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Ways To Save Money on Rent

Ways To Save Money on Rent

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Rent is undoubtedly one of the biggest expenses for students, accounting for over 50% of a student’s monthly budget, as per the National Student Money Survey.

Sadly, there are no discounts or vouchers in housing. So, rent can be a tricky area in which you can save money. But hold on, there are some tips on how. Here are some of the best ways to cut the cost of your rent expenses.

Live with multiple roommates

Probably one of the easiest ways to save money on rent is splitting the rent into two or more. You would be sharing the kitchen and bathroom with your roommate. And if it is okay with you, then go for it. After all, your goal is to save money.

Sharing your room with more people does not only save money on rent but also cuts down the cost of utilities like electricity, water, and broadband internet. It costs the same regardless of how many lives in a room, so the more people share, the cheaper it will be. Think about how many people you would be comfortable living with. However, it has its downsides that you must consider.

Reduce your rent during the summer

If you will be spending summer break at your home, it is best to reduce your rent during this time since you won’t be using the property for a long time.

Some landlords will let you pay half of the rent during the summer, but not all landlords agree to this setup. Bring this up as they will not be the ones proposing this. Another option is reduced tenancy length. Ask your landlord about this matter.

Look for flaws in your rental property

Search for anything wrong when viewing the property that you will be renting such as electrical issues, structural damage, damp, and even minor faults can be used to your advantage.

Tell the landlord what you’ve noticed and make an offer below the asking price depending on the property’s issue. Think of a reasonable price that you think they would consider.

Ask for a break clause in your tenancy agreement

A break clause allows either you or the landlord to end the tenancy agreement earlier than the supposed expiry.

When the coronavirus caused lockdowns, many students had to return to their homes for safety. As they realize that they can’t return to their renting property before the tenancy ends, they ask for a rent discount or to end their contract early. Some landlords agreed to and consider this but in a lot of cases, students have no legal backup for this claim.

This saves you money while assuring that you can end the tenancy agreement when you have reasons to leave the property early.

Rent an unfurnished or part-furnished property

You would think that a fully furnished room will save you money as you won’t have to fill in beds, sofas, and the like. But if you think smartly, you could furnish the room for almost nothing at all. An unfurnished or part-furnished room is always cheaper, which could help you earn serious savings.

Look at properties far from your university

Since properties within a school’s proximity are much more expensive than those furthest from school, which costs the cheapest. If the house you’re renting is a good deal for you and the transportation links are accessible, then go for it. You could also walk or ride a bicycle on your way to school, which is a healthier choice.

There are a lot more tips and advice you can get by browsing our articles at MSM Unify. Check them out.

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