Are you a renter? There are so many of them in the housing market now, and all of them have to bear ever increasing rental amounts. How much of your monthly income goes towards your rent? A survey claims that this amount should not be more than 33% of your paycheck; only then will you be able to afford the rent, otherwise you will be financially burdened. The problem is that most renters do not pay much heed to this and spend a significant portion of their income on rent. The sad fact is they cannot help it because rents are being increased drastically.
If buying a home is out of reach right now, make sure the money you’re spending on rent is worth it. And you should ensure that you are paying the lowest possible amounts. We talked to a couple of experts from the industry, and here is what they had to advise:
Negotiate your lease
Negotiation may not always help, but you should still turn to it for help. Talk to your landlord, and they may decrease your rent if you make your lease longer. Even if that does not happen, you may still be provided with some other incentives. Or you could just ask your landlord that if you take care of some of the landscaping and maintenance issues yourself, will they lower your rent.
There are many landlords who might provide you a discount if you help them in filling up their vacant units. Promote their rental units on their behalf and ask people in your social circle. Help your landlord or property managers save in advertising and they will gladly offer you reduced rental amounts.
Rent a place where bills are not your responsibility
There are a lot of landlords, especially in the multifamily industry who just charge you rent or an association fee and all additional bills are included like electric, gas and water. At times, water, gas and electricity bills can accumulate to significant amounts, and it does decrease your expenses if you do not have to include them in your rental budget any more.
Be energy efficient
If you still have to pay your bills, install some energy efficient lighting systems and appliances. Or ask your landlord to replace the existing appliances in exchange for paying the higher rent.