How To Save Money as a Tenant?
If you’re a tenant, there’s one thing that separates you from the landlord: responsibility.
Landlords are responsible for taking care of their property and ensuring their tenants are happy with it. Tenants, on the other hand, have to do their own maintenance work around the home they live in which can eat up a significant amount of money each month.
If you want to save money as a tenant, there are several things you can do.
Tips for Saving Money while Renting
Seek out a rental home that meets your basic needs.
In order to achieve savings goals as a tenant, you need to find a home that meets your basic needs. A rental home that is too big or one with features that you don’t need can be costly in the long run.
Make sure the rental home has all of the necessary features before signing on the dotted line. For example, if you don’t have children and don’t want a yard, look for homes without yards so that you don’t pay for maintenance costs on something unused.
Compare neighborhoods and their surrounding amenities.
When you’re looking for a new place to live while saving money, it’s important to consider the neighborhood that you’ll be moving into. Different neighborhoods offer different amenities and benefits, so it’s important to find a location that meets your needs.
For example, if public transportation is important to your lifestyle then choosing an apartment in an area with good public transit options is probably going to be more convenient than choosing one with limited or no access. If schools are important and you have children who need schooling nearby, then choosing a neighborhood that has good schools for your child’s education will be much more convenient than having them travel far each day. Other considerations include shopping options, recreational activities and entertainment options, health care facilities, and more.
Only use utilities you need, only when they are needed.
As a tenant, you will be responsible for paying your energy bill each month. This can add up quickly if you leave lights on throughout the day and night. Be mindful of how much electricity you are using and only use those utilities when they are needed: don’t stay in the shower longer than necessary because you want to save money. It is also important that tenants know their monthly electricity consumption so they can budget accordingly.
Pick Your Utilities Wisely
If possible, try to pick an apartment complex with shared laundry rooms instead of having your own washer and dryer in the unit (unless it is included with the rent). Not only does this allow for more space inside the unit but it saves money as well. Instead of paying per load at the laundromat every week, now all that money goes towards rent which means less money out of pocket for tenants every month.
Be conscious of the features your budget and savings account can afford.
When you’re looking for a new place, it’s easy to get carried away by all the bells and whistles that come with a nice apartment or home. But before signing the lease, it’s important to make sure you can afford everything that comes with living there.
When you’re considering moving into an apartment complex, be conscious of the features you can actually afford:
- Moving in and out costs money; make sure your current budget allows for this expense.
- You’ll also need to look at how much utilities cost per month at each location so that you can plan accordingly.
- Maintenance fees vary depending on the size and age of your rental place; make sure these fees fit within your budget and separate savings account as well.
- Repair costs will vary depending on where in the country you live—and if something breaks while under warranty/insurance coverage—and may not be covered by repairmen or service providers. That means paying them with a down payment upfront before taking care of other bills on time every month.
Move in with roommates to split costs.
Roommate cohabitation is often the best way to save money as a tenant. You can split rent costs and utilities, while also sharing in groceries, cleaning supplies, and other household items. To find roommates who share your financial goals and interests, consider posting an ad on Facebook Marketplace.
If you’re not sure how much space you need for yourself or your family members when moving into a new home (and getting more rooms means paying more), consider living with friends for free until you get settled in. Keep the money for an emergency fund, savings accounts, or checking account.
Look for rental companies that offer incentives to their tenants to save money on rent.
In today’s competitive rental market, many companies are offering incentives to their tenants in order to attract and retain them. These incentives can include reduced rent without paying interest, free amenities (such as cable or internet), a gift card or cash bonus at signing, and more.
To find rental companies with incentives available:
Browse several online apartment directories and search for “rental company” near your location followed by “incentives”. This will bring up a list of all the rentals that offer incentives. From here you can read reviews or contact them directly through phone or email if one stands out as something you’d be interested in learning more about.
Negotiate a better lease rate.
It’s a common sentiment that tenants have no negotiating power when renting an apartment. But this couldn’t be further from the truth. You can negotiate your lease rate with the landlord, and there are often several ways you can do so successfully. Consider these strategies:
Ask for a discount on your rent.
If you find yourself paying more than you want to pay, ask the landlord outright if they would consider lowering your monthly rental rate in exchange for some type of incentive or benefit to them (like bringing in new tenants). This works best if it is not something that could easily be done by any other tenant—for example, asking for free cable service won’t be much of an incentive if that’s already part of their standard package.
Ask for free utilities or cable services during a special period
Of course, landlords will never agree to this option 100% since they need income even when there aren’t many tenants staying at their property–but it doesn’t hurt trying. After all, most people want their money back as soon as possible anyway; why wouldn’t they want yours?
Do not stay in a property that isn’t comfortable and doesn’t meet your basic needs.
If you’re unhappy with the property, speak up. If something is missing like key features, ask your landlord to fix it. If something is broken (like a bathroom faucet), tell them and see if they’ll send someone over to take care of it.
If the problem isn’t fixed, don’t sign the lease. You can always look for another place if one that’s more suitable doesn’t come around in time for your move-in date; don’t settle for something just because you feel like there’s no other option at this point.
If none of these options work out, then talk to your landlord again about lowering rent or paying less rent until they fix things up. Hopefully, they will be reasonable since they want happy tenants who stay longer than a year so that they can help pay down their mortgage quicker.
There are a number of ways to achieve a savings goal as a tenant. The key is for you to be aware of what your needs are and then shop around for properties that cater to those needs. This will ensure that you get the most out of your rental experience without having too much overhead cost associated with it.