Written by Bernie Carr
U.S. rent prices are increasing at the highest pace seen in decades and are expected to rise even more this year. I experienced a substantial rent increase last year and I am worried about what it will look like this year. People are already struggling with high inflation, and an increase in rent may be un-affordable for many apartment dwellers.
Let’s look at ways to save money on rent.
How to save money on rent
Move to a lower rent area
Many popular cities have become too expensive. According to FoxNews, renters in the following cities are experiencing high rent increases:
Phoenix, AZ: 7.6%
Las Vegas, NV: 7.0%
Tampa, FL.: 6.9%
Tuscon, AZ.: 6.5%
Albuquerque, N.: 6.2%
Atlanta, GA: 5.9%
Sacramento, CA: 5.8%
Riverside, CA: 5.7%
West Palm Beach, FL: 5.5%
Fort Lauderdale, Fla.: 5.2%
It may sound drastic, but depending on your job and family situation, you may have to consider moving to another state. This family from Las Vegas made the big move to Texas when their rent increased from $1,300 to $1,900. Before moving, make sure you research all possibilities, and make calculations on whether the move will ultimately save you money. If you end up living in a bad neighborhood to save money, you need to be ultra aware of security and keep yourself safe.
Get a roommate or two
If you have an extra bedroom or two, consider getting a couple of roommates. It may not be ideal if you are used to living alone, but it will help save you money. Of course, you’ll need to be careful in choosing your potential roommate.
Share a home with family or friends
You could stay with family or friends (that you know you can get along with) if you can work out a way to share the cost of living.
Opt for a longer lease
Many apartments offer a slightly lower rent for longer leases. You are also able to lock in your rent for a longer period of time instead of having to worry about higher rents in six months.
Senior assistance
I’ve seen ads in senior neighborhoods where the senior resident is looking for assistance with chores and driving. You may be able to find someone who would rent you a room in exchange for care-giving. Of course you’ll need to clearly work out the details and make sure everything is in writing.
Apartment management
Find advertised opportunities to trade your time in exchange for reduced rent. You might do some apartment management tasks or minor repairs, while paying a discounted rate for rent. Check Craigslist or neighborhood Facebook sites for listings.
Pet-sitting or house-sitting
I used to work with a lady who had a pet-sitting service as a side gig. She often got to live in homes for a few weeks while the pet owner left for an extended vacation. More recently, a friend and her husband went on trip to Italy for three months. They were worried about leaving their home empty and could have used the help of a house sitter. If you line up your pet-sitting or house-sitting clients ahead of time, you may be able to avoid paying rent.
Buy a home
If you have the means and ability to come up with a downpayment, consider buying a home instead of renting. According to FoxNews, homeowners are better able to manage high inflation. And, as interest rates are expected to rise, it may be a good idea to buy sooner rather than later. You can save money on mortgage by renting out a room.
Become a nomad
With remote work being more common, the possibility of living as a nomad is more feasible. Some people travel domestically or move to lower cost countries and travel every few months. Of course this would depend on your lifestyle and job situation. If you decide to go to international destinations, always check U.S. State Department website for travel advisories and thoroughly research the areas before making your move.
Saving money on rent could require sacrifices and creativity. If you have found a way to save money on rent, please share in the comments.
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Bernie Carr is the founder of Apartment Prepper. She has written several books including the best-selling Prepper’s Pocket Guide, Jake and Miller’s Big Adventure, The Penny-Pinching Prepper and How to Prepare for Most Emergencies on a $50 a Month Budget. Bernie’s latest e-book, FRUGAL DIY has just been released on Amazon. Her work appears in sites such as the Allstate Blog and Clark.com, as well as print magazines such as Backwoods Survival Guide and Prepper Survival Guide. She has been featured in national publications such as Fox Business and Popular Mechanics. Learn more about Bernie here.
