What Are Some Ways to Save Money on Rent?

You can save money on rent by negotiating your rent, reducing housing costs with roommates, moving to a cheaper place or unit, and cutting extra housing fees like parking, storage, and utilities.

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1) Ask for a Better Deal When You Renew

This can work if you pay on time and take care of the place.

Try asking for:

• A smaller increase (or no increase)

• A longer lease for a lower monthly price

• A one-time discount (like “first month reduced”)

Tip: Be polite and specific. Mention that you want to stay long-term.

2) Get a Roommate or Move to Shared Housing

Splitting rent is one of the fastest ways to lower your monthly cost.

Common options:

• A roommate in a 2 bedroom

• Renting one room in a house

• Sharing a larger place with multiple people

3) Move to a Cheaper Unit, Area, or Building

If your rent is too high, moving can save the most money long-term.

Ways to lower the cost:

• Smaller unit (studio or 1-bedroom instead of 2-bedroom)

• Different neighbourhood

• Older building with fewer “luxury” extras

Even saving $150 per month is $1,800 per year.

4) Cut “Extra” Housing Costs

Sometimes rent is not the only problem. Add ons can quietly cost a lot.

Check what you can remove or replace:

• Parking spot

• Storage locker

• Pet fees (if negotiable)

• Laundry costs (find cheaper options nearby)

If utilities are not included, ask:

• Can you switch providers?

• Can you lower the plan (internet and phone)?

• Can you reduce usage (heat, AC, power)?

5) Avoid Late Fees and Bounced Payments

Late fees can feel small, but they add up fast.

Simple moves:

• Set rent reminders

• Pay a few days early

• Keep a small buffer in your account so you are not short on rent day

6) Look for Move In Incentives

When comparing places, ask if there are:

• First month discount

• One-time credit

• Free parking or storage for a few months

Just make sure you understand what the rent will be after the deal ends.

7) Consider Renting From a Smaller Landlord

Big companies sometimes have strict pricing rules.

Smaller landlords may be more flexible on:

• Monthly rent amount

• Included utilities

• Small upgrades in exchange for a longer lease

Always get anything agreed to in writing.