Saving Money On Rent After College

After college, managing your finances can be difficult. Among your expenses, your rent is probably the highest on the list. Finding an affordable place to stay while trying to save money is complicated. To make it easier, we’ve listed a few ways you can save money without having to cut other important expenses.

Get a Roommate

For many recent graduates, a roommate is the best way to cut costs on rent. Finding one will not only cut your rent expenses in half but may also be a great way of dividing up the daily tasks such as cleaning and grocery shopping. You may be able to ask your friends or perhaps find a reliable person who is in a similar situation as you. 

Search During the Winter Season

During the winter months, people are generally less likely to be looking to rent an apartment. The summer is usually the most popular season when it comes to apartment rentals. Since fewer people are looking for an apartment, you may be able to find a better deal in an ideal location. 

Because the winter season is such a slow time for renting, you’ll usually be able to get a good price on an apartment from your landlord. They’ll be more willing to negotiate in order to fill in a vacancy. 

Negotiate With Your Landlord

Some landlords may be able to lower your monthly rent slightly if they are having a hard time filling a vacancy. Although this doesn’t always work, some landlords do agree to provide certain discounts for things included in the rental agreement. 

Remember, landlords have expenses as well, which include things like maintenance, repair, taxes, and multi-family home insurance.  Nevertheless, they may be able to cut your costs by removing fees like the security deposit or application fee. 

Find an Older Rental

Although you may want a brand new rental, if you’re trying to cut costs, renting an older one may be a better route. Newer rentals usually cost significantly more money than other older ones and are typically sought after. By renting an older one, you’ll save a lot of money. To make things nicer, you can still replace older furniture and set the decor to your liking.

Compare Rents

There may be multiple locations in your desired area which are available for rent. By comparing rental costs and your favorite apartments, you can narrow your search down to the best possible choice. Look at what each neighborhood has to offer and consider your distance from work as well as travel costs.

Start Saving Today

We understand how hard it can be to cut costs and manage your finances when starting your first job. Recent college grads always seem to have difficulties during their first years out of school. We hope these tips can come in handy when trying to find a new residence. Following our advice as well as keeping a record of your expenses and savings will go a long way in the long run. 

Alex Hamilton