Let’s face it - times are still tough out there. And, you’re probably locked into a lease, at least for a few months, if not more. Here are some easy and not-so-easy ways to lower your rent.
- Negotiate. Believe it or not, it’s tough for landlords, too. Landlords would rather have you pay a lower rent than default on the entire lease. It’s expensive for them to chase you for the money (even if you have to pay their legal bills in the end). So, talk to your landlord. Tell him your situation and suggest a lower rent for the remainder of the period. Even better, tell him that you will extend your lease if he will lower your rent. Turnover is a huge expense for landlords - so a little give and take can go a long way.
- Downsize. See if your landlord has a smaller unit available. If you are in a one bedroom, maybe you can move to a studio. While the landlord may take a little hit, again, he is saving big in the long run to have a tenant that is good for the rent.
- Work for the Property Manager. If your property manager or landlord won’t out-and-out lower your rent, ask if you can do tasks around the apartment complex for a rent reduction. Can you shovel or do lawn work? Can you show empty units? Are you willing to be “on call” for other tenants? It’s not glamorous, but you could save some serious rent money.
- Three’s Company. You thought you were past that stage, but maybe a roommate isn’t so bad after all. This is likely your best best for a huge rent reduction. Make sure you know your obligations under lease though (you probably need consent from the landlord). And be careful out there - here are some great questions to ask a potential roommate.
- Reduce Other Living Expenses. While it isn’t directly rent, cutting down on other apartment-related expenses can have a similar impact. For example, take a look at your utilities and grocery/food bills - can you cut back there? Here is a helpful simple savings calculator to help you find some savings.
For many, rent is the largest payment. Attack that one and see if you can put some extra money in your pocket. Happy renting.
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