Innovative Tricks For Saving Money On Rent

15 March 2016
 Categories: , Blog

For most people, rent is one of the biggest monthly expenses. Therefore, reducing rent can go a great way in reducing your monthly expenditure. Here are a few measures to help you reduce money on rent:

Don't Move in Immediately You Find a House

What do you do if you are selling a product and nobody comes to buy it after some time? Reactions differ, but one of the things you may do is lower the price to attract more customers. Landlords sometimes use this trick too to attract tenants. Thus, when you identify a suitable house, it may be worth your while to wait for a couple of weeks or so before making your move. If you are lucky, and the place is still vacant after some time, the landlord may lower the asking price.

Of course, this doesn't apply in a much sought after neighborhood. If the location or house is in demand, then you might wait only to see someone else occupy the house. 

Sign a Long Lease

Another trick you may use is to sign a long lease. Although this doesn't reduce your rent immediately, it helps to cushion you from the effect of future rent increases (except in exceptional circumstances that should be listed in the lease agreement). For example, many landlords increase their rents on a yearly basis or each time a new tenant comes in. However, you will not be required to pay the new rates if you have signed a multiyear lease.

Consider What Is Included In the Rent

In some cases, the amount of money you pay as rent isn't just for the house; it may include other services or perks. Therefore, before you rent a house, consider which services are included in your rent and which ones you have to pay for out of your pocket.  You may think that a house is cheap, but if it doesn't include these extra services, it may be costlier than another house whose rental price is inclusive of the same services. Some of these services include WIFI, trash, and parking space.

Once you have considered all these factors, you can contact the landlord and haggle for a reduced price. Many landlords quote fixed rates, but you lose nothing by exercising your negotiation skills. Alternatively, you can engage a real estate agent, furnish them with your requirements and budget, and hope that they get exactly what you want.

For more information on real estate law, consider contacting a company like Heil & Saylor.