Troubled by Increasing Rent? Credello Discusses 6 Ways to Save Money

With the worst of the pandemic in our rearview and people moving back to the cities in increasing numbers, rents are on the rise again. Most states have seen a double-digit increase in rental prices this year, with Florida leading the way at 31%. Add that to a shrinking inventory of rental properties and the average renter is feeling the crunch.  
It’s difficult enough to deal with the debt stress of credit cards and auto loans. Paying a high rent on top of those pretty much eliminates any chance of saving for retirement or owning your own home at some point. Thankfully, there are some steps you can take to avoid this scenario. We’ve made a list of some of them for you below.  
1. Downsize or Move to a Cheaper Neighborhood
Larger living spaces offer certain advantages, particularly for those who work from home. With a smaller space, you’ll need to be more creative, maybe even set up your laptop at the kitchen table. If that’s too much to ask, try moving to a more affordable neighborhood. Many “lower-income” communities can provide a comfortable lifestyle for a lower price.   
2. Move Closer to Where You Work
This may not reduce your rent, but it will cut down on your commuting costs. Those who live within walking distance from their work can also go home for lunch—a huge cost savings. If your company is in a high-end rent zone, try looking for a smaller apartment where you pay the same rent as you do now. Cutting out the commute is worth it.    
3. Take On an Extra Roommate
Would you like to keep your larger apartment? Clear out that extra room and bring in a roommate. That will immediately cut the rent in half if you’re living alone. Make sure you check references and do a background check. Good roommates can make your life easier. Bad ones might cost you money. Take your time to find the right person.  
4. Renegotiate Your Lease
Landlords like security. Reach out to yours and ask to extend your lease in exchange for a rent reduction. Remind them of the cost to find a new tenant and don’t be afraid to cite your own record of on-time payments and no complaints. Property owners are aware of what’s happening in the rental market. They also know it could change in 2022.  
5. Rent Out Your Storage or Parking Space
The term “storage space” is often interchangeable with the words “junk pile.” There’s a good chance that your storage space isn’t storing anything at all. You’re just hoarding. Throw that junk away and rent the space out so you can pay your rent. Do the same with your parking space if you’re not using it. If it’s in the city, someone will pay top dollar for it.  
6. Buy a House
Are you tired of paying high rents? Buy a house and start making mortgage payments instead. Property values are high right now, but interest rates are low. That’s not the worst situation for home buyers. You can start the process by checking your FICO score and filling out an online mortgage pre-approval application. You could be surprised by the options available to you.  
The Bottom Line: Rents Are High. Look for Ways to Cut Costs
Solving the problem of high rents is a simple economic equation. When costs go up in one area, bring them down in another. Downsize to a smaller space, move closer to work, take on a roommate, renegotiate your lease, and rent out your storage or parking space. If you want to completely get away from paying high rents, apply for a mortgage and buy a house.   
Source: Credello