Okay you know that paying rent to live somewhere is just throwing your money away but you have to live somewhere right? Well here are some tips to help lower that rent each month till you can get out of the trap you’re in and buy or build something that’s for your future
Tips to lower rent without talking to your land lord
1. Team up, that’s right the fastest way to lower your rent is to either move in with someone else or to rent out a room or couch in your place. Depending on how you do this it can cut your bill in half and start you and another on the path to freedom.
2. Move, that’s right if you’re paying too much move. If you really want to save money and that is your biggest want more than the comforts of having your social network at hand, then take a tip from Manabu Farms and move to a “dying city” we moved to Flint MI partly because the rent and price to buy a home was dirt cheap. We are buying our home and paying less than all of our friends that rent back in Humboldt CA. So if you truly want to lower your rent move to a town that is dying.
3. Do not let your apartment or house just set there doing nothing for you. Make it earn its keep as well. There are many ways to start making a passive income. The easiest way in my mind is AdSence, AdSence will pay you to have ads on your blog, YouTube, or website. And getting started is free. We started really trying to make money on this blog that your reading a few months ago and so far have been able to make around $100 a month that we use $50 of to pay our internet bill. Meaning technically we are getting our internet for free, or you could say we get internet for one hour of work a week. You could use the same trick but pay your rent with it. You should also look in to selling stock footage and photos. I will be doing a post on this option soon.
4.Earn rewards by paying your rent online. Many landlords and property companies only take checks or money orders. If you prefer to do everything electronically and earn cash back using a debit/credit card, you can use a free online service, to pay your rent. Sites like PayYourRent.com and WilliamPaid.com both offer the option to pay using a cash back rewards credit/debit card. Cash back for paying rent? Yes, please.
5.The tiny house movement. If your good a building or even if you’re not building a tiny house is a great option to lower your rent. We built our first tiny home for under $5000. As long as you build it on a frame that has wheels. You can bypass most building codes and have the freedom to build it the way you want. Then it is just finding a place to park it and live.
Tips on negotiation with your land lord
1. Use a strong financial history as a bargaining chip. If you have a steady income, history of paying on time and never missing a rent payment, use that as a bargaining tool. Apartment managers often get so busy reminding the other tenants to pay on time, they forget the good, consistent tenants. So remind them.
2. Sweeten the pot with your skills and talents. Each of us has skills and abilities we can use to barter for lower rent payments. Find out if the complex needs help with marketing and offer ideas on how they can find new tenants. Keeping the current tenants happy is a big deal too, so plan a mixer or monthly party. This reinforces a positive community and might help lower your rent too.
3. Work for the apartment manager. If you enjoy DIY projects or are good at fixing things, you can offer to work for the apartment manager or landlord on the side. This is one of the most obvious things that comes to mind when thinking about how to negotiate rent. The apartments managers or landlords are often quite busy with tenants and the superintendents are overworked. Do some of the small things like painting, cleaning or collecting rent, in exchange for a discount off your monthly payment.
4. Offer to pay a small deductible on any repairs. A new idea to reducing your rent is to pay a small deductible on any repairs. Offer to pay up to $150 or so, for small repairs and maintenance. Of course this creates a higher risk for you, but with the amount of money saved each month, it could be worth the risk.
5. Negotiate a discount for paying early. If you can pay your rent a few days early, ask to get a 5% or 10% discount. You could even pay bi-weekly payments, if they correspond with your paychecks. This can help your budget, while lowering your expenses. The feeling of certainty for a landlord, is key.
6.Research the competition. Knowing the area and competition is one of the best ways to negotiate a better price. Maybe the complex down the road is offering a better price to their tenants, and you can use this knowledge as leverage. You want to make sure they know, they aren’t the only place on your list.
7. Sign an extended lease. If you want to live in the same area for several years, ask if you can sign an extended lease agreement, for several years. In exchange negotiate for $50 – $100 off each month’s rent. A landlord would much rather have the discounted but consistent income, than leaving the place vacant.
8. Become the building superintendent. Another way to reduce the cost of rent, especially in a big city, is to volunteer as the superintendent. This means you will have to available and on call for repairs, take out the garbage and perform other tasks as needed around the building. It will take some work on your part, but the savings pay off, could be well worth it.
9. Pay 3-6 months in advance. Paying several months to a year in advance is a great way to “flash some cash” and get a discounted rate. Calculate the price your willing to pay each month then multiply by 3 – 6 months, then offer this lump sum as payment. It’s pretty difficult for anyone not to take an good amount of money upfront.
10. Threaten (nicely) to move out. If you already have a lease that’s up for renewal, give yourself plenty of time to negotiate. If things don’t go your way, the landlord knows you will have time to cancel the lease and move to another, cheaper location. Show them you are serious about negotiating, but of course do it a nice manner.
In the end, just ask. If you’re proactively figuring out how to negotiate your rent, you’re already on the right track. Even if you try a few negotiating techniques that don’t seem to be working in your favor, the best thing you can do is just ask. Show off your good financial history, do your research, and be confident when negotiating. Maybe they won’t work with you right now, but at least you did everything you could to increase your chances. It never hurts to ask, and look for ways to stop paying rent all together by buying or building your own home!