You can really learn how to save money for an apartment, thanks to the very awesome ways and tips in this comprehensive, yet helpful, article!
Whether it is your first apartment or many in a long line of apartments, moving is always an exciting adventure.
The excitement lies in the possibility of a new city, a new location, different things to do, a variety of new people to meet, and just an all-around exciting experience.
On the other side of the coin, apartment hunting can be a tedious experience, and finding the right apartment to match your budget can be a challenge.
First, this company has paid $25+ million to members:
In addition to finding the right location that is fairly central to your interests and activities, another significant factor is the needed money that is required to rent an apartment.
This is often because in addition to paying the first month’s rent is the possibility of also needing a security deposit as well as paying the last month’s rent.
As we go apartment hunting let us find ways how we can save money for an apartment and also help minimize our expenses once we’ve moved in.
26 Easy Ways & Tips to Help You Save Money for an Apartment
1. Know All About Renting an Apartment
There are many reasons why an individual would be hunting for an apartment.
Perhaps they will be leaving home and attending school, moving to a new location to take on a new job, finding a new apartment because the current rent is too high, etc.
When apartment hunting it is best to utilize all of the possible resources available.
This includes utilizing the power of the Internet as well as print media to see what apartments might be advertised in the local newspaper.
2. Know About the Rent
Any discussion about moving into a new apartment must also include potential increases as it relates to other expenditures.
Some of those increases could be the cost of utilities if the new apartment has to air-condition or is of larger square footage, any additional fees associated with the use of any amenities on the apartment complex grounds, added fees if you want a specific parking space, or a garage, etc.
If moving to a different city, you must do a cost-of-living comparison to your current city with your destination city. A cost of living calculator can be found at https://www.bestplaces.net/cost-of-living/.
Added to the expense side of locating a new apartment is the reality that many apartments require additional money.
Often when moving into a new apartment a security or cleaning deposit is required.
The amount will vary but may average around $200.
A security deposit is generally assessed by the apartment manager to cover any cleaning costs if the apartment is not cleaned by the vacating tenant as well as covering any expenses related to repair issues within the apartment.
4. Last Month’s Rent
The other upfront fee that may be required by the apartment manager is the last month’s rent.
This is to ensure that the tenant fulfills the terms of any leases that have been signed and that the apartment complex gets its last month’s rent if the renter does not completely fulfill the terms of the lease.
When endeavoring to save money for an apartment, it is important to have goals in mind.
Those goals of renting an apartment should include the various features of the new apartment that you are wishing to rent.
Some of those features could include:
- Square footage of the apartment
- Number of apartments in the complex
- Washer and dryer
- Fitness center
The more features that your new apartment has will equate to a greater monthly rental payment.
To save money for an apartment you may wish to look at the features that you are wanting to enjoy and potentially cut back on some of the other amenities.
6. Get a Roommate
A way to save money for an apartment is to have someone share the expenses.
This can be accomplished by having a roommate.
If this course of action is decided upon it is important to make sure that the individuals are compatible, have an understanding of sharing an apartment, and whether both names will be on the lease or just one name.
If only one name is on the lease it is important to understand that is the person that is legally bound to fulfill the terms of that lease.
7. New Lease
Another way to save money on an apartment is when the current lease is up and a new lease is to be entered into, work with the landlord about cutting back on the rent or at least leaving the monthly rent the same.
You can argue that your rental payments were always on time, you were a good tenant, and that you desire to stay in the apartment if the rent will remain the same.
The apartment management may consider this option as they would be losing rent for a period once you leave until a new tenant is found.
As with all things financial, it is important to have a budget.
When saving money for an apartment it is important to know what you have to work with financially.
Your budget should include on the income side a listing of all of your income and on the expense side all of the expenses that you are obligated to pay.
This will give you a clear picture of what you can afford and what the parameters of your rent will be to balance your budget.
9. Location Location Location
Another important aspect of saving money for an apartment is to consider location.
If the apartment that you’re looking at is closer to shopping centers or other high traffic areas the possibility of your rent being higher because of the apartment proximity to these areas may be a reality.
To save money for an apartment it is best to analyze how far from these areas of popularity you need to be to take advantage of lower rents.
10. Long Term
The longer that you can commit to a lease the greater will be your rental discount.
Tenants who sign a longer lease will save apartment managers more money in the long run because there will not be the potential of frequent vacancies of the apartment.
11. Use Rental Locator
Sometimes, the rental market is very competitive and as such there may be available incentives.
Sometimes an apartment locator will give an individual a gift card if they rent an apartment through their website service or mention the apartment locator as a referral.
If an individual can get a gift card that may equate to cash as the gift card can be used for a variety of items that may help supplement your budget.
Therefore, access a number of these apartment locator sites to see if any such incentives are being offered.
12. Public Transportation
Another way to save money for an apartment is by renting an apartment that is close to a public transportation route.
Once you have moved in, taking advantage of the public transportation system will save an individual from having to use their vehicle which will cut down on related expenses such as gasoline, maintenance, etc.
Another measure that an individual can take when saving money for an apartment is to make sure that they have found the right place and they don’t need to subsequently move sooner than they had planned.
To accomplish this, an individual can search on a variety of websites to determine whether the apartment has a good review by current or previous tenants.
This is available on such sites as Apartment.com or by researching on the Internet and putting in the location to see what might be returned as far as any reviews.
Other interesting Money Saving articles to consider reading:
- Why Can’t I Save Money – Tips to Help
- How to Save Money When You Are Broke
- Guide to Saving Money at the Laundromat
- Guide to Saving Money on Toilet Paper
- Guide to Saving Money Without a Bank Account
- Guide to Saving Money Fast on a Low Income
If you have to rent an unfurnished apartment then that presents a need to purchase furniture and bundles into your need to save money.
