Times are tough these days when it comes to the rising cost of living.
Renters are especially struggling to budget and save money with skyrocketing inflation as well as rising cost of rent due to the housing crisis. If it’s hard to make ends meet, you might want to look at ways to lower your rental living expenses.
It may seem like you have no control over your living expenses outside of your own bills. Fortunately, this is not the case because there are ways to save money. In this article, we’ll go over several tips that will help you reduce your apartment rental costs.
1 – Get insurance
It may seem counter-intuitive to add an expense to your budget when trying to reduce your living expenses. However, when you purchase renters insurance for apartments, you could save thousands of dollars if something were to happen. Many people mistakenly assume that in the event of a disaster or theft, their possessions are covered by homeowner’s property insurance.
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If something were to happen and you had to replace all your furniture, computers and appliances, unless you set up a charity to raise funds, it will all come out of your pocket.
2 – Negotiate before signing the next lease
Landlords like to have good tenants who pay on time and don’t cause them headaches. When a landlord has a tenant who respects the property, it actually saves them money in the long run because there are fewer repairs to make over time.
This works to your advantage by negotiating with your landlord between leases. If you were to leave, it would cost them money to list the apartment, pay a real estate agent, and do background checks. If the next tenant is not as responsible, it costs him a lot more money. It is in the landlord’s interest to negotiate a lower rent with you.
You have some leeway, so bring up the landlord benefits of keeping you instead of trying to get the highest possible rental price.
3 – Look for an apartment in winter
Spring and fall are the most common times for people looking for an apartment. There will be a lot of competition with other tenants, especially if it is located in a university area. This means that you will not get any kind of discount on the rent. In fact, you may end up in a bidding war if you’re struggling to find a spot.
If you look in the winter when no one else is there, then the landlord can lower the rent to be more attractive and bring in a tenant. It costs money to keep a property empty, so prices will be much lower when no one is looking to sign a lease.
“Dr. Harry Delany is a renowned surgeon born and raised in Harlem, the son of the great jurist and civil rights leader, Hubert Delany….” This monthly post is written in Partnership with Harlem Cultural Archives.