Cities can be attractive places to live because they are full of opportunity. One of the biggest downsides of living in a city is that they’re often very expensive. Very few can afford the upfront costs of home ownership, which typically means renting somewhere. However, renting can be just expensive (if not more expensive) in the long run. Fortunately, there are ways to reduce the cost so that living in a city is achievable. Below are just a few tips for saving money while renting property in a city.
Share the rent with other people
When you live alone, the entire cost of renting somewhere falls upon you. When you live with other people, you have the option of splitting bills. This could include sharing with a partner or family member, or it could involve sharing with strangers. House shares typically involve renting a bedroom in a house and can be a great way to afford more space. While you only get one room to use privately, you may have great living space including outdoor space. It’s a good option for single childless occupants who can’t afford to rent a house on their own.
Choose the right location
Rent prices can vary across a city. Different areas may be less sought after and therefore cheaper (check out this map of rent prices in London). Sometimes being prepared to make sacrifices can result in cheaper rent. For example, less central properties are typically cheaper, as are properties in noisier areas or those with less amenities on the doorstep. Certain location sacrifices may not always be worth making in exchange for cheaper rent. For example, while areas with a higher crime rate are cheaper, you should weigh up the importance of security and safety.
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Consider energy-efficiency
In some rental contracts, energy bills are paid for. However, in most cases, the tenants have to pay energy bills themselves. In these cases, it’s worth considering the energy-efficiency of a property before moving in. Modern properties are typically more energy-efficient. Some may even include smart technology to save energy such as these apartments in Latham, NY. Be wary of large properties with visibly old heating and electrics.
Weigh up the benefits of furnished vs unfurnished
Some rental homes come already furnished. If you’re moving out for the first time, this could save you money shopping for furniture and appliances. That said, rent for these furnished homes can be slightly higher than non-furnished homes on average. If you’re already able to acquire cheap furniture, you may be better off looking for unfurnished homes.
Negotiate your rent
Before signing any rental agreements, it’s always worth asking if there is any room for negotiating the rent. Even a small discount of £20 per month will save you something. Most landlords are willing to drop the price slightly. You may also be able to negotiate rent prices further at a later date – particularly if you’ve been a good tenant.
Read the contract carefully
Some rental agreement contracts are full of hidden costs. This could include early termination fees and even maintenance fees. A landlord cannot throw in hidden costs if they’ve not been outlined in the contract. Take the time to read your tenancy agreement to check that there are no hidden fees.
Take advantage of tax deductions
If you’re self-employed or freelance and you work from home, you may be able to deduct some of your rent and energy bills from your tax bill. This is particularly the case if you have a room designated as an office. There may also be cases where tenants are exempt from council tax as a result of disabilities or carer status. These are all things to look into to potentially save you some money.