How to Find Value in a Rental Apartment

Housing is the largest recurring living expense most of us will ever face. That's why it's critical to find value when choosing a new apartment rental. Fortunately, there are some great ways to save money when renting a new apartment. Read on and find out what they are.

Instructions

1. Choose an area with relatively reasonable rents for your apartment search. Rental costs vary widely based on area. Large metropolitan areas--and particularly coastal and other high-tourist centers--command higher real estate and thus higher rental prices than do smaller towns farther removed from these main metro hubs. Regardless of a city's size, however, you'll likely find the best value by searching outlying areas for your next apartment, rather than looking right in the heart of downtown.

2. Decide which amenities you can live without. Do you really need that spare bedroom or extra bath? Could you survive without the dishwasher, garbage disposal, trash compactor or in-unit washer and dryer? If you can get by without these extra amenities, your rental apartment will likely make up in value what it lacks in convenience.

3. Select an apartment that's the right size for you or your family. Aside from extra rooms, another area to consider when seeking value in a rental apartment is room size. If your family is large, you'll need larger rooms; but if you live alone or with just one or two other people, often an apartment with moderate- to smaller-sized rooms will suffice. It's a matter of which is more important to you, space or price.

4. Look for apartments with paid utilities. Comparing the rents for apartments without paid utilities to those which provide them can be helpful--particularly if you're able to find out approximately how much the monthly utility costs run for comparable rentals. (Try asking other tenants of nearby apartments.) This will give you a better idea of just how much value this "extra" can add to your next potential rental. With today's high cost of energy, you'll likely save by finding a utilities-paid apartment.

5. Offer to paint or make repairs yourself in return for a lower rent payment. Savvy renters who happen to be handy with a paint brush or tool kit and also possess a few bargaining skills can often negotiate considerably discounted rents this way. By cultivating a sharp eye for needed repairs and cosmetic improvements when viewing a potential rental unit, you may be able to make your next landlord an offer that's too tempting to refuse. Though this tactic typically works better with individual landlords than it does with large rental companies, it's worth a try. Since the rental discount is ongoing, the potential savings can be great--especially for long-term tenants.

6. Talk to the neighboring tenants before renting. Ask them how promptly the landlord makes needed repairs and how often he raises the rent. The initial rental amount for the apartment you're considering is only one aspect of the overall impact this rental will have on your finances. If the landlord raises the rent by $50 or $100 a month once a year, long-term rental of this apartment will obviously seriously affect your bottom line relatively quickly. And, if the landlord neglects to make needed repairs, it could mean money out of your pocket to deal with those items that aren't working properly.

7. Hunt for an apartment mid- to late-month. Landlords may be more willing to negotiate a deal during these times since they're anxious to get an apartment rented so as not to lose another month's rent. Be prepared, though, to show the landlord that you are any landowner's dream tenant. Have references from prior landlords, as well as a copy of your credit report handy, and bring along all necessary information for filling out a rental application on the spot.