How to save money on an apartment lease

Many times, a person’s rent is one of their largest expenses. Reducing the price of one’s rent will make a huge difference in their monthly bills. While finding an affordable apartment may seem difficult, it’s definitely possible–especially when following a few important tips.

Move During the Slow Period

The easiest way to save money on an apartment is to find a landlord that is offering a move-in discount. Many landlords will give potential tenants a free month’s rent and other discounts when signing a 12-month lease. These deals are especially plentiful during the slower move-in periods.

The slowest months to move are between February and April, as well as October and November. If a renter can wait to sign a new lease until a slow period hits, they should be able to score a great discount.

Never Be Afraid to Negotiate

What many new renters fail to realize is that rent is negotiable. Instead of automatically agreeing to pay the advertised price for an apartment, make a lesser offer. Even negotiating a small discount can make a significant difference over the term of the lease. For instance, negotiating a $50 discount will save a tenant $600 on a 12-month lease.

Renters will have even more room to negotiate if they can afford to pay a few month’s rent up front. To make sure that renters have enough time to negotiate, it’s important to begin the search for an apartment a few months before one needs to move. Landlords will be less willing to negotiate if they know a renter needs to find an apartment as soon as possible.

Go Over the Lease with a Fine Tooth Comb

Before signing a lease, renters need to become very familiar with the terms of the lease. Renters should determine all fees required to move in, late fees, early termination fees, and how to get their security deposit back. All of these costs will affect the overall price of the apartment.

Additionally, many landlords specify what they intend to do with a tenant’s security deposit. Many leases clearly state that a landlord intends to use a portion of the tenant’s security deposit to clean the carpets, paint, or perform other repairs. If a tenant doesn’t agree with those terms, they should not sign the lease.

Don’t Forget Utilities

Utilities are an important cost that renters need to consider. Before renting an apartment, potential tenants need to ask the landlord what they should expect to pay each month in utilities. Reputable landlords will be able to produce old utility bills or at least give a close estimate. Many landlords will even offer to provide a tenant’s utilities for an additional monthly fee. Apartments that include the price of utilities are a great way for renters to avoid expensive utility bills.

The last thing that renters may want to consider is getting a roommate. It’s almost always cheaper to live with a roommate than to live alone. Fortunately, as long as renters follow these tips, they should be able to find a great apartment for a price they can afford on their own.

Peter Wendt is a writer and researcher living in Austin, Texas. He recommends you check out UrbanLeasing.com.