10 Ways to Save Big on Renting Your Next Home

It’s no secret that rents are high in many areas of the country due in part to millennials’ affinity for renting combined with the impact of Great Recession foreclosures that sent some homeowners looking for leases. Boomers, for a variety of reasons, have also become more likely to rent.

The bottom line is that high demand for rentals has driven up the costs. Even so, it doesn’t mean that you can’t get a good deal, or at least avoid paying more than you should.

Consider these tips for tracking down an affordable rental:

1. Avoid the giant, corporate complexes

Photo (cc) by efiske
Photo (cc) by efiske

Instead, look for apartments where you will deal directly with the owner or a manager. Those landlords generally place more value on long-term, reliable renters than those who work at corporate complexes, reports The Fiscal Times. They are also less likely to raise rent quickly.

2. Know the neighborhood

Screen shot of rentals from Craigslist
Screen shot of rentals from Craigslist

Even in a seller’s market, landlords are anxious to rent their properties to qualified tenants as quickly as possible. Use that to your advantage by scouring the neighborhood and targeting the properties for rent. Consider looking for housing that’s a bit older, and you may have a solid shot at negotiating rent, reported Daily Finance.com.

3. Show them your ‘perfect tenant’ persona

Photo (cc) by Christine Majul
Photo (cc) by Christine Majul

It’s easy to forget that in many ways landlords are entrusting their valuable property to your care. That’s why they look for those with good credit scores, stable employment and solid past rental histories. Sure, it’s tempting to wear sweats and sneakers when apartment hunting, but remember — leasing is a business transaction. You needn’t dress as if you stepped out of a corporate boardroom, but having a clean, professional appearance is a good idea. Landlords also want you to look good on paper — meaning a good credit score, a stable job history and stable rental history. If one of these things is going to set off alarms, be prepared to address it. For instance, a landlord I know was willing to rent to a couple even though the husband had a marginal credit score, because they were recently married and the wife was now in charge of finances for herself and her (admittedly) disorganized spouse. They were prepared for questions and got the rental.

4. Prepare to negotiate for savings

Photo (cc) by Marian Gonzalez
Photo (cc) by Marian Gonzalez

Renters are often surprised at how easily they can reap significant savings by negotiating. Be prepared to ask for one month free, or for a lower monthly rate in exchange for a longer lease. Ask for a two-bedroom apartment for a one-bedroom price. Ask for free fitness membership or a break on utilities or parking. You might even ask if there’s some service you could perform – lawn mowing, snow shoveling or even general maintenance on your own unit – for a reduction in rent. The time to speak up is, of course, before you sign or renew a lease.

5. Weigh everything that is covered by your rent

Photo (cc) by Jeffrey Zeldman
Photo (cc) by Jeff Zeldman

Is it vital that you live in an apartment with the “right” address? Consider that at a slightly less prestigious location your rent might also cover the costs of parking, a doorman, on-site fitness facilities, utilities and more.

6. Shop at off-peak times

Photo (cc) by Jonathan Miske
Photo (cc) by Jonathan Miske

Landlords are especially anxious to rent between October and February. You’ll find more specials and choices when you shop for a rental at a nonpeak time, reports The Washington Post.

7. Read the lease first, then sign

Photo (cc) by Rental Realities
Photo (cc) by Rental Realities

Sure, that sounds like a no-brainer, but in the frenetic, time-consuming rush to rent an apartment many of us sign first and ask questions later. Check the lease, and read all fine print. Do you pay extra for utilities? Is water included? Are there parking restrictions? Can you sublet? And even if everything looks OK but you have misgivings, don’t sign, recommends The Fiscal Times.

8. Ask about referral bonuses

Photo (cc) by Quazie
Photo (cc) by Quazie

It’s sometimes difficult to find qualified renters for properties, which is why apartment managers often value referrals. Ask if the apartment complex has a referral program or if they would consider paying a “finder’s fee” if you refer a prospective tenant who becomes an actual resident. I’ve heard of referrals ranging from $50 to $250, depending on time of year, location and other variables.

9. Don’t forget about pro-rated rents

Photo (cc) by Joe Lanman
Photo (cc) by Joe Lanman

If you rent an apartment but don’t plan to move in on the first of the month, find out if the landlord will pro-rate your rent – just allow you to pay for the weeks you are there. Although some property managers of highly desirable units might insist on the full first month’s rent, many will likely be more than willing to discount.

10. Consider your gut reaction to the property

Photo (cc) by Torbakhopper
Photo (cc) by Torbakhopper

Rental notices can be misleading, and rental layouts can make a big difference. A 750-square-foot apartment that includes a long hallway might feel smaller than a 600-square-foot apartment with a more open layout. A cheaper apartment in a neighborhood where parking is scarce and tickets are commonplace might end up costing you more than a more expensive place where parking is plentiful, or included in the cost of renting. An awesome deal in a crime-infested area might not feel so awesome when you’re trying to catch a taxi late at night. Be realistic about your budget and your lifestyle.

What rental wisdom do you have to offer home hunters? Share with us in comments below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
5 Simple Steps to an Awesome Retirement
5 Simple Steps to an Awesome Retirement

The path to your dream retirement begins with these five steps. How many have you already taken?

10 Common Ways Seniors Get Scammed
10 Common Ways Seniors Get Scammed

Here’s what to watch for to make sure you don’t fall prey to some of the biggest rip-offs targeting seniors.

30 Purchases That Will Start Saving You Money Immediately
30 Purchases That Will Start Saving You Money Immediately

Sometimes, you’ve got to spend to save. These canny deals are a good bet for savings.

12 Expenses You May Be Tempted to Claim as Tax Deductions — but Shouldn’t
12 Expenses You May Be Tempted to Claim as Tax Deductions — but Shouldn’t

Thinking of trying to deduct a few of these things on your federal tax return? That could be a costly mistake.

New Ways to Save Money on Insurance of Every Kind
New Ways to Save Money on Insurance of Every Kind

Tech startups are making it easy to find the best rates for all kinds of insurance policies — and get covered fast.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
11 Things Retirees Should Always Buy at Costco
11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Senior Discounts for Anyone Age 55 or Older
11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

8 Things You Can Get for Free at Pharmacies
8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

The 10 Most Commonly Stolen Vehicles in America
The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

11 Household Items That Go Bad — or Become Dangerous
11 Household Items That Go Bad — or Become Dangerous

When you get the impulse to stockpile these everyday items, pay close attention to their expiration dates.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

10 Reasons Why You Should Actually Retire at 62
10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things That Are ‘Free’ With Medicare
14 Things That Are ‘Free’ With Medicare

These services could save you money and help prevent costly health problems.

5 Keys to Making Your Car Last for 200,000 Miles
5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

26 States That Do Not Tax Social Security Income
26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

5 Things That Make Life More Meaningful for Retirees
5 Things That Make Life More Meaningful for Retirees

Retirees agree: These are the things that give them purpose and fulfillment in their golden years.

10 Things You Should Never Do With Bleach
10 Things You Should Never Do With Bleach

Does the pandemic have you reaching for bleach more than ever before? Learn the ins and outs of using this powerful disinfectant.

15 Amazon Purchases That We Are Loving Right Now
15 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.