Renting offers many perks, such as the option to move between locations without the burden of selling a property, yet its costs can quickly accumulate for unsuspecting renters.
Check out these five ways to leverage your renting situation and save more money.
Utilize Apartment Facilities
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Most large apartment complexes include gyms, pools, and other facilities. Save more by using the on-site facilities rather than paying for those same services at other locations. For example, if you have a membership at a local gym, cancel it and use the apartment complex’s gym instead.
On the flip side, if you know you’ll never use an apartment building’s gym or other facilities, choose a rental location without those perks. By opting for a more basic apartment building, you may save more on monthly rental costs.
Minimize Utility Usage
On average, renters use almost a third more energy per square foot than homeowners. If you must pay a variable energy bill while renting rather than this being a fixed cost by your landlord, your monthly bill is likely larger than necessary. Reduce your energy bill by adopting energy-efficient habits such as turning off the lights when leaving a room, adjusting your thermostat when you leave for work, and more.
Buy Renter's Insurance
While a main perk of renting versus buying is not being liable for regular property maintenance or for property damages not caused by you, the cost to replace your personal belongings is your responsibility. Unfortunately, more than 57 percent of renters don’t have renters insurance and the costs those renters face after burglaries, fires, and other unexpected events are staggering.
Factors such as deductibles, coverage types, and more impact the cost of renter's insurance but, often, this policy costs as little as a few dollars per month. Research common renter's insurance options and request quotes from multiple insurers to receive the best deal.
Sign an Extended Lease
Planning on living in the same city for many years? Find a place you absolutely love among the apartments for rent or wherever you call home and sign an extended lease.
Landlords often try to force their tenants to pay more by increasing rent rates from one lease term to another. Signing a lease that’s longer than the typical six months or year helps you maintain steady rent costs.
Recoup Security Deposits
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Most landlords require tenants to pay security deposits before moving in. While the average amount of security deposits varies between states, most landlords charge one-to-two months of rent.
Avoid the financial troubles that would come from losing the security deposit on move out day by properly caring for your apartment during the lease term. Before signing the final paperwork on move-in day, carefully assess the apartment’s condition and report any damages caused by the previous tenant. Set ground rules for visitors, clean the rental regularly and, when move-out day arrives, follow the cleaning checklist provided by your landlord.
Renting is a great way to cut your living expenses. From recouping your security deposit to minimizing energy costs, many healthy renting habits can save you more money.