If you want to save money while renting an apartment, try to pay for the entire lease or a few months in advance for a discount. Landlords will often cut deals if they have cash in hand to pay for the apartment in full.
However, paying for the entire lease upfront is only possible if you have a good amount of savings. Otherwise, you might be tempted to use a credit card and end up paying interest on the amount.
1. Budgeting
It can be tricky to determine your monthly budget when renting the best apartment for rent. Depending on where you live, your habits, and your unique situation, your rent can increase or decrease significantly. However, there are several ways to budget while renting an apartment.
By using specialized rent calculators, you can find an accurate estimate of your rental costs. After entering these figures into a budget worksheet, you can compare the numbers between categories and come up with a reasonable budget for your new apartment.
It is important to realize that there is no set formula for determining rent, and it is important to factor in all fees and expenses. The location and style of the apartment will influence the cost of rent, and it is important to note all fees and expenses while comparing apartments. One apartment may have a lower base rent but have higher monthly fees.
Make sure to factor in all of these costs when comparing two or more apartments. Then, you’ll have a clear idea of how much you’re spending each month on rent.
2. Saving For A Down Payment
Assuming you are renting an apartment for the foreseeable future, saving for a down payment while renting an apartment can be challenging. While the average one-bedroom rent in the U.S. is $1,680 per month, that’s up a bit from last year. And while the median existing-home price is expected to rise 16 percent by December 2021, the price of a one-bedroom apartment is still well below that amount.
Another way to save money for a down payment is to change jobs. If you are getting a big tax refund, you should consider having less money withheld from your paycheck and putting that money towards your down payment fund.
For example, a $2,400 tax refund can mean $200 per month saved, which is a good chunk of money toward a down payment. It’s also a good idea to pause your retirement contributions while saving for a down payment.
3. Sharing An Apartment With A Roommate
Splitting the rent and utility bills is one way to save money while renting an apartment with a roommate. However, this can be stressful at times. If you have a roommate with whom you can live in harmony, it will be easier for you to divide the bills. Also, be sure to set up guidelines about what you and your roommate can pay each month. You don’t want to get stuck with one person’s water bill if you can’t prove that you blew your rent.
Purchasing supplies in bulk can help you save money. For example, two roommates could split the cost of cable TV by splitting it three ways. Likewise, cable television can also be shared amongst roommates. This method will not only save money but will also build stronger relationships between the two people living in the apartment.
Finally, keep a record of expenses. A chalkboard is a great way to record expenses. You can write down the total amount you paid each month, what the other roommate owes, and what the due date is.
4. Avoiding Back And Forth Phone Calls
When renting an apartment, it is easy to get caught up in the shuffle of phone calls back and forth. You want to avoid this by reading the ad thoroughly and picking the best time to call.
When calling, ignore call waiting and other lines that might be ringing in the background. Try to call between 9 a.m. and 5 p.m. on business days.
5. Choosing The Right Neighborhood
Before you move to a new neighborhood, you should consider the benefits and drawbacks of living there. Consider your commute time, the location of public transport, and the quality of life you desire.
Living near the city center may be expensive, but living outside of it will likely save you money on rent.
Choosing the right neighborhood to save money while renting an apartment will depend on your lifestyle and the type of job you have.
