Paying rent feels like an inescapable part of life. However, you don’t need to pay as much rent as you think. With these 8 actionable tips, you can save money on rent and get the best deal out of your apartment.
1. Get a Roommate
One of the simplest ways to lower your rent is to split it with someone else.
While money may be the biggest motivator, saving money on rent isn’t the only benefit of living with someone else. Having company, splitting chores, and paying less for bills are some of the most common reasons people move in together.
If you’re unsure whether it’s better to live alone or with roommates, read our handy guide. It weighs all the pros and cons of roommates, making it easier for you to decide.
2. Negotiate Your Rent
If you have a lease renewal coming up, you may be able to negotiate to pay less rent.
For one, you can avoid a rent increase. And the best case scenario ends with you saving money on your rent.
The key to successful rent negotiations is research.
Dive deep into how much the average rent is for an apartment similar to yours in the neighborhood you live in. Whether you’re paying above or below the neighborhood average can significantly influence how successful your rent negotiation will be.
3. Pay Upfront
If you have money saved up and you know you’re going to rent the same apartment for a while, paying rent upfront can save you some money in the long run.
Of course, this isn’t a guaranteed way to lower your rent. However, you can always negotiate with your landlord to see if they’d be open to charging you less if you pay in advance.
4. Sign an Extended Lease
In most cases, rent goes up every time the lease expires. When you negotiate for an extended lease, you can lock in the current rate for the next 18-24 months, saving money on your rent increase in advance.
However, extended leases don’t just benefit you.
Landlords love responsible tenants who stay for a longer period of time. Not having to look for new tenants doesn’t just mean less stress for them, it’s also cheaper.
You could negotiate lower rent if you sign a longer lease. Discuss this option with your potential landlord.
5. Look for Apartments in March
There is a good time and a bad time of year to rent.
In Chicago the best time of year to rent an apartment is in March.
That’s because your chances of getting a cheaper apartment and saving on rent are higher during early spring.
6. Give Up Your Parking Space
A lot of apartments come with benefits. Whether it’s a storage space or a parking spot, it adds value to your place.
However, if you don’t have a car, that parking space you pay for goes to waste.
An easy way to save money on rent is to give up parking spaces or other extras that you won’t use in exchange for paying less rent.
7. Consider Cheaper Neighborhoods
Choosing the right neighborhood is a tough decision. Where you work or study often limits your options. And of course, living in an area with ample public transportation options and a positive culture can make all the difference.
Central and *chic* neighborhoods may be fun to live in, but they’re not cheap.
If you truly want to save money on rent, you may need to consider living in a cheaper (less popular) neighborhood.
Luckily, with Chicago’s amazing public transportation network, you can reach the Loop from most areas easily.
8. Make the Most Ideal Offer
Wouldn’t it be amazing if you could lower your rent without needing to sacrifice your space or the neighborhood you live in?
What if I told you that there’s an easy way to pay the lowest possible amount of rent and still get your dream home?
Brixbid’s Offer Gauge calculates what the lowest amount rent is for the property you’d like to make an offer on.
Simply enter your offer, and our gauge will tell you how likely the landlord is to accept your offer. If the arrow points between yellow and green, you’re likely paying the lowest rent you can on the property.
This way, you know you’re not overpaying on your rent.
Find Your Dream Home and Negotiate Your Rent on Brixbid
Brixbid is a renter’s best friend.
Browse our listings to find your dream home in Chicago. Schedule a viewing on our platform if you’d like. Or, you can also go ahead and make your offer immediately.
Brixbid will tell you the lowest rent you need to pay, giving you the power to secure your future apartment confidently.
You’ll know you’re paying the best price for your dream apartment. And you’ll save money on rent instantly.
Start your journey to renting intelligently with Brixbid!