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Tips for Saving on Your Next Apartment

October 16, 2022
Apartment hunting on a budget? Learn how to find great deals on your next apartment with these tips

With rent prices rising across the country, finding great deals on apartments has become increasingly difficult. Fortunately, there are still ways to find cheaper apartments for rent and lower your monthly rent payments. It's not as simple as finding an apartment listing with a low price, so you'll have to get creative!

Here are 10 of our favorite tips for saving on your next apartment.

1. Find a Roommate

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The best way to be able to afford a place is to get more people in it. You're much more likely to find an apartment in your budget if you can split the rent with a roommate.

Not to mention, you'll also save by splitting things like utility bills and furniture. If you don't know of any suitable candidates to move in with, use these tips on how to find a roommate.

Seasonality affects the rental market and you can save a lot of money if are able to time your move properly. In general, the popular moving season for apartment renters begins in March and peaks in August. Demand for apartments is lowest in the winter, so this is when you'll find the best deals on cheap apartments.

Seasonality can also focus around annual events. For example, areas that are close to colleges and universities tend to experience the highest turnover of renters between semesters, especially during the summer.

If you time the rental market right, you'll find yourself in a much better position for finding deals or negotiating rent with your landlord.

3. Search for Rent Specials

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New apartment properties often offer rent specials to attract new renters. A free month of rent or discounted security deposit are common move-in specials. Some offer additional perks too, like parking spaces and full gyms.

These types of offers have become more and more common. Check out our guide on how to find move-in specials to land a great deal on an apartment.

4. Look Into Middle-Floor Units

Rent prices tend to be higher for units that are either on the lower or higher levels of the building. If you're willing to have a less-than-perfect view and take the stairs/elevator instead of coming in straight off the street, you could save yourself big bucks. Most renters don't love the idea of having people both above and below you, so capitalize on this!

5. Jump on a Great Deal

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Did you know that rent prices change daily? If you find a place you love and the price works for you, act quickly. Let the leasing agent know you're serious and fill out your application right on the spot! That amazing deal you found might be gone tomorrow. If the apartment checks all of your boxes, don't hesitate to get a lease signed!

6. Negotiate on a Fixer-Upper

Consider committing to a cheap apartment that's under budget, and make improvements yourself if the landlord won’t cover it. In some situations, the landlord might negotiate rent for you to fix up the place on your own. Your fixes could cost less in the long run than renting a more expensive apartment.

These types of units are harder to find. Apartments in a large complex won't have these types of offers, but your local craigslist housing listings, Facebook groups or Nextdoor might have some.

7. Choose Your Amenities Wisely

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Most renters prefer having in-unit laundry and living in a nicely upgraded apartment. However, finding that large complex with luxury amenities will lead to higher monthly rent prices. You could get a pretty large reduction in your rent costs by opting for a property with fewer amenities.

8. Think about Living Out of the City

In many cases, opting to rent in a city's suburbs, rather than the city itself, can result in lower rent rates, without giving up proximity to the city.

For example, the median rental rate for a two-bedroom apartment in San Francisco sits at $2,410. A two-bedroom apartment in Oakland, a large San Francisco suburb, is a much lower $1,920. It may add to a longer commute but will help out your budget.

If you have a full-time remote job or are in a hybrid situation, searching for apartments outside of a major city will result in better deals.

9. Lock in a Longer-Term Lease

A typical apartment lease is 12-months. In most cases, short-term leases will be more expensive than 12-months. Month-to-month leases will be the most expensive. However, some apartment properties offer leases longer than 12-months. If it's an option, a 14 or 16-month lease will provide you with a lower rate than a 12-month lease.

If you love the apartment and know you'll be staying long-term, don't be afraid to ask for the longest lease length possible to get a reduction in the monthly rent.

10. Join a Local Facebook Housing Groups

If you live in a large city, chances are you can find a local Facebook housing group. In these groups, you'll find tons of opportunities to find a deal on your next home. Outside of typical apartment listings, you'll find posts like renters looking for roommates, individual rooms for rent in a larger unit, etc. Checking out these types of groups will lead you to those harder-to-find deals.

Final Thoughts

Although you'll have to put in some extra work when you are on a budget, there are plenty of unique ways to save on your next apartment! Ready to go hunting for deals? Sign up for Apartment List today to get started!

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Susan Finch
AUTHOR
Susan is an accomplished freelance writer whose passion for rental real estate, travel, and digital marketing has been the driving force behind her nearly 15-year career. Throughout her professional journey, Susan has become a seasoned veteran in creating compelling and informative content focused on the tenant/landlord relationship. Read More
Tristian Brown
SENIOR CONTENT ASSOCIATE
Tristian Brown is a Senior Content Marketing Associate at Apartment List, where he manages high-quality content that helps modern renters find the perfect home. He brings an immense wealth of knowledge to the team, having earned a Bachelor of Arts in Marketing and European Management from the University of San Diego and EM Strasbourg Business School. Read More

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