22 Ways To Save Money On Renting








Living away from home is one of the best parts of Uni, but it comes at a price - literally! Ease the burden by checking our most important tips to save money on rent.


Rent is by far the largest expense per student. In fact, the National Survey of Student Funds found that it represented more than 50% of the student's monthly spending.


Worse, there are no coupon codes or deals when it comes to housing, which makes saving money when renting more difficult. But do not lose confidence - we've used our expertise to save money to come up with a whole range of ways to get affordable real estate!


Avoid real estate agents (and their fees)


1. The government announced again in 2016 that it will prohibit rental fees, which are scheduled to be implemented later this year.


In the meantime, you will be thrilled to learn that you can avoid paying fees by evading real estate agents. Private properties are still quite legitimate, and there are even websites that help to formalize the entire process, such as OpenRent.


The properties allowed through OpenRent never charge any charge. Yes, I read it correctly - you will not pay £ 200 to a real estate agent to print the contract.


These types of companies cut the middle man and leave you and the owner to deal with each other directly, all with a safe and secure service that ensures you do not miss the additional layer of protection provided by real estate agent.


Apart from saving money on agency fees, there is also a good chance to reduce your monthly rent as well.


After all, if the landlord does not have to pay the agent to manage the property, you can use this to negotiate the rent (assuming that this does not actually decrease in any case!).


2. Live with multiple colleagues


When you live with other people, your rent does not only cover your use of the room - it represents the fact that you will use the bathroom and kitchen as well as common living spaces.


So, it just makes sense that when you live with a larger number of people (and more people are sharing those facilities), your share of rent decreases. As a result, the characteristics of three beds are usually cheaper per person than two beds.


But living with more people will not save you money for rent. Some bills, including broadband Internet and streaming subscriptions, will be fixed charges - so the more people they use, the cheaper it will be for a person.


Think about how many people you're comfortable with, whether you want to live with a large group of friends or not. If you think you can deal with a family of four or five or even six people, you may have some cash!


Reduce rent during the summer


If you and your fellow residents intend to return home during the summer, it is worth knowing if you can do something to reduce your rent during this time.


Some (but unfortunately not all) will agree to the landlords to let you pay half rent during the summer months, which is definitely something not worth to drive. They are not likely to suggest it themselves, so you have to be the one asking - but hey, if you do not ask, you will not get it.


Instead, if you think you've got a gift, you can even try a shorter lease.


Property owners are often very keen to get tenants for a 12-month contract (especially in student-dominated areas, because that means they can align their rental cycle when students move), but can actually help them to let you end your contract. Rent in May or June.


When a vacant property becomes more likely to break. So from the owner's point of view, it is best to allow you to terminate your lease so that they can at least, for example, fill out the property with guests from Airbnb.


Try to put this argument on them, and who knows - may turn to the way you think!


Write down any flaws


When you review the property, watch anything wrong. Serious problems (electrical problems, structural damage, humidity, etc.) are big red flags that tell you to live elsewhere, but more subtle errors can actually be used to your advantage.


Say there are some stains on the carpet or emitted in one of the doors. Realistically speaking, you are likely to live with these flaws and forget that they exist, but there are plenty of homes that will not encounter any such problem.


Tell your landlord or real estate agent that you noticed these issues, and when it comes to sealing the deal, explain that this is why you bid less than the asking price.


As long as you do not ask for a big discount or complain about dust stains, you should consider your offer.


REFERENCES


Aggarwal, B. B.; Sundaram, C.; Malani, N.; Ichikawa, H. (2007). 22 Ways To Save Money On Renting. 595. pp. 1–75. doi:10.1007/978-0-387-46401-5_1. ISBN 978-0-387-46400-8. PMID 17569205.


Sumner, Judith (2000). 22 Ways To Save Money On Renting Press. p. 17. ISBN 978-0-88192-483-1.


Capasso, L. (December 1998). "22 Ways To Save Money On Renting. 352 (9143): 1864. doi:10.1016/S0140-6736(05)79939-6. PMID 9851424.

Comments