Rental Rates on the Rise? 5 Ways to Save Money and Lessen the Hit

bigstock-Couple-calling-transport-compa-37114168If you have lived in an apartment for a long period of time, you’re bound to see the rent go up eventually. No one likes to pay more in rent, but moving can cause a whole second set of headaches and financial difficulties. Luckily there are ways to cut back so that the increased rent isn’t that big of a deal.

According to the National Association of Realtors, apartment rental rates are expected to see a climb of 4.3 percent throughout 2014. Which means if your lease is up any time soon, you might be renewing at a higher rate.

Make a Budget

Everyone should have a budget — whether rent is going up or not. Start tracking your expenses and compare it to your income. Look for expenditures you don’t need — such as eating out or shopping. You would be surprised how much money is wasted each month when you don’t keep track of it. Cutting a little extra here and there will help you handle the increased rent and also pad your wallet.

Stop Eating Out

Eating out is a big expense. Unfortunately apartment dwellers are more likely to eat out than homeowners. Start eating in a little more often and limit your eating out to once a week or once every other week. If you have a particular dish you like to eat, see if there is a recipe online and make your restaurant favorites at home.

Sell Some Stuff and Declutter Your Life

If your closet is full of junk you don’t use or need anymore, it’s time to think about getting rid of them. What about those small, useless appliances that you never use? Decluttering can save you on space inside your apartment, but also gives you an opportunity to make money. Sell your stuff online through sites like EBay or Craigslist — there are always people looking for stuff on the cheap.

Upkeep the Appliances

Your apartment managers are responsible for repairing and replacing appliances, but it is up to you to maintain them. You can lower your energy bills by keeping up your appliances. Vacuum the back of your refrigerator where the coils are to remove dust that slows down the refrigerator’s efficiency. Unplug small appliances throughout your apartment that aren’t in use — and these will all add up to significant monthly savings over time.

Use Your Apartment’s Facilities More Often

Does your apartment already have a fitness center? If so, cancel your gym membership and start using the amenities that are free with your apartment. Take a few laps in the pool or go to a nearby park for a jog. If your apartment doesn’t have a fitness center, you can still workout at home using fitness videos — a lot of which are offered for free these days.

Sometimes the rent going up can be a good thing. It forces you to get in control of your finances, spend less and work your way to financial freedom.

Feb 2014
POSTED IN Market Tips