7 Ways to Save on Rent

Save on rent

  1. Be a professional house sitter

Yep, this really is a thing! If you’re keen on living alone but don’t want to have to cough up all the cash for the rent, why not consider house sitting?

  • There are plenty of reputable house sitting websites you can register with. Check out sites like Aussie House Sitters or Mind a Home.
  • Once you’ve signed up, you can house-hop and not have to pay rent for months at a time!
  • You might also have to do some pet sitting and perhaps some household maintenance – but it’s an excellent way to live rent-free and save loads of cash.
  • House sitting is also a fun and free way to experience living in a variety of different places.
  1. Rent a studio

If you’re living on your own, you don’t need a load of space. Why not consider down-sizing both your living space and rent bill, and renting a studio instead?

  • Studio apartments generally have a kitchen, lounge room and bedroom in a single room.
  • Whilst some studios may suit a couple, they’re generally perfectly designed for single people.
  • The great thing about studios is that they’re a lot cheaper to rent than a one bedroom apartment. When it’s just you, you often don’t need separate bedroom and living rooms. It’s a bit like living in a hotel, and being on holiday all the time!
  • Studios are often located in central areas which means you get to live in a trendy location without paying the hefty rent that usually goes along with it.
  1. Commit to a longer lease

When trying to secure a perfect new home, a lot of people don’t realise how much you can negotiate with the Property Manager.

  • Found the perfect place, one you can see yourself happily living in for quite a while? Why not offer to sign a longer lease – say 2 years – in return for a slight reduction in the rent?
  • This is a win-win for you and the landlord – you save cash on the rent, and the landlord has the security a long-term tenant. They’ll likely be tempted to knock $10 a week off the rent for that peace of mind!
  1. Wait it out

Depending on where you live, there’s different times of year when rents tend to increase and a good place becomes harder to find – and trickier to secure – due to increased demand.

  • For example, in areas around universities the beginning of the year – from January through to March – is a hectic time in the rental market as students starting uni relocate.
  • If you can wait a while, you’ll have much more to choose from and save yourself some cash on the rent if you pick a quieter time of the year to look for your new home.
  • This will give you a lot more bargaining power, as you won’t be competing against as many other potential tenants.
  1. Live further out

Sure, it’s fun to be in the middle of the action, but it comes at a price – higher rent!

  • Consider your lifestyle, travel habits and social life, and try to choose a cost effective suburb that works for all aspects of your life.
  • How close to the city do you really need to live? Generally speaking, the further away from the city centre you get, the cheaper the rent will be – you could save yourself a small fortune by moving to another part of town.
  • Many areas are transforming fast nowadays, with formerly undesirable areas becoming hipster havens full of funky studios, cafes and fun, complete with affordable rent.
  • You could be surprised to find great value and a fun vibe in suburbs you hadn’t previously considered.
  1. Take advantage of free building perks

Looking at apartment buildings? Don’t forget to factor in all the features and opportunities they might offer as potential money savers.

  • If a car space is included with a home, you could be saving cash on parking permits and fees.
  • A place that’s located close to a discount supermarket could save you heaps on your weekly grocery bill.
  • You could save cash on a gym membership by finding a studio or apartment that has a gym in the building. Not only will you save cash, you’re likely to get fitter and use it more if it’s right where you live!
  • Save money on venue hire and expensive bar bills by scoring a place in a building with a rooftop terrace or party area.
  1. Compromise

Do you really need to live in a fancy place with all the modern trimmings? You could save heaps on your weekly rent by forgoing a few of the luxuries that come with renting a modern home.

  • If you can live without mod cons like a dishwasher and modern bathroom, older places are not only usually much cheaper, they can be quite charming!
  • Vintage is all the rage anyhow! By opting for a place with a retro kitchen and bathroom, or without features such as built in wardrobes, you could save a small fortune in rent.

For fast flexible rental bonds contact your local City Finance office today.