Published On: Tue, Oct 27th, 2015

Money Saving Tips for First Time Apartment Renters

First Time Apartment Renter

Renting your first apartment can be both an exciting and slightly stressful experience. Having a place of your own will grant you freedom but many financial responsibilities will be added to your plate as well.

Given the high market rent rates throughout the country, along with expenses like utilities, food, parking fees and a security deposit, many first time apartment renters are searching for a way to cut back on costs so they can avoid struggling financially.

If you feel like you’re ready to get your first apartment, consider some of these money saving tips before you take that leap!

Choose an Affordable Area

The area that you choose to live in can significantly affect your rent. Most of the time, housing in a large city is going to be more expensive than in a small suburb. But apartments closer to shopping malls, tourist attractions, and popular high-traffic areas of a city or suburb are going to cost more. The idea is that people who choose to live near these conveniences are willing to pay more.

Location is very important when you’re trying to get more bang for your buck. Neighboring areas can have completely different market rates for housing. I know in my specific area, apartments are affordable but housing costs drastically increase if you drive 10 or 15 minutes east.

Skip All the Amenities

Apartment complexes that have a gym, pool and clubhouse are nice, but if you’re trying to save money on rent, they may not be the best option. The apartments with the most amenities and luxury features will have higher rent because the tenants are expected to help pay for the extra add-ons.

If you leased an apartment at a complex that has a private gym and a hot tub, you may be paying an extra $100 in rent for luxuries you don’t often use. If you think your car will be fine parked outside your apartment year-’round, then opt out of spending the extra $20 or $30 per month to rent a garage.

It’s nice to have these things nearby but by sticking with a basic apartment that has everything you need and little extras can really help you knock $200+ off your monthly rent. That will help you save $2,400 a year or more.

I saved $4,620 last year by moving to a nice but more basic apartment after I felt like my rent at my fancier apartment was draining my budget. When it comes down to it, you have to ask yourself what you value more and choose an apartment that fits your expectations in value, quality and affordability.

Get a Roommate

Living with a roommate can significantly lighten the financial burden that comes along with renting your own place for the first time. When you split the costs of rent and other bills, you’ll both save some money and you won’t be expected to pay for everything yourself.

If you choose to get a roommate, you’ll have to be okay with sharing your living space. Make sure you pick someone you can get along with and who has similar goals and values as you. Drafting up a brief agreement would be a good idea to lay out ground rules and make sure you and your roommate are on the same page. You’ll also want to make sure that both of your names are on the lease so you’ll both be equally responsible for paying the rent each month and maintaining the apartment.

Lower Your Utilities and Bills

As a renter, your landlord may cover some of the utilities like garbage and water and make a few repairs here and there, but you will likely be responsible for paying your own way as well covering your electricity, internet, gas and so on.

It’s very rare that a landlord will pay your electric bill because this utility can vary a lot based on your usage and it’s usually the most expensive bill you’ll have. Therefore, it’s important to do a quick sweep through the house before you leave for the day to make sure everything is turned off and if you have programmable thermostat, set it to automatically reduce heat or air at certain times during the day or night.

Delay turning your heat on for as long as you can during the fall and do the same with your air conditioning in the spring. Be very conscious of how often you use certain things in your home and try to conserve energy, water usage etc. You can also try going without cable for a while and using more affordable alternatives like Netflix and Hulu.


An easy money saver is switching from cable to Netflix and/or Hulu.
Click To Tweet


Living on your own for the first time is full of financial challenges making it crucial that you prioritize your spending and cut expenses however you can.

How do you save money on housing costs?

Money Saving Tips for First Time Apartment Renters is a post from: Young Finances


Source: Young Finances

Connect!

LaTisha Styles

LaTisha Styles is a motivational speaker, millennial money expert, and spokesperson specializing in simple finance for millennials.
LaTisha is the producer and host of Young Finances TV, a weekly series featuring funny, insightful videos on the basics of personal finance. LaTisha has been quoted in Forbes and Mainstreet, featured in The Economist, and mentioned in US News as a top personal finance expert to follow on Twitter.
You can follow LaTisha on Twitter for daily millennial money tips to budget, invest and achieve success!
Connect!

About the Author

- LaTisha Styles is a motivational speaker, millennial money expert, and spokesperson specializing in simple finance for millennials. LaTisha is the producer and host of Young Finances TV, a weekly series featuring funny, insightful videos on the basics of personal finance. LaTisha has been quoted in Forbes and Mainstreet, featured in The Economist, and mentioned in US News as a top personal finance expert to follow on Twitter. You can follow LaTisha on Twitter for daily millennial money tips to budget, invest and achieve success!

Displaying 1 Comments
Have Your Say
  1. I like how you mentioned getting a roommate to make renting an apartment more affordable. I’m going to be moving out to college in a few months, so I’m starting to look for a place to live. It would be nice to save some money on that, so maybe I could find someone to rent an apartment with.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Videos

Did you know?

African Americans are significantly more likely to have some type of debt (94%) compared with the general population (82%). Credit card debt, student loan debt, and personal loans are all significantly higher in the African American community.

Source: Prudential’s 2013 "African American Financial Experience" study