As the housing market continues to recover from the depth of the recession, rent prices are going up. Trulia, a company that analyzes real estate data, found that rent prices increased in the top 25 largest rental markets in the U.S in 2013. While renters may not be able to control the price of rents, there are other ways to save money during the month.
Before you sign a lease, do your best to negotiate with your landlord. Depending on the length of the lease, you may be able to get a reduced rate if you are going to be staying there longer. It is becoming more popular to pay the entire amount of a yearly lease upfront in cash. Doing so can be a great negotiating chip with landlords. If this is something you want to do, ask for a lower price. If the landlord isn't willing to work with you on the price, consider asking them to include utilities or parking.
Get a roommate
While it may not be the most attractive solution for everyone, having a roommate can significantly lower your cost of rent. If you don't know of anyone to live with, look around online and in classified ads for others seeking a roommate.
If something were to happen to your apartment building or rental home from weather or some other form of damage, you probably wouldn't be liable for covering the cost of repairs. However, you and your belongings might be at risk if you don't have renters insurance. Without a policy, you may be left on your own if your belongings are stolen or destroyed. Similarly, you could be liable if someone gets injured in your home. To avoid paying out of pocket in the case of an emergency, invest in renters insurance.
Refer a tenant
If you refer someone to moving into your building, you may be able to get a referral discount from your landlord. If you help find someone to fill an empty apartment, ask your landlord to reduce your rent for a month.
Besides rent, one of the biggest expenses is utilities. To reduce this cost, conserve energy by flipping off lights, keeping electronics unplugged and adjusting the temperature of your heat and air conditioning during seasonal weather changes. You can cut back by being smarter about the way you use energy and water.
To compare renters insurance quotes, visit CoverHound today.