With the rising cost of rentals and stagnant wages, renting a home has become a substantial expense. Your monthly rent amount can highly affect your overall financial situation.
Today, rental costs are one of the highest monthly expenses for most tenants. The recurring cost of the rent cannot be reduced after you have signed the lease, and you can be taken to court when you fail to pay the amount as agreed. Here are four clever ways to reduce your monthly rental costs.
Select a Highly Affordable Location
When looking for a perfect apartment to rent for your family, you must conduct extensive research on the available options. If you settle to live in a highly desirable area, you will be forced to dig deep into your pockets and pay more. Most densely populated areas will also require you to pay an additional monthly parking fee.
The best thing you can do is live a few miles away from the densely populated neighborhoods. You can still take advantage of the amenities in the densely populated neighborhood while paying relatively lower rates for the rental fees.
Living within easy walking distance to grocery stores, restaurants, movie theaters, and bars can result in impulse purchases. This may force you to take out the amount you have saved for rent and overspend it on entertainment. If you are looking for a house that you can easily afford, there are landlords who go for expert assistance in property management in Atlanta from companies like Evernest, RPM Piedmont and APM. This ensures well-maintained properties and a fair rent as per market trends. You can find such properties easily through rental experts.
Be Flexible with Your Choices
Most people are under peer pressure to live in expensive houses. They aim at classic apartments that are relatively expensive compared to other housing units. Some even own homes far away from their workplace and are still looking for big houses to stay in.
Instead of looking for apartments with the latest appliances or granite countertops, just be simple and look for an affordable home that provides you with all the basic features. Keep in mind that you are at work and you have to save for your retirement. Focus on simple houses free from maintenance problems, safety issues, bad neighbors, and insect infestations.
Finding a shiny new apartment at a bargain price is very challenging. No real estate owner is willing to do that. Most of them focus on setting relatively high prices for their new rental units as opposed to the old apartments. A good number of great old apartments charge affordable rental fees, and you can aim at renting a housing unit from them.
Find a Roommate
With a single roommate, you can save up to 50% of the amount payable for the rent at the end of the month. You will also save money that used to be spent on other basic utilities like food. If you choose two roommates, you can even afford to rent a big housing unit and pay very little as you will divide the overall payable amount amongst the three of you.
This is possible if you sacrifice some privacy and peace of mind by allowing the roommates to do their activities as they wish. Before living together, you must sit down and agree on critical issues. It may be the contribution ratio. Or it could be how you will ensure the peace of mind your spouse needs to carry out daily activities.
Remember, some roommates love partying, and maybe you and the other roommate aren’t interested in too much noise. Set rules that will govern how you are expected to behave while in the house. It will help a lot in evading unnecessary disagreements. If you play your cards well, you will enjoy many benefits and save money on your monthly rent.
Be a Smart Rental Market Shopper
As stated earlier, extensive research is vital if you are looking for an affordable rental unit. But you have to be a smart rental market shopper. Finding the housing units that are affordable to rent is not a difficult task. What about the services that you will get if you rent out a low-rent home? Ensure that you stay at the top with your listings. You can view new apartments as soon as they enter the market.
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