There are many options that you can take advantage of in regards to buying furniture.
The first is to rent furniture which will cost you a monthly amount of money.
In the long run, renting furniture will cost you more than just actually purchasing the furniture outright.
Again, this company has paid $25+ million to members:
This is an option though if you do not have the immediate financial resources to purchase the needed items.
Also, you can search sites such as Craigslist or classified ads to see what furniture might be advertised as being on sale.
Also, you could purchase furniture and use a buy now and pay later option such as going with www.Splitit.com.
Another option could be shopping at a local thrift shop that has more high-end items for sale that have been donated by individuals.
When looking for an apartment and wishing to save money, it is important not to purchase what you will not be using.
Therefore, if for example, an apartment offers the use of a racquetball court and you don’t play racquetball then it would be counterproductive to have built-in your rent that amenity when you will not be using it.
16. Avoid Locator Services
Some individuals choose to go through an apartment locator company to find an apartment.
If you have the financial resources and don’t have the time this may be a good fit for you.
It is important to remember that a locator service will charge you a fee for conducting this research when in fact it can be done simply by using other resources.
Having said that though it may be indicated if you are moving from out of town.
Then utilizing an apartment locator service may be indicated.
If renting an apartment, a way to save money might be to barter.
If you have a skill or talent that may be useful to the apartment complex you could utilize that skill or talent to offset any rent for the month.
Also, if the apartment has a specific flaw or the apartment complex is having trouble renting that apartment then you could barter with the management and negotiate a lower rental price.
18. Cash Cards
If say, for example, you have recently graduated and have taken a job in another city and are looking to rent an apartment.
Rather than have individuals buy you a gift for your graduation ask for cash or cash cards to help offset the cost of your initial rent as you move to your new employment position.
19. Move Yourself
Part of the expense in moving into an apartment is the moving of your personal belongings.
Rather than hire a professional moving company gather a few friends and hopefully one has a truck and make the move that way if it is in the same city.
It is better to spring for pizza and beverages rather than spend the money on a moving company.
In saving money for an apartment, it is significant to utilize a critical eye as it relates to your budget and specifically on the expense side of the ledger.
It is important to remove from the budget any items that you no longer need or that can be cut back or even eliminated.
Potential expenses that can be removed can include streaming video services, cable, cutting back on cellular service, etc.
21. Extra Income
Another way to save money for an apartment is to earn additional income.
This can be accomplished by taking on some side jobs that can bring in some additional revenue.
22. Garage Sale
Another great way to save money for an apartment and lessen items that you will be transporting to your new apartment is by having a garage sale.
On a weekend the garage sale can be conducted and the money that is earned from the selling of items that you don’t need can go towards the apartment lease.
This is not only a great way to earn extra money but also to lessen the items that you be taking to your new apartment.
You might also be able to save money for an apartment if you can rent out a facility that may have certain utilities provided.
The savings would come if you are currently paying for that utility and are reflected in your budget.
Another important homework activity that should be done when apartment hunting is to determine what the neighborhood is like as it relates to crime.
If you locate in a high crime area this may affect you financially due to potential high insurance costs.
A website that is good and provides real-time information regarding crime in any particular area can be found at https://www.moving.com/tips/how-safe-is-your-new-neighborhood-8-ways-to-find-out/.
25. Credit Score
One of the financial background checks that rental apartments perform on their potential clients is to look at their credit score.
To save money on an apartment rental you must have a credit score of 650 or above to rent.
It is important to work on your credit score and endeavor to achieve that level or above to rent and save money on an apartment.
Another option to save money for an apartment is to go apartment hunting during specific times of the year.
Fall is typically a high apartment hunting season that might begin in mid-summer.
A good time for apartment hunting may be in the winter or spring months.
It may all depend upon the community that you live in and what seems to be the ebb and flow of apartment vacancies.
One of the bigger challenges in moving and trying to find a new apartment is when it involves moving from one state to another state.
The difficulty lies in that you are not aware of the different areas of the city and state that you are moving to.
Also, there is a vast difference in actually walking around in an apartment and the complex versus depending upon pictures.
This happened for us in our move from Texas to California and so we had to rely on an apartment locator.
Fortunately, the apartment listings had posted several pictures of the complex and apartment.
In addition, you had the opportunity to do a 360° look around through a well-produced video.
The other “sticker shock” was the cost of living between the two states and so it involved financial crunching as to what could be afforded.
Saving Money to Buy an Apartment FAQs
What is the Average Rent for a Two-bedroom Apartment?
Of course, the rent can vary from state to state and specific location.
In 2020 the average rent in America was $1098 and in 2021 the average rent jumped to $1124.
What is the Estimate of Families Who Rent in America?
In a report updated in October 2021 it was reported that 36% of American households were renters.
That percentage reflects 44.1 million households renting their homes.
That report can be found here.
You Can Do It
The rule of thumb, as it relates to your budget is that no more than 30% of your income should be devoted to paying rent or a mortgage.
By incorporating these tips and more you can help to save money on an apartment lease and continue those savings.
Apartment living can be expensive.
It can be expensive in obtaining an apartment and it can be expensive while living in an apartment.
Saving money through the above tips and more can not only help you get established in that apartment of your choice but help you to stay within your ongoing monthly budget limitations.
Not only can your apartment be home sweet home, but it can be sweet on your finances as well.
Again, this company has paid $25+ million to members: