If you are a student, unless you have an endless supply of funds you can constantly dip into, you are probably always looking for ways to save money.
Living on your own has some great benefits, but when money seems tight, you shouldn’t be spending a lot of cash on rent. Here are a few ways you can try to save money on your rent.
10 Ways to Save Money on Rent
1. Move Into A Smaller Room
If you live in a shared rental, ask your housemates if you could have the smaller room. In most cases, the amount of rent you pay depends on how big your room is.
However, while this may not be the case in every shared rental, it’s a great way to save money if you are fine with having a smaller living area.
2. Negotiate When It’s Time To Renew Your Lease
All landlords want to keep good tenants. This is because it costs them money to look for a new tenant.
Look into the prices of similar rental properties in your neighbourhood and come up with your preferred price. If the landlord doesn’t budge, tell them you’ll look elsewhere.
If you’ve been a good tenant, they will be willing to lower your rent to encourage you to stay.
3. Sign A Longer Lease
Another thing most landlords want is stability. They prefer if you can stay on their property for a year and a half or more instead of just a few months.
The longer your lease period, the more the landlord would be willing to lower your rent.
4. Consider Renting An Unfurnished Or Semi-Furnished Property
While a furnished apartment may come with all the furniture a student would need to live comfortably, they would need to pay a higher rent.
To save money, renting an unfurnished or semi-furnished property is best. You can buy essential furniture like wardrobes and beds and furnish the rest of your rental property with secondhand furniture.
You’ll only live in your student accommodation for a few years, so why splurge on brand-new furniture?
5. Pay Upfront
If you can pay your entire lease or a few months upfront, your landlord may be willing to offer you a lower rent. However, you should only consider this option if you have enough savings.
You wouldn’t want to rack up your credit card debt just to save a small amount on rent.
6. Commute To Class
Generally, the closer your student accommodation is to campus, the more expensive it will be. If you do not need to live within walking distance from your school, you can always choose a neighbourhood that is further away, where rent is cheaper.
However, before settling on an option, ensure that the neighbourhood is safe to live in with public transportation you can use to go to campus.
7. Live With Multiple Housemates
Living with housemates is the most common way for students to save money on rent. When you’re living with other people, your rent doesn’t just cover your room; it includes the shared spaces such as the bathrooms and kitchen.
Therefore, you will pay less when you live with more people (and more people are sharing those facilities).
Moreover, you can share the costs of your internet and streaming subscriptions with your housemates as well. The more people using it, the cheaper it’ll be per person.
8. Do A Thorough House Inspection
There is no harm in asking for a lower rental fee as long as you don’t ask for a huge reduction. The worst that can happen is the landlord saying “no”.
When you’re viewing the property, look out for anything that might be useful during negotiations.
Problems such as electrical issues, structural damage, mould and more are signs telling you to live elsewhere. However, minor faults can be used to your advantage.
For example, you find stains on the carpet or a small dent in one of the doors. While they may not affect your daily life, there are other properties that will not have such issues.
As long as you’re not asking for a huge reduction, they may consider your offer.
9. Save On Utilities
Utility bills are flexible, unlike your monthly rent. For the first month, you can monitor how much is spent on your utility bills.
Then, in the following months, you can come up with a strategy to save money on your electricity, water and gas bills.
For example, you can save electricity by unplugging your electrical appliances, such as your air conditioner, refrigerator, washing machine and television, when you are not using them.
Or, if you find your air conditioner is more of a luxury than a need, you can request the landlord remove it for a discount on rent.
10. Don’t Rush Into Signing The Tenancy Agreement
Landlords and estate agents love nothing more than a desperate buyer. The earlier you start looking for a property, the more power you have.
This is because if you know you still have some time before you need to sign the tenancy agreement, you can afford to haggle or be a bit fussier about what you’re after.
However, you have less bargaining power if you’re fast approaching your deadline. Landlords will know you’re desperate and are unlikely to lower your rent.
Similarly, if estate agents sense that you urgently need a place, there’s a chance that they’ll take you to view some of the more overpriced properties that they’ve had trouble renting out.
Start searching for your accommodation early, and even if you are running out of time, don’t show that you are desperate.
Living on your own is expensive but exciting, and you should enjoy it. Review your monthly budget before you make a financial commitment, and take time to view a few properties.
You’ll be surprised at the amount you will save.
Seamless Renting with Rumah-i
If it’s your first time moving out and you’re looking for a place to rent, Rumah-i can help! A trusted rental services company in Malaysia, we make renting easier for tenants with our Home Renting App, available on Google Play or the App Store.
Or, if you are a landlord and have a hard time looking for tenants, our comprehensive property management package can help.