Is your rent too high for your budget? We’ll tell you ways to lower it that don’t include moving to a cheaper place, allowing you to keep the stability you seek.
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It would be a lot easier to pay your monthly bills if your rent was lower since it’s probably your biggest expense. What’s the most obvious way to lower your rent? Move to a cheaper place, but what if you don’t want to? What if you love where you’re living, and what if your kids want to stay put?
If that’s the case, follow these tips that could help you minimize that payment without the need for relocation.
1. Negotiate with your landlord.
Many believe that their landlord is some untouchable figure that won’t give them the time of day. However, this is likely not true, and you can actually try to negotiate a smaller rent payment by talking to your landlord.
Just think of all the trouble a landlord has to go through to rent a property. First, they have to find tenants. Second, they have to interview and screen them. Third, they need to arrange deposits. And fourth, they need to hope that the tenants they pick pay on time and don’t destroy their property.
That’s a ton of fuss to go through, which is great news if you’re looking to negotiate a cheaper payment. Here are some ways to ask for that cost-cutting favor:
- Tell your landlord that you love the place, but the price is too high, and you’re considering moving out.
- Sign a longer lease, telling them that they won’t have to worry about finding new tenants anytime soon, as long as they drop the price for you.
- Offer to pay your rent at an earlier date, giving them peace of mind worthy of a rebate.
- Pay bi-weekly, giving them more frequent payments and peace of mind once again.
- Prepay several months of rent if you can afford it. This certainty is worth its weight in gold.
- If you live in a building, ask the property manager about referral fees that could lower your rent.
- Work for the landlord or property manager, doing odd jobs to knock a few bucks off your rent.
- Write a lower rent letter. You can find templates online and fill in your info.
2. Add roommates.
If you have the room and the landlord doesn’t mind, adding roommates could help share rent costs and reduce what comes out of your pocket.
3. Put a room on Airbnb.
Again, you’ll need permission to do so, but it can help pay part of the rent.
4. Rent out space.
While renting out a room on Airbnb is a well-known concept, this isn’t: Renting out storage space or a parking spot on the property. You can do both, as there’s a market for people seeking space to store their stuff or park their cars.
Can you do this in secrecy? It’s better not to, so as always, ask your landlord first.