Ten Tips to Get Cheaper Rent

10 Tips to Get Cheaper Rent

If you could find a nice rental home where you did not have to pay rent, would you like it? Like is probably an understatement, you’d be ecstatic! But of course, you know that is never going to happen. What could happen though is, you could pay a lot less to rent that same home.

Is this true? Is it possible to find a rental home that meets all your requirements but doesn’t cost a lot of money to rent? Is there a way to pay lower rent and not sacrifice quality? This is a question many renters ask, and one you have probably asked, and would like to get good answers to.

Rental rates are always rising and often hard to keep up with because your income is usually not growing at the same rate. The common way people deal with increasing rents is to move to a cheaper and often less desirable part of town or rent a lower-quality home in the same area.

But there is a third and better alternative. You can find a quality rental in a good part of town and pay less rent for it than others are paying for similar homes. Is it possible to do this? Yes, but it does take some work. If you don’t mind putting in the effort, here are the ways to do it.

Time your move 

The best time to get the lowest rent is during winter. People don’t typically rent in winter, so a vacant apartment could stay that way for months. However, if you are not looking to move to a new home, you could negotiate a more affordable rent when your lease renews if you start the discussions 2-3 months before your current lease expires.

Rent for the long term

Landlords are usually willing to offer discounts to tenants who rent in the long term. This is because the owner knows they have guaranteed income for the duration of the lease. They do not have to worry about losing money during vacancy periods or from advertising. To get tenants to stay longer, landlords will offer discounts for long-term leases.

Pay more upfront rent

Paying more rent upfront instantly puts more money at the landlord’s disposal. The owner doesn’t have to wait until the next month to get money which they can use to cover urgent needs. Offering to pay the first two months upfront or a bigger security deposit is a great strategy if the owner is renovating the property.

Be flexible with the lease terms

 Be flexible with your move-in date to give the landlord more time to finish upgrades. If you don’t need the upgrades, you can forgo them in exchange for a lower rent. You can also offer to extend the termination notice for the lease to 60 or 90 days, instead of the usual 30 days.

Be a stellar renter

Landlords are willing to accept lower rents if they know you will pay the rent on time and not damage their property. The only way they can get this information is by talking to other landlords you have rented from. If you want to get lower rents, get renter’s insurance and take care of your landlord’s property.

Get a roommate

 Sharing your apartment with one or two persons will let you cut expenses by half or even more. When you do this, be sure the person you choose as a roommate will pay their share of the rent promptly and not move out of the home, leaving you hanging. Ensure the landlord knows of this arrangement.

Live outside the city

Rental homes located in the outskirts of the city are usually cheaper because demand is lower in those areas. Additionally, the homes are often better because their owners have to do more to attract renters. The downside is your commute time and cost may increase, but if that is not the case, this is a perfect solution.

Scale down on amenities

Separate what you need from what you want when looking for an apartment. Once you have identified the amenities that are necessary for your desired standard of living, focus on homes that offer that. Do not be tempted to rent a home with a swimming pool or fitness center if you really don’t use those.

Choose a middle-floor unit

Middle floor units are often the least desirable units in a multifamily home. Top floors are more expensive because renters don’t have to deal with noise from the people living above them. Ground floors are also expensive because they are easy to access and perfect for families with kids.

Negotiate other costs

In addition to the rent, there are other costs you should negotiate. For instance, you can negotiate for free parking or free guest parking. If you don’t need the parking space, you can give up the space. The landlord will charge another tenant for the extra space, while you get a discount on your rent.