Saving on Renting

By: Jorge Lopez, February 26, 2016

Are you looking to hold off on buying and instead are considering a rental home for the time being?  Rents are high around many parts of the country, particularly because millennials tend to prefer it.  However, boomers have also become renters, and the high demand continues to boost rent prices.  By doing a little bit of homework and educating yourself, you could potentially save big the next time you’re trying to find a rental.

For starters, consider refraining from the large, corporate complexes.  You may be better off in an apartment where you can communicate directly with the manager or owner as these people typically value reliable renters over a long term basis.  These owners and managers are also less likely to increase the rent quickly.

If you’re looking for an opportunity to negotiate rent, consider older housing. Landlords are typically anxious to find a tenant within the minimum amount of time possible, which allows you room to make an offer and potentially lower your rent.  On that note, if you can hold off on finding a rental during the off peak times, you may find better opportunities and a greater amount of choices.

Strongly consider what you value and what’s covered in the rent.  If you’re willing to live in an address that’s less prestigious, you may also find that the rent will cover parking, certain utilities or amenities like a fitness center.

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