There are numerous cities where renting beats buying a home. Still, that apartment or rental house can claim a larger slice of your paycheck than you’d prefer.
What steps can you take to lower your rent? A friend of mine spent half the year living in a large tent — sometimes at campgrounds (for the showers), other times for free in the woods — and worked to save enough to move indoors for winter. That example simply shows how far some people will go. You probably don’t want to live in a tent (I don’t, and I’m an avid backpacker).
Fortunately, you can maintain a comfortable lifestyle and save thousands on rent by using one of the ten ideas below….
1. Replace Your Landlord
When your lease ends (or if you’re month-to-month) look at rental options in similar or even nicer neighborhoods. With effort and research you might discover a unit just as good for $150 less per month. Moving across town could cost a few hundred dollars, but saving $150 each month adds up to $9,000 over five years.
2. Swap Labor for Rent
If you can paint, repair things, or are willing to learn, propose a deal to a landlord: reduced rent in return for doing maintenance. If you notice a place that needs work, offer your services. You can also search online for phrases like “trade work for rent” or “work rent exchange” plus your city name. Adding “Craigslist” often yields helpful results.
3. Live in Homes That Are Up for Sale
Once we were selling a condo we owned as an investment, and a woman proposed renting it cheaply with the agreement she’d vacate before closing. She said she’d done it before and kept places show-ready while providing some income. We declined, but others have tried it successfully. There’s even a company that coordinates this: if you qualify, Caretakers of America places you in a quality home where you “pay a monthly fee far below typical rent for a comparable house.” You must keep the property in ready-to-show condition, and when it sells they’ll relocate you to another place. This option often suits single people who don’t mind moving frequently.
4. Add Up All Housing Costs
Rent alone doesn’t tell the whole story. Consider what’s included and estimate other expenses. To compare fairly, total the rent, likely utilities (some units are costlier to heat or cool), other housing charges, and commuting costs to work or frequent destinations. An apartment near your job that includes heat and is close to a grocery store could be cheaper overall than a lower-rent unit farther away.
5. Buy Out Your Lease
Pay to break a lease? If your landlord hasn’t considered it, explain the idea. Suppose your current rent is $975 per month and you find another place for $750 monthly. If you pay $1,500 to end your lease early, you’d recoup that in the first six months at the cheaper place and save $2,700 each year after. Your landlord could re-rent quickly — possibly at a higher rate — but in any case he receives $1,500 to offset vacancy time.
6. Split the Space
If you’re single, consider sharing an apartment. Find a reliable roommate and verify the landlord allows subletting. If you don’t already have a friend who needs a place, search for roommates online at sites like http://www.roomates.com. Financially, you can either split bills evenly as they arrive, or rent the unit yourself and sublet to a roommate — the latter often works better. You avoid disputes over payments and may even collect more than half from a roommate who takes the larger bedroom.
7. Become a Property Manager
An investor who bought a mobile home from me years ago hired a manager, paying $10 per hour plus free housing for collecting rent and doing repairs on thirty rentals — and that was a long-term, full-time role. As an on-site manager at an apartment complex or mobile home park, you can receive discounted rent, free housing, and sometimes a salary, depending on responsibilities and unit count. These roles occasionally appear in listings, but you can also approach owners and offer your services.
8. Look for Move-In Promotions
When vacancy rates are high, owners run specials to fill units. For example, when my wife and I first moved to Tucson, many apartment buildings offered promotions. You could often get a month free with a six-month lease. Getting a strong deal for a longer lease also keeps your rent stable for that period. Signs advertising “$500 to Move In” or “Two Months Free” often mean the owner is eager to rent — which might let you negotiate further.
9. Haggle
You may be overpaying. Research before asking your landlord for a cut. Browse Craigslist or local classifieds to compare similar listings. If you have evidence you’re paying more, present it calmly to your landlord. This approach works best when there are vacancies nearby or your lease is ending. Landlords prefer not to hold an empty unit without income; you don’t need to confront them, just explain that you’ve seen cheaper options and would prefer to stay if the rent were reduced.
10. Move to a Lower-Cost City
When my wife and I moved back to Tucson years ago, rental prices were about 30% lower than in Traverse City, Michigan, where we’d been. The climate helped, too. Because our income came from an internet business, relocating was easy. What about you? Is your job necessary or well-paying? If not, it might pay to save some money, scout out a town with affordable rent that you enjoy, and relocate. Even with a mediocre job, you’ll likely have more leftover money after paying a cheaper rent. For reference, a recent list of cities with the cheapest rent still ranked Tucson near the top.
Your Turn: Do you have other tips for cutting rent, or a success story? Please share in the comments below…
