The amount of rent you will pay as a tenant depends on a number of different factors. The apartment’s size, location, and features directly impact the market rent. If you’re a renter looking to save on your monthly costs, there are things to avoid if you want to decrease your rent. While there are items that can increase your rent, this week we’ll cover ways to lower your monthly payment.
Six Items to Look for to Decrease Your Rent
Here is our list of some things to consider if you want to keep your rent low.
1. Fewer Amenities
If your building is ripe with amenities that are included in your rent, the apartment units within that building are likely to cost more. Instead, look for an apartment or building that doesn’t have all the bells and whistles. Things like an elevator, a doorman, a fitness center, a rec room or anything else that could drive up your rent, aren’t necessities.
Just because your apartment doesn’t have a doorman, in-unit washer and dryer, or a fancy fitness center don’t mean it still isn’t a great place to live. In fact, a lot of times, these extra amenities aren’t even worth the higher rent. If you don’t need a certain amenity, look for an apartment without it, your bank account will thank you.
2. Location
The location of an apartment building is one of the biggest indicators of how expensive or cheap and the apartment will be. For example, a shoebox in downtown NYC will likely command more rent than a 3 bedroom, 3 bath modern apartment that is located smack dab in a city neighborhood of a small town. If you are looking for cheaper rent, take a good hard look at which neighborhoods you are searching in.
If you are only looking at downtown high-rises and are expecting to find low rent, you might be looking for a while. Also, the proximity to stores, shops, schools, and other businesses can also have an impact on rent. In New York City, your location also high depends on your proximity to Midtown or Downtown Manhattan. It also considers how close you are to the nearest train station.
To make the most of your rental savings, take time to research the average rents in an area. You’ll find which neighborhoods have cheaper rent than others, thereby decreasing your rent.
3. Older Decor or Damage
While some people prefer the older and apartments with more “character”, generally, the newer and more modern apartments are the ones that command the most rent in most places. If the design, décor, and layout of your apartment aren’t a big concern for you, you can likely save some rent by renting an apartment some would call “undesirable”. This isn’t always the case of course but can be a good rule of thumb to follow. If the apartment has bad or ugly carpeting, a head-scratching layout or anything else like that, there is a good chance you will be able to get it for less rent each month. Also, if something within the apartment is damaged, it will likely command a lower rent as well.
4. A Lack of Storage
One complaint that a lot of people have about apartment living is space. Of course, not all apartments are lacking in that department, but some definitely are. However, to get more space, you likely need to fork over more money in rent every single month. On the other hand, however, needing less storage and space can often mean a discounted rent. So if you don’t have too many things and don’t need a lot of extra storage, there is a good chance you can save a ton each month in rent when compared to someone who needs as much storage as possible. This is also a great excuse to purge your life and get rid of things you don’t need.
5. The Type of A/C and Heat
While we would all like the temperature to stay exactly how we like it automatically, that just isn’t how the world works. Instead, most apartments come equipped with some kind of way to heat and cool your apartment. The way you cool or heat your apartment can actually have a significant impact on the price you pay in terms of rent/utilities. For example, an apartment fast-working central furnace system will likely cost more than one with a boiler/radiator heating system that takes a while to heat your home. Also, a unit with full central air throughout will command more rent than one with a window unit. If these aren’t a huge deal to you, going older/cheap with these can save you some cash.
6. Home Office Tax Deduction
This is a creative way to decrease your rent when you already live in the apartment. If you work from home or even do remote work with your job a little bit, you are doing yourself a disservice by not having a home office or dedicated work area. There are certain tax deductions you can get if you qualify and have an acceptable area/office in your home where all you do is work. For example, if you have a home office that equates to 10% of the square footage of your apartment, you can deduct 10% of rent for that, as long as it is mainly used for working and you are qualified for the deduction. Of course, check with the rules of your state when it comes to this before setting up an office and finding out you don’t qualify for the deduction.
Editor’s Note: We updated this article to enhance readability.
