It was reported that in May 2022 the median cost for rent in the US went beyond $2,000 for the first time in history, a 15% increase over 2021 which made it unsurprising that many were looking to get loans for rent. Now more than ever, rent money can severely eat into a renter’s income. And the less that you earn, the bigger percentage of income spent on rent.
It is therefore essential to find ways to save money when renting a property. Perhaps you are finding it hard to balance the books, or you are trying to save to buy a property.
Whatever your situation, there are a myriad ways to save money when renting in 2023. Below is a list of essential tips:
Now more than ever, energy bills can take up an inordinate amount of your budget. It is therefore wise to make sure you are getting the best deal on your energy. There are a myriad of websites out there that compare energy providers. So there’s no excuse for not finding the best deal.
Spend time researching and find the most affordable deal that you can. If you find a better deal on your energy, switch out providers when you can. You could end up saving a lot of money in the long run.
On the topic of energy, you can save a lot of cash by being smart about energy usage. Research tips on conserving household energy as reducing electricity use can cut costs. There are many, including only using your washing machine when you have a full load, turning all electrical appliances off when you’re not using them (rather than keeping them on standby), and using natural light to illuminate the home rather than reaching for the light switch.
Consider a Roommate
You’re not just paying for your room when you rent a property, you’re paying for all shared spaces including the bathroom and kitchen. A smart idea, then, is to live with others to save money on those facilities.
Consider a roommate then if you are already living in a property that can accommodate this. If you are looking for a home, consider a two or three person property.
It is also wise to remember that some bills will be the same cost no matter how many people live at the property (internet, for example). So sharing will mean that these bills are cheaper per person. Living with others has its downsides, for sure, but it can severely reduce household bills and help you save.
Rent an Unfurnished, or Partly Furnished, Property
This one might seem a little counter-intuitive, since you’d expect to save money renting a property that comes with all the furnishings. However you can actually save money by renting a cheaper unfurnished, or partly furnished, property, and being smart about finding furnishings for it.
Depending on your situation, you might be able to move existing furnishings into the new property. Or alternatively, you can use the many sites and platforms that are set up for the giving or exchanging of free furniture. Use websites such as Freecycle or Craigslist to help you find good quality second-hand furniture and you may end up saving a great deal of money.
Do your Research and Attend Viewings
No one wants to take longer than necessary to find a place to rent. However by doing your research on the current market, and viewing several properties, you may end up saving a great deal.
If you are interested in a particular place, but don’t know the rental prices for similar properties in the area, you may have no idea whether you’re getting a good deal or not. It’s always good to understand the market so you know what you’re getting into.
Similarly, a place might look great on a website, but you won’t really know for certain until you actually view the place. Although it is often tedious, taking the time to physically view the properties that you’re interested in will help you understand what you’re potentially getting into, and whether the price advertised is reasonable.