Everyone has their own reasons for wanting to save money. However, sometimes, no matter how hard we try to cut back on our spending, it never seems to be enough.

I still remember my first one-bedroom rental apartment outside of town, which my boyfriend and I shared for only $250 a month. That was over a decade ago, and let me tell you, if you saw that place, you wouldn’t even think it was worth that much. It was downright unsafe, with water in the basement and electrical wires hanging out of the walls and ceiling. Uninhabitable!

But hey, I was young and naïve, thinking it was just a place to crash after work. And that’s exactly what I used it for. So, we shared this tiny 200-250 sq. ft. space and each chipped in $125 a month for the rent. It was extreme saving at its finest, and I felt proud to be able to save as much money as I could living there. 

When it comes to saving, there are numerous reasons why someone might want to go to extreme lengths to save money. Perhaps you’re trying to kickstart your emergency savings fund or rapidly save for a down payment on a house. Whatever your reasons may be, there’s no need to feel embarrassed about it. And remember, any changes you make don’t have to be permanent. Just like my first apartment, that ended up burning down a few years later (no one was hurt btw).

So, if you’re looking to save some serious cash, don’t worry, you’re not alone. We’ve all been there, trying to make every dollar count. Just keep pushing forward, use some of my tips to save on rent, and who knows, maybe one day you’ll look back on your money-saving memories with a sense of pride and entertainment!

Here we go…

How to Save Money on Rent: 13 Proven Tips From Your Landlord

1. Downsize Your Rental Space

In today’s world, the bigger the space, the higher the price tag. So, consider making a sacrifice when it comes to the size of your rental unit. Instead of opting for a full-fledged 2-3 bedroom apartment, why not downsize to a cozy one-room space?

2. Save on Rent With a Roommate 

One of the best ways to save money on your rent is by having a roommate or even two or three. By sharing the rental cost, you can save up to 50% or even two-thirds of the total amount each month. And don’t forget about the utility bills – you can split those up too, resulting in even more savings.

If you’re up for a little bit more uncomfortable living, you could rent a room in someone’s house and share the main kitchen area. Sacrificing personal space for cheaper rent is a surefire way to get ahead quickly.

Believe me, I’ve always had a roommate, and it was a fantastic choice for my wallet, although not so much for my mental well-being. To stay sane I used to spend a lot of time outside, reading at a park or going for a run. Just remember, it is temporary and there is light at the end of the tunnel. Try setting a financial goal for yourself before deciding to get your own place.

Be aware, you must ask your landlord before you bring someone else into the property to live. The original lease that was probably signed will include only the original people on the list to live there. However, if you explain your story and how you want to save, your landlord may be willing to allow another renter in the same unit. Just know that your landlord can legally increase your rent when you bring someone else in, but if they only charge a small amount, it may still be worth the savings in your pocket.

3. Negotiate Rent with Landlord

Landlords highly value reliable tenants, so if you have been residing in the same place for a considerable period, you might have the opportunity to negotiate your rent. While larger apartment complexes may have limited flexibility, landlords in smaller communities who have owned properties for a while may be more open to offering discounts. Additionally, well-maintained older properties can sometimes provide lower rental rates. So, don’t hesitate to explore the possibility of negotiating your rent and potentially saving some money.

4. Trade Skills for Lower Rent

If you’re a handy person, you might be able to score a rent discount from your landlord by taking care of maintenance tasks around the property. It’s a win-win situation!

Regular maintenance includes a bunch of stuff like lawn care, landscaping, snow removal, garbage and recycling removal, and even changing batteries in smoke alarms and carbon monoxide detectors. You could also be responsible for cleaning floors in common areas like entrances and hallways, collecting rent cheques, and dealing with miscellaneous issues like loose door handles, faulty locks, clogged eavestrough gutters, broken windows, and burnt-out light bulbs.

But hold on, if you have a background in a trade, there’s even more! Emergency maintenance takes things to a whole new level. This is when you’ll need to tackle plumbing, electrical, AC, or HVAC system problems. So, if you’re up for the challenge and eager to save some cash, roll up your sleeves and get ready to become the ultimate handy tenant!

5. Recommend Tenants for Rent Discounts

One effective strategy to support your landlord while also earning some extra cash is by recommending reliable tenants when they are in search of new occupants. Filling a vacant unit can often be a tedious task, involving sifting through numerous applications and dealing with unnecessary social media drama. By suggesting a suitable candidate, your landlord might even be willing to compensate you for your efforts if they decide to accept your recommendation.

6. Rent Savings by Moving in Winter 

Did you know that securing a rental unit during the winter months can actually save you some serious cash? It’s true! As the cold weather sets in and the conditions become more unpredictable, many folks tend to shy away from the hassle. Consequently, landlords often lower their prices to attract tenants. So, if you’re up for braving the winter months, you can score some fantastic savings on your rent.

However, it’s important to note that certain areas and properties may still experience high demand regardless of the season. So, keep this in mind while exploring your options.

7. Part-Time RV Living for Rent Savings 

You may find this idea a bit unconventional, but let me share with you an intriguing story. I happen to know someone who spends his summers at a campsite in his trailer, and when the colder months roll in from October to May, he moves into a fully furnished winter home. The best part? He pays a fraction of the usual rent during those winter months because the homeowners love to travel south and prefer to have someone looking after their home.

8. Rent Tax Deductions

Did you know that you can potentially save some serious cash by including your rent receipts when filing your taxes annually? It’s true! By claiming this deduction, you can effectively reduce your overall rent expenses.

9. Word-of-Mouth for Affordable Rentals

In the quest for affordable housing, never underestimate the power of personal connections. The age-old practice of word-of-mouth can work wonders when it comes to finding your ideal rental. Within your network of friends and family, there may be a landlord eagerly seeking the perfect tenant for their vacant unit.

10. Extended Stay Rent Savings

Did you know that in certain areas, landlords are bound by regulations that limit the annual rent increase? This means that if you choose to stay in one place for an extended period, your rent can only go up by a small percentage each year. Consequently, your rent will remain relatively low compared to the ever-increasing market rates. Meanwhile, new tenants who frequently move in and out will end up paying significantly higher rents. So, sticking around can be a smart move to keep your housing costs in check.

11. Online Rental Forums

Facebook offers a fantastic platform called Marketplace Rentals, where you can effortlessly search for rental options that align with your budget. Additionally, there are numerous other forums available for you to explore; all you need to do is invest a little time in searching.

12. Affordable Rentals in Small Towns

Don’t limit your search to the busy city areas. Smaller towns often have hidden gems – affordable rentals. While they may not be precisely where you envision yourself, they can significantly cut down on costs and make the commute worthwhile.

13. Offline Rental Search

Believe it or not, not all rental opportunities are plastered all over the internet.

I vividly recall cruising around my town looking for a new place to call home when, lo and behold, a ‘for rent’ sign caught my attention. It was proudly displayed on a stake in front of a charming 4-plex. At this point we were going to be homeless in a few weeks because we had already sold our home and bought an empty lot to build a rental property on. So needless to say, without hesitation, we pulled in and had the pleasure of meeting the owners, ultimately securing a cozy spot to crash for a few months.

Don’t forget to ask the municipality and real estate brokers in the town you’re looking to find a place to rent. They can offer much assistance.

Thank You Credits: Photo by Alena Darmel on Pexels.