Want Cheaper Rent Without Relocating? Do This

Ask Your Landlord To Lower the Rent

There are several ways to get your rent lowered by communicating directly with your landlord.

Don’t be ashamed to ask for the favor either, as they’ve probably heard it before. Hopefully, you’ve been a good tenant, which can increase your chances of seeing success. If not, you’ll have a tougher hill to climb, as your landlord may not feel like granting you the favor.

To start, you could talk with your landlord and tell them that you enjoy living on their property, but it’s straining you financially. To avoid going into debt or missing payments, let the landlord know that you’re considering leaving.

If the landlord responds and says they may be open to negotiating cheaper rent, there are several things you can offer to make the deal more attractive for them.

Since finding new tenants can be a ton of work, tell the landlord you’d be willing to sign a longer lease so they won’t experience as much turnover, provided they lower the rent.

To offer even more convenience, say you’ll pay the rent earlier, so they can have the cash in their hands. You may even want to offer more frequent bi-weekly payments if you can afford it, or pay several months of rent in advance.

It may be a bit unconventional, but offering to work for your landlord in some capacity could result in cheaper rent. This could involve doing odd jobs around the property or maintenance in exchange for a discount. And if you live in a large building, ask the property manager if they have a referral system. You could reduce your rent by bringing in new tenants and increasing the building’s business.

To make the biggest splash with your landlord, put all of your proposals together in a formal lower rent letter. Search for a lower rent letter template online and insert your info for quick completion.

Rent Out a Room

The going rates for Airbnb rooms are pretty high, meaning you could turn a nice profit that could help pay your rent and lower your out of pocket costs. As long as you don’t mind occasional strangers staying with you and you have the extra space, this could be a move worth making.

Rent Your Parking Space

This will depend on your location, but renting out your parking space could mean big bucks if you live in a big city.

If someone works near your home, they may be willing to pay you to park there. Use a site like SpotHero, and you can earn extra cash that can be put towards lowering your rent.’

Rent Your Storage Space

You don’t need to have massive amounts of storage space in your place to profit off of it. All it takes is a closet, spare room, attic, shed, or garage, and you can rent it out to someone for a fee.

StoreAtMyHouse is an example of a site that makes this simple. As with Airbnb or renting out a parking space, you’ll need permission from your landlord before making this move.

Once you make it happen, you can use that cash to pay down your rent and keep living in the place you love.