Four Tips To Help Lower Your Rent Payments
Budgeting for the month can be a stressful experience, especially for people who are living paycheck-to-paycheck. In such a situation, any financial relief would be welcome, and it could come in the form of lower rent payments.
1. Become aware of the market:
It is hard for apartment dwellers to know if they are paying too much for rent unless they are aware of what other people pay each month in similar situations. For this reason, it is important that people do their research on the market, which can be completed by reading newspapers and getting in contact with other landlords in the area for pricing information. If, in fact, other renters have lower monthly payments, it would be wise to use this data as a negotiating tool to get cheaper rent.
2. Offer to handle maintenance:
Part of the rent each month goes to cover repairs and maintenance, so people who offer to handle these projects themselves may be able to get more affordable payments. For instance, renters might want to consider fixing the toilet or a hole in the wall on their own. One problem people could run into in such a situation is their landlord relying on them to complete all repairs. However, it is recommended to draft an agreement that outlines exactly which person will do what projects so there is no confusion.
3. Make a large security deposit:
Before moving in, most landlords will require tenants to provide a security deposit, which will be used to cover any damages once that person moves out. To secure lower rent payments, it might help to pay more money up front. If the apartment is in good shape at the end of the lease, these funds will be returned, so there isn’t much risk involved. However, if things are broken, using a larger security deposit to get more affordable rent likely won’t pay off.
4. Just ask:
Sometimes all it takes to get cheaper monthly payments is a simple conversation. People who are unable to afford their rent, or are struggling in other areas, should consider calling up their landlord and asking for a reduction. Landlords may be willing to do so in order to get people to sign on for a new lease.