How to save money while renting?

Most people overlook their rent payments. They treat it as just another fixed recurring bill without realizing the potential to lower their costs on it.

In this post, we will share with you budget-friendly tips and tricks to save money on rent.

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The New Meaning of Home

As vaccination rollout continues, rent prices increase, and compared to last year, there is a high demand for one-bedroom apartments.

It's important to note several factors affecting rent prices; that is the specific state you live in. Some parts of the country or cities are becoming more expensive or more affordable for renters.

However, keep in mind that despite the governing guidelines to follow regarding the new normal on renting spaces, you are in control of the controllable factors, including how to budget and save money for your bills. Ultimately, you can still choose where to live and of course, how to live.

How to Save Money while Renting on a Tight Budget

Maybe you’re a student transitioning to a new dorm, a fresh grad moving out, or you’re a family looking for places near your spouse’s job or your kid’s school.

Whether or not you’re one of those mentioned above, planning and budgeting for rent can be a daunting task, not to mention your other responsibilities and bills.

Here are practical ways that you can take to save money while renting even on a tight budget.

1. Choose the Right Location

This is one of, if not, the most important factor to consider when renting a specific place. It will be ideal to live near the school, the hospital, and any other accessible landmarks nearest.

From there, you can save on transportation costs, and it can also help you live a healthy lifestyle. Walking distance and a short ride from your place to your destination can truly save you time, effort, and money.

2. Negotiate with your landlord

How to save money while renting? Here's what to do:

First of all, build a trusting relationship with your landlord. Review the contract terms carefully, if ever there’s one, and pay attention to the renting arrangements.

Ask whether pets are allowed. Some apartment properties have their own pet policy, and you may need this to include it in your budget.

How are you going to manage the maintenance, if ever you will take part in it? You can ask to fix the faucets or do any repairs required in exchange for a discount or deduction in your lease.

Aside from that, you can also pay for an initial security deposit or an upfront fee. This takes around three months of your whole monthly lease, but don’t use up your entire savings to pay for it—just the money allocated for your rent.

It can save you during difficult times when you can't pay your rent because the landlord will deduct the deposit from it.

3. Get a roommate

To save up, getting a roommate is wise. Besides, being alone might be boring and lonely. Unless you’re an introvert who finds bliss in solitude, having company is a good idea.

How to save money while renting? If you have a roommate, you can split up the utilities' and monthly costs. Just make sure this person is trustworthy, and both of you can agree on payment terms. Build a house rule that is both binding and reasonable and gives an advantage to both of you.

4. Settle for less space

This is another great way to save money while renting. Budgeting and saving money takes a lot of self-discipline and focus.

If you’re one who can sacrifice a little space or amenity for the sake of frugality, find a place that is not too fancy. Assess where you are right now, what are your actual needs are, and what your wants are. Always take into consideration your comfort level.

Related:
How To Live Below Your Means: Frugal Living Tips To Save More Money
Questions About Saving Money? Here are all the Answers You Need

5. Cook your own meals

Another tip is to make your own meals at home. Food can be a big money drain that tops most expenses. So even if you’re not a great cook, a simple healthy meal can still satisfy and fill your stomach. Try cooking something on a slow cooker.

Besides, it can be a good skill to have. But if you’re busy, you can just use instant foods or look around at the nearest convenience store in the neighborhood.

You can eat breakfast at home before heading to work, bring your own lunch to the office, and fix dinner when you get back home. You’ll save up to 50% on eating out.

Added tip, you can plan your meals around grocery sales, so watch out for your nearest local grocery store's upcoming sales or coupon promotion codes. 

6. Opt for a long term lease

You can also save money on rent by taking into consideration leasing for medium to longer term, say 12 to 18 months.

This way, you can get to settle in one place and get familiar with it while also saving yourself from an expensive monthly lease. Ask your landlord if this is something that can work for both of you.

In fact, most owners are seeking long-term renters to avoid the vacancy cost before a new renter occupies the space. 

Learn More:
How to start saving for a house hassle-free

7. Cut the cable and cancel any unnecessary subscriptions

More often than not, we forget about subscriptions that we hastily sign up for, which are no longer beneficial to us and worse, not even realizing we’re even subscribed to them.

Technically, you can cancel or put subscriptions on hold. Gym or club memberships are the main culprits of unused subscriptions. If you can’t go and devote your time to it, just cut it out. Do some home exercise programs instead.

On the other hand, according to eMarketer, a digital marketing firm specializing in consumer behavior, 19.9% of households are going without cable or satellite in 2020. It predicts the number will reach 27% by 2023.

So instead of cable, consider switching to one of the major streaming services. Most of these costs between $10-$20 a month for a basic package. You can even split the cost among friends or family.

Check out Hulu, Amazon, and Netflix instead of cable subscriptions that add up to your monthly bill. Or even so, you may also downgrade your package plan or switch current providers and negotiate for a lower rate. 

8. Use Pre-loved Furniture

Pre-loved but well-loved cheap furniture is another way to trim the fat, especially if your space is small. Consider only furniture that will fit and accommodate your needs. There are hidden gems in garage sales and even in flea markets, so you might want to check those out!

Ask your friends if they would like to exchange something. You can definitely save money by buying used or selling something that you don’t use anymore.

9. DIY Everything Possible

Save money on rent through DYing  (Do-It-Yourself) things. Apart from saving money on many things, this is a great way to add some great life skills to your tool belt [pun intended ;)].

Instead of going out to a salon for your hair cut and colors or manicures and pedicures, why not buy from your local store, color your own hair, and get creative. In other cases, you may also ask for help from a friend.

You can make your own dress if you’re good at sewing. Make your own fragrances, cleaning spray, and other things for use around the house. Anything DIY potentially saves your money.

10. Save Energy and Electricity 

How to save money while renting? Be mindful of how you consume energy. Check meter readings in your place, and inquire from your landlord or landlady about energy use pricing. Find out whether it’s a fixed rate included in your rent or if you have meter readings for your space.

The basics of turning off the lights when not in use, fixing leaky faucets or old appliances, and upgrading to new ones can go a long way. Remember that wasted energy is wasted money.

Learn More:
15 Awesome Frugal Money Saving Ideas
23 Best Money Apps that will Fast-track Your Savings

How to Save Money While Renting- Final thoughts

Ultimately, you should always go back to the basics when asking yourself, how to save money while renting. Take a look at where your money goes, what your financial standing is, and your current cash flow.

Take advantage of various money and budgeting apps that are free and treat your savings like a bill. Better yet, google available coupon codes and get cashback on your purchases, schedule your shopping allowance, make use of delayed gratification wherein you wait for, say, 14 to 30 days before actually purchasing something.

In a sense, it will help you make an informed and better decision, to know whether you truly need an item or not and, in turn, allowing you to save a few to thousand bucks.

Learn More:

How Budget and Save Money to Transform Your Finances

Moreover, know your preferences when it comes to your desired place, how you want to live – alone or not, and always do your research. 

With everything discussed, you can see that you can save while you rent and still live comfortably.

Renting isn’t a waste of money though, think of it as you paying to live somewhere else, while you accumulate enough savings to be able to afford a property of your own (if that's what you want)

Having financial freedom and creating financial abundance means having enough money so that you don’t have to worry or stress about how you’re going to pay your bills, including rent. It also means having more than enough money so that you can live comfortably and happily. 

For now, you can definitely save money on your lease and your regular household expenses.

If you have other suggestions or ways you take to save money while you rent, let us know, we'd love to hear from you.