Grow Your Wealth

Try these 7 tips to save money on rent

If your landlord raised your rent, this blog is for you.

A Cleo illustration of a blue and purple house floating in the air attached to a hot air balloon on a lilac background with grey clouds floating around

Rent is stupid expensive. 

And it doesn’t matter what city you live in… rent prices are increasing literally E-V-E-R-Y-W-H-E-R-E.

Except if you live that rent-controlled life 💅

*Violentily screams*

Why is rent so high?

Rent is rising for a number of reasons.

🏠 During the pandemic, more people started working from home and relocated to new cities. These cities didn’t have enough places to rent. A classic mismatch of supply and demand, so prices increased. 

🏠 House prices soared, meaning fewer people were able to buy, and more people were led to renting. Add to this, some landlords decided to hop on the spike in house prices and sell their rental properties.

🏠 All the while, construction couldn't keep up with the demand for more housing because of supply chain issues and a lack of construction workers.

Basically, there were far more people looking for homes than there were homes available. So prices have skyrocketed.

How much can a landlord raise rent?

Unfortunately, in the capitalist hellscape we live in, rent increases are totally up to landlords. Unless you got passed down a rent controlled from your parents 🙃

Landlords do however have to give you 30 days' notice for a rent increase by law. It's like a reward.

So we’re here to bring you tips on how to save money on rent. 

Now, they’re not gonna completely cover the whole thing… but these tips could save you a couple of hundred bucks on rent.

#1 Offer to sign a longer-term lease

Landlords love good and long-term tenants. It saves them money, so it can save you money. 

The trouble landlords have to go through to find a new tenant and get the place ready for them – clean, paint, fix things… It can get expensive and annoying. Especially if they’re having to do it every year. 

That’s why a tenant who is down to stay for longer than 1 year is very attractive. So your low-ball offer, plus the longer-term lease, may make you the perfect tenant.

Lily Singh gesturing a "chef's kiss"

(Trust me this actually works.)

Hi, author here 👋… this is exactly how I got my apartment for $85 less a month. I offered to sign an 18-month lease, with the option to terminate the lease after 18 months, so long as I give a 60-day notice.

#2 Rent out your parking space

Unless you have a car, you do not need a parking spot. 

So if you have an empty spot downstairs… you need to use it to make some extra cash.

🏢 Rent it out to a neighbor 

🙏 Give it back to the landlord for a discount on rent

🛒 Sign up for a website like Spot Hero to rent out your parking spot as if it was an Airbnb. 

A parking spot in some cities could honestly go for the same amount that you paid for that room in college. 

So if you don't have a car and have an empty parking spot, you need to turn it into money.

How much money depends entirely on what city you live in of course. But generally you'd make at least $100 a month. 

So get rid of it for now, save money on rent – and if you want it back in the future, just ask for it back. So simple.

#3 Offer to pay your landlord in cash

Depending on your landlord 👀 you might be able to get a few hundred dollars off your rent by paying in cash.

Now we’re not going to tell you why that is… mainly because we do not want to get into the details of said shady buisness…

But it’s kind of like when you go get your nails done and you get a discount on your nails by paying in cash. 

Leaving it there goodbye... 

We said nothing.

We do not endorse. 

👁️ 👄 👁️

#4 Look for a new place during off-peak times

Think about times when people normally look for new places:  

📚 Back to school college rush at the end of summer

🎓 Spring back from college craziness 

Unless you have no choice… choose literally the opposite of these times – like winter. 

There is a reason people hate moving in the winter (cold, snowy, generally very unpleasant). But you could find a new place for cheaper than you would if you were looking in the summer ⛱️

If you’re also only looking for something short-term, offer to sign your lease until summer. That way your landlord can hit the market and raise the price for that end of summer rush.

Gif of woman saying 'It's not my fault if you agree with me!'

#5 Get a roommate

We know living with a roommate may not be your first choice, but at least it’s better than living with your parents.

Roommates are not only a great way to save on rent, but they also help you save on things like electricity and wifi. 

It’s like cutting your living expenses in half. 

Finding a roommate can be challenging. But today there are lots of websites designed to help you find your perfect match like Roomster

Or head over to Facebook and join some groups to meet people in a similar situation as you. Once you find the right one, you could have years of friendship and years of saving on rent.

#6 Choose a more affordable location

Now we're not saying “move out of the city.” 

We’re just saying maybe move out of your dream neighborhood. Sometimes looking just outside the area you love the most, you can find more affordable apartments with better appliances. 

So you have to walk 10 minutes to get to the subway. Or you’re not directly next to a Starbucks. 

A little bit of distance can be good for you. 

👣 You can get more steps in every day

💸 You can save a bit on rent

⚔️ You can stop popping into the store downstairs for whatever it is you don’t actually need

Prime locations (like being next to a subway station or a mall) are always going to be more expensive. Living just 10-15 minutes outside your dream spot can help you save money on rent.

So take your hot girl mental health walk and make it to 10,000 steps just by going to get your coffee or going to work. 

Who knows you might finally feel something 👅

#7 Download Cleo to help you make it to rent day

If you do find yourself in a position where these things are just not cutting it, Cleo's got your back. 

Cleo can help you budget and track your bills so you can maximize your money and make it to rent day. 

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. And of course, if you want to try the best money app in the world for free, just hit this link right here.

Big love. Cleo 💙

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