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Most people will spend a portion of their lives renting somewhere to live. In today’s climate, we’ll probably spend a lot longer renting than we’d like to intend. That’s the unfortunate way of the world – and it’s made worse by the fact that rental rates are being raised.
Landlords increase their rates to match inflation, meaning we’re paying way more than we ever wanted. This all seems very gloomy, but there’s hope! Did you know there are some tried and tested ways to pay less rent every month? No, this isn’t some sort of cheap trick – you can reduce rental payments by trying any of the following:
Only pay for what you need
Do you currently live alone or with a partner? In either case, there’s no point renting anything bigger than a 1 bedroom flat. You don’t need any extra space at this moment in your life. Likewise, do you live with a friend or possibly you and your partner have a child? Again, the maximum you should rent is a 2-bedroom apartment. Paying for a bigger place makes no sense as you don’t technically need any extra rooms. Sure, you may plan for the future, but it’s not wise when you’re renting. Pay for what you need right now – you can always move someplace bigger if your life changes and you need more room. This lowers your rent as bigger properties are more expensive. Stick to the smallest you require at this given moment!
Move to a different location
Rental rates are largely dictated by where you live. Big inner-city apartments are always more expensive than those further away from the city. So, this throws up an obvious idea: move to a cheaper location. You don’t have to switch jobs and uproot your life – moving to the outskirts of a city can save you a fortune if you’re living centrally. Even when you factor in the extra commute, it should still be remarkably cheaper to live in this new location.
Talk to your landlord
If you’re no longer able to pay what the landlord is asking, speak to them about it. Inform them that the rent is too high and you want to negotiate a different rate. This feels like it shouldn’t work, but it can be strangely effective. Landlords are greedy, but keeping a reliable tenant is extremely worthwhile for them. Even if they knock $100 off the rent, it can be better than kicking you out and looking for a new tenant. Why? Because every month spent without replacing you is a month without rent. Plus, they have no idea how reliable the new tenants will be. Sometimes, the easiest course of action is to agree with your requests to guarantee a steady stream of income every month. This idea won’t always work, but it is worth trying before you attempt the other two.
If you feel like you’re paying too much rent, these ideas will help you pay less. In an ideal world, you’ll try tactic number three and get a reduced rent without needing to move. But, sometimes, the best thing you can do is move elsewhere to pay less and save more money every month.