Economic Living: Ways to Cut Costs from Your Rent

easy-ways-to-cut-rental-costs2
“I shall never use profanity except in discussing house rent and taxes.” –Mark Twain

In a particularly difficult economic setting, it is imperative to save whatever spare money we have. Unfortunately, this can be a bit of a challenge when we are paying exorbitant monthly fees with rental dues on top of them. Indeed, what you spend on rent each month can have a significant impact on your overall financial situation. Regardless of whether your rent is your highest monthly expense or not, it is an inveterate monthly cost that is seemingly impossible to reduce after you have signed the lease contract.

Fortunately, there is a myriad of ingenious ways that would help you cut rental costs. Although none of these would take an exceptionally large chunk out of your overall rental fee, these tips would help you defray your monthly rental dues without so much of being a pecuniary burden on your part. So, whether you are residing in a condo for rent in Makati or a flat elsewhere, here are some of the tips that would enable you to curtail what you spend on monthly rental costs:

1.) Live with two or three roommates

Although the prospect of living with a total stranger might seem a bit intimidating, it can significantly help you lower your rental fees. In splitting your rental costs three ways, you would effectively have money to spare. If the idea of sharing quarters with someone you do not know does not sit well with you, scout relatives and friends for potential roommates and see if there is anyone they recommend. Alternatively, you can also have friends and relatives as roommates but tread carefully though as this setup has been known to strain many relationships and friendships.

2.) Ask for credit if something breaks

When something breaks in a rental unit, you can simply ask your landlord to replace it or repair it. In this regard, you can also ask for a credit on your rent to make up for the fact that you cannot use a particular utility until it got replaced. However, you must remember to be at least tactful in your approach. You can ask, but never demand.

3.) Do the math before moving

Before finalizing your move onto a new rental apartment, take into account the overall potential expenses you would be facing. Do not make hasty decisions based on your whims or just because you found a unit in a good location. Furthermore, even if you did save money on rent each month, there are other things you need to consider such as how much it would cost to move your belongings and your annual cost of traveling to and from your apartment. Do the math and consider how long it would take to break even.

4.) Negotiate with your landlord

You might think that in opting to move into another apartment, you would be on the losing end. But the reality is, looking for a new tenant is just as bothersome and costly for your landlord. It would be a particularly expensive process if the tenant goes through a broker, not to mention he would also be required to deep clean the apartment and touch up the paint. If you have a good relationship with your landlord or have been a model tenant for a considerable number of years, consider negotiating with your landlord as regards your rental dues.

5.) Sign a lease

Do not let a lease intimidate you as more often than not, a lease is used to protect you just as much as it would your landlord. Renting a flat sans a lease would mean your landlord can legally increase your rent in the next months if you default on your month-to-month rental agreement. Signing a yearlong lease would at least guarantee you that your rent will stay stable for at least a year.

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