8 Proven Ways to Save on Rent and Utilities
- Jun 27, 2023
- 4 min read
Updated: 21 hours ago
Smart Ways to Cut Rent and Utility Costs
Rent and utilities can take up a significant portion of a person's budget, so it's important to find ways to save money on these expenses. Here are some tips on how to lower and save on your rent and utility costs.
1. Look for affordable rental properties:
Consider looking for rentals in areas that are slightly farther away from the city center, as these areas tend to be less expensive. You can also look for rentals in areas with a higher supply of housing, as this can help to keep prices down. Additionally, consider looking for rentals that are in a less desirable condition, as these properties may be less expensive than others. Renting a room or basement in a shared home can be an effective way to lower your rent.
"Many utility companies offer lower rates for energy used during off-peak hours."
2. Cut down on energy consumption:
This can be done by turning off lights when leaving a room, unplugging appliances when they're not in use, and adjusting the thermostat to a lower temperature in the winter and a higher temperature in the summer. Additionally, consider investing in energy-efficient appliances, as these can help to reduce your utility bills over time. You can also install a programmable thermostat that adjusts the temperature automatically based on your schedule. This proven method helps reduce energy use—and your utility bills—when you're away.
Pro Tip: Looking for smart, easy ways to lower utility bills? The U.S. Department of Energy recommends setting your thermostat back by 7–10°F for 8 hours a day—potentially saving up to 10% on heating and cooling costs—and sealing air leaks to prevent energy loss
3. Compare utility providers:
Shop around for the best rates from different utility providers. Sign up for budget billing or other programs that can even out your utility costs over the year. Many utility companies offer lower rates for energy used during off-peak hours. Adjust your usage during off-peak hours to benefit from reduced rates.
4. Use online resources:
Utilize online platforms like Zillow, Trulia, Redfin, Realtor.com and so on to find rental listings. You can filter your search based on factors such as location, price, and number of bedrooms. Search engines can also be a great tool to find rental listings.
5. Live with roommates or rent out a spare room:
Sharing living expenses with others can help to reduce your overall costs. Be sure to inform your landlord and follow your lease agreement. This can help to bring in additional income and offset your living expenses.
Pro Tip: Looking to make a real dent in expenses? A recent SmartAsset study found that renters with a roommate in a two-bedroom home save an average of $315 per month compared to those living solo in one-bedroom units
6. Apply for government assistance:
Some government programs offer financial assistance to help cover the costs of rent and utilities. Research and apply for any available programs in your area that you may qualify for.
7. Live in a community that offers shared resources:
Some communities offer shared resources such as laundry facilities, gardens and common areas, which can help reduce utility costs and foster a stronger sense of community.
Pro Tip: Living in a co-living or shared-resources community can significantly lower your utility costs—Tripalink and Eccoxist report that shared utility setups are more efficient and cost-effective than solo living
8. Take advantage of tax deductions:
Rent and utilities can be tax-deductible for some people, such as those who use a portion of their home for business purposes. Make sure to check with a tax professional to see if you qualify for any deductions.
Reach Your Goals and Save on Rent and Utilities
Managing your finances and reaching your financial goals can be challenging when rent and utilities are a significant portion of your expenses. However, by following the tips outlined in this blog, you can find ways to save money on rent and utilities. From looking for affordable rental properties, reducing energy consumption, shopping around for the best utility rates, utilizing online resources, living with roommates, applying for government assistance, living in a community with shared resources, and taking advantage of tax deductions, you have many options to explore.
By taking the time to research and consider these options, you can improve your overall financial situation and reach your financial goals. Remember to always be open to new ideas and explore different options to find the best solution for you and your budget. Additionally, make sure to abide by your lease agreement and communicate with your landlord—especially if you plan to live with roommates.
Related: Top 5 Most Overlooked Lease Clauses
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About the Author Ricardo Reis - Learn About Ricardo
Entrepreneur, Inventor, Investor, Military Veteran. Ricardo is a member of G3 Management & Investments a division of Great Lakes Real Estate and a real estate professional. He is a real estate professional and a successful real estate investor for over 15 years.
NOT INVESTMENT, FINANCIAL, LEGAL, TAX, OR OTHER ADVICE: This blog is for informational purposes only and not a substitute for professional advice. We do not offer advice, solicitation, recommendations, or endorsements. You are solely responsible for evaluating the information's merits and risks. Always consult a qualified professional before acting.
