How Renters Can Save Money

Managing your finances can be a difficult task. Ideally, you should not spend more than 30% of your income on rent, but when you live on a tight budget in an expensive part of the city, this can be easier said than done. Are you wondering how to shell out a significant portion of your income while keeping your finances in good standing? If so, then have no fear. Here, Contemporary Management Concepts, LLLP discusses the best ways you can effectively save money while renting an apartment in Florida.

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Choose Your Location Wisely

Some of the most important factors of choosing an apartment are the location of the property, the location of your job or school, a manageable daily route time, and how far the apartment is from nearby public transport. If you are trying to save money, consider renting an apartment located outside of the perimeter of the city's center. The closer to the city's busiest and most popular areas of town the apartment, the higher the likelihood it'll cost more to rent. Plus, if you have a bus stop, subway station, metro stop, or another form of public transportation nearby your new apartment, getting around won't be too much of a hassle.

Contemplate A Long-Term Contract

In some cases, prospective renters may be able to negotiate the duration of their rental contract with their property manager. If this is available to you, you might be able to negotiate a longer rental term for a reduced overall cost of rent. There are several reasons why a property manager might offer an incentive to renters looking for long-term rental options. By having a consistent tenant, property managers can spend less money and time trying to fill a housing unit, while also building a positive relationship with the tenant. In most cases, a 2-year lease can be the cheapest option if available, while renting month-to-month is the most expensive.

Consider Your Security Deposit

No matter where you live, you should always act as a responsible tenant and abide by all the requirements specified in your rental agreement. Maintaining your apartment in great condition, cleaning and preserving any fixtures, furniture, and appliances, and leaving the apartment in its original condition can go a long way in terms of cultivating a positive relationship with your property manager, but so too can it help ensure you get your full security deposit once you vacate the apartment. Most property managers require renters to submit a security deposit before they move in to assure the apartment will be vacated in the same condition it was rented. The only way to get your security deposit back is to follow each of the requirements outlined by your property manager.

Commit To Paying Rent On Time

Paying rent is a monthly requirement of any renter, and submitting payments on time is a sure way to avoid late fees. Paying your rent on time each month can not only help you establish and protect your credit, but it can also save you money and frustration with your property manager. In some cases, late payments for your apartment can even affect your credit score, making it difficult to find a new apartment in the future. What's more, property managers may not see tenants who are consistently late on their monthly payments as valuable or reliable, which might affect renewal options. Create a budget of your income and expenses, setting aside the money you need each month to stay on top of your monthly rent payments.

Cohabitate With Roommates

One of the easiest ways to save money while renting is to get yourself a roommate. While roommates can offer a lot of benefits, one of the most important advantages of having one or more roommates is the reduced cost of rent. Typically, the more roommates you have in your apartment, the lower your monthly rent. However, some properties may only allow a certain number of people to reside in each apartment, so be sure to check with your property manager before searching for prospective roommates to split the bill with. Additionally, your property manager may require each person living in the apartment to pass a credit check and sign the rental contract, so it's important to ensure you have a good idea of the requirements.