How to Lower Rent

how to lower rent

Trendy townhomes and downtown loft apartments are at the heart of every major city. However, they almost always come at a high cost. The four walls of your luxurious living space are likely cramping your spouse and kids. Not to mention the toll it is taking on your finances to do the things you all love. Although you have a window view of the bustling city and cute tourist shops, you cannot retain this lifestyle without lower rent.

We have some smart and creative tips you can take to decrease your rent and stop those late-night money fights with your spouse. Your family life matters, and we want to help you give your kids exactly what they need for a joyful life. They don’t need to see you and your partner wound up with anxiety over having enough to afford the next month’s payment.

Landlord Negotiation Tricks

One of the best and most straightforward ways you can lower your rent is by speaking with your landlord. They made you sign the terms of your lease in the first place and have the power to change it. We recommend one or all these negotiation hacks so your family can stay in the trendy downtown scene and avoid financial worry.

Sign a Lease for Longer

Although the idea seems backward, signing a lease for longer is the easiest way you can lower your rent. Landlords have trouble finding long-term residents in their properties, so they benefit when they can count on your residence. You can always take them out to coffee and ask for lower rent in exchange for a longer lease agreement, gaining their trust.

Otherwise, your rent will stay the same until the lease term’s end, and your landlord can raise the price if they choose. You can secure a lower rent amount through negotiation and guarantee that amount for a certain amount of time. This tactic will help you and your spouse decide whether staying in the townhome or apartment is the best decision.

Prepay Your Rent

You can also decrease your monthly rent by prepaying several months in advance, which is another way to gain their trust. You are showing your landlord you trust them when you present an envelope of several thousand in cash before it’s due. It is also a smart idea to pay your rent on time without fail so they can depend on you for future payments and consider other negotiation tactics.

This trick is a fantastic first impression or way to bridge a broken relationship between you and them. Your family can have more financial breathing room if you lower your rent via prepay but also your landlord will want to help you out.

Negotiate on Other Costs

Although your landlord may not budge on your rent, you could convince them to decrease other living costs. If these are payments you must make for your townhome or apartment, it is the same as though your landlord decreased your rent. Some non-rent living costs you could negotiate are monthly expenses while others are one-time bills.

  • Free parking
  • Free storage unit/garage
  • Free or partially paid utilities
  • Free pet fees

Other Rent-Reducing Tips

You may have already tried all the landlord negotiation tips and still have a pricey rent payment each month. Or your landlord might not be able to directly lower your rent for selfish or unselfish reasons.

We have some other creative rent-reducing tricks in any case that you might not have thought of. They require research, selling yourself, and humility so you can get the lowest possible payment. Some of these tips may be uncomfortable, but they will help stop yelling matches at night and your kids’ sensing your anxiety.

Know the Local Law

Did you know your landlord could be charging you more rent than the law allows? Some tell-tale signs this is true come from living in a rent-stabilized building or knowing a previous tenant paid less per month for the same apartment and amenities. We recommend studying your local city laws to check on these regulations and file a claim with your county court.

Purchase a Home/Build a Home

You may be wondering how it’s possible to purchase a real estate home to lower your rent since it’s a bigger financial commitment than a townhome or apartment. However, if you put down a sizable downpayment on your loan, you have the opportunity to obtain a mortgage amount less than your current rent.

You and your spouse could be less for a residence and invest your family’s future into your dream home. Otherwise, you all would be in danger of the landlord kicking you out if they decide to sell their property. This occurrence could happen if you depend too heavily on the rental market and do not look elsewhere for a stable living situation.

The area of town you purchase/build your home will also determine that new “rent” payment. While it’s more expensive to live in a downtown metropolis, you could construct your new home right outside the city for a larger home with land. Your kids would have plenty of room for playtime inside and outside their childhood home and have a nostalgic place they’d never forget.

Work for the Property Manager

Depending on your career path, it may not make sense to perform grunt work for your property manager when it might only shave off a few hundred dollars a month off your rent. On the other hand, it might be in your best interest to reach out if they require tasks done in a field you specialize in.

The trick with working for a property manager is to see the needs they have and sell yourself to meet those needs. For example, former Money Crashers writer David Bakke translated Spanish for his property manager to lower his rent each month. He noticed that the property manager could not translate for a predominantly Hispanic renter population and jumped in to help. Showing he had what it took to meet his property manager’s need in his case was selling himself.

In addition, you could tackle DIY and physical-labor jobs to remove items off their plate:

  • Apartment maintenance
  • Raking/snow shoveling
  • Mowing
  • Apartment cleaning

Live with Mom and Dad

Your family’s financial situation may force you to accept a humbling truth: you have to move back with your parents. We suggest this course as a last resort if you can’t afford your monthly payment, but it may be necessary for your spouse and kids’ sake. It could be time to pack everything out of your townhome or apartment and head home if you continue to have months and months of money issues.

Depending on your relationship with your parents, they could significantly decrease your rent or give your family free rent. This tip is another way, similar to signing a lease, that will buy you more time to decide if you should move back, build a home, or try something else. Although bringing your kids to your parents’ home may be a hassle and cause more family in-fighting, it is better than cramping them in your current space and letting them be broke.

Rent-Lowering Options with a Home

We understand your family is suffering under your townhome or apartment’s tiny four walls. Your expensive rent and lack of breathing room is not worth easy access to fun tourist spots and downtown shops. Although these rent-lowering options are available to you, they still do not give your kids the dream home you’ve always wanted.

Purchasing or building a home for rent reduction will not only save you money in the short term, but also provide your kids with a home they can make childhood memories in. You and your spouse can customize it to your liking, and it can be a place that brings you all peace rather than anxiety.

To explore these options, call our teams today at (480).626.1555, and we can walk you through getting your family the lifestyle you’ve always wanted.

Building a House During the Pandemic: Should You Wait or Start Construction?

By Erica | May 11, 2022

Since the start of the pandemic, home construction has gotten crazy. Droves of young buyers have left home and ventured East for new real estate opportunities. Whether from easing building restrictions or the chance to sell their home for a mansion, most pandemic people are considering