Rent Reductions
● Arrange to Make a Refundable Pet Deposit
● Rent Closer To Your Work or School to Save on Commuting Cost
● Know The Market and Negotiate Appropriately
● Choose a Location Outside The City
Pay Annually Instead of Monthly
If you know you will be occupying for a considerable amount of time (and you have the funds to do so), see if your landlord will cut you a discount if you pay rent for the entire year.
I was recently able to save some money for my small business by paying rent for a small office on an annual basis. I proposed the idea to my landlord, and he agreed to cut me a discount. It ended up saving my business hundreds of dollars.
- Tate Meagher, Meagher Law Office, PLLC
Make Money Back by Renting When You're Away
Rent out your place when you're gone. If you have travel planned, you can make some money to put toward your rent by doing a temporary rental. While many listings on sites like Airbnb are full-time rental properties, it's not a requirement that they be. You can still list yours as available only on the dates you'll be gone. While this idea is not likely to cover your rent in full -- unless you are a frequent traveler -- it can help defray rent costs.
- Lisa Odenweller, Kroma Wellness
Rent Your Garage Out for Storage
If you have extra space in your garage, offer to rent it out on websites like spacer.com and neighbor.com. It's a great way for you to subsidize your rent without having to take on a roommate. At the same time, it helps community members save money on expensive storage units.
- Jae Pak, Jae Pak MD Medical
Parlay Excellent Tenant Behavior into Rent Reductions
Raising the bar on being a model tenant can lower your rent. Bad tenants are such emotional and financial nightmares for landlords that a landlord may be amenable to rent-related perks to keep excellent tenants. When my husband and I rented an old house in the Boston area from an elderly gentleman, we offered to take care of the substantial lawn and minor issues for a $100 monthly reduction in rent. After both parties lived up to the deal for several years, my husband was laid off. We asked our landlord to temporarily reduce the rent so that we could stay. Since he considered us excellent tenants, he agreed.
- Karen Condor, ExpertInsuranceReviews.com
Arrange to Make a Refundable Pet Deposit
Pet owners occasionally have to pay pet rent for the privilege of cohabitating with their furry friends. Rather than pay a non-refundable fee for your dog or cat, if you have an individual landlord rather than a property company, you may be able to negotiate a pet deposit instead. You can agree to pay a certain amount upfront, and then as long as your little buddy doesn't wreck the place, you can get back the money when moving out. If you go this route, then be sure to document the apartment's condition before and after your pet settles in and the way you leave it, just in case your landlord is not as honest as they appear.
- Carly Hill, VirtualHolidayParty.com
Rent Closer To Your Work or School to Save on Commuting Cost
Calculate your commuting expenses as part of your overall rent cost. Conventional wisdom tells you to pick less expensive neighborhoods when you're looking to save some money. But if you have to commute to work or school regularly, that cost should be part of your calculations. A higher monthly rent in an area that's closer to where you need to be may work out to lower expenses once you factor in gas prices or public transit. Lower rent is a good thing, but not if it forces you to spend more in other areas of your budget.
- Rachel Reid, Subtl Beauty
Know The Market and Negotiate Appropriately
One way to save on rent is by knowing the market where you are renting. By gaining good knowledge of the area and knowing what kind of demand exists, you may be able to negotiate a rate with a landlord. This is especially true when you agree to a longer lease than normal. Offering a lower rate for rent but for a longer term can put the landlord in a comfortable position, knowing their rent will be guaranteed for a longer period. Another option would be offering to pay for several months upfront to the owner, giving them more cash flow immediately and the peace of mind of knowing that the following months are already paid for.
- Johan Hajji, UpperKey
Choose a Location Outside The City
No one has to mention that living in the city is more expensive than living outside it. You can save money on rent by choosing a location that's out of the city but not far from your workplace or school. Find a more affordable housing option there while paying attention to transportation costs. Make sure you're spending less than you would in the city even after adding in the transport cost.
- Mike Stuzzi, Online Entrepreneur