Renting a home can take a significant chunk out a monthly income, creating a massive dent in one’s overall finances. Since it’s a recurring cost that cannot be easily adjusted once a lease is signed, it’s crucial to choose the right space and get the right amount before making a long-term commitment to a home.
Luckily, there are ways to consider cutting down on your rental expense before signing your signature to a short or long-term lease.
Choose your location based on your budget
If you are wanting to live in a high-demand area, you’re likely going to have to pay the steep cost for it. On top of a higher monthly rental amount, some densely populated neighbourhoods have additional fees for parking spaces or neighbourhood association fees.
Before you go looking for your new rental home, make sure you are picking the right location for your budget and then remaining within the range.
Choose needs over “nice”
While roaring fireplaces and granite kitchen counters might sound like the dream, the price attached to the “luxuries” can be nightmarish. When looking for an apartment, consider the bigger factors before investing in the smaller “nice” delights of a home. Compromising on the big things, such as good maintenance or a safe friendly neighbourhood, for the little luxuries is a common mistake when looking for rental homes.
Rather, focus your non-negotiables on things which will impact your overall quality of daily life, such as feeling secure and opt for a place where you can change the small things to suit your wants.
If there’s space, consider a roommate
Living by yourself is a much more expensive endeavour than sharing space. With one or two roommates, you can significantly slice the costs of rent and basic utilities. A roommate might come at the cost of privacy and space to yourself, but it also can offer the added benefit of quality company, especially if you share with someone you already know.
Rent a Nano Unit
Live Easy’s Nano Units offer affordable housing, designed for comfortable and convenient living. With ideal locations for young professionals and on-site amenities ranging from playgrounds, laundromats, gyms and crèches, the Nano Units are fully equipped to offer comfort without the hefty cost.
Consider signing an extended lease
If you have been in a home you know and trust and have a good relationship with your landlord, request an extended lease at a lower cost. This benefits the landlord because they trust there will be a stable tenant in their space for a prolonged period, which counts in your favour. It also means you can stay and settle into the space for a longer time at a lower price.
Rent out your parking space
If you don’t have a car or don’t need your parking space, offer it up to someone who needs it. You might be able to discuss with the landlord for discounted rent or sell the bay to another tenant. This is a neat way to cut down your rental cost or make an extra income without too much effort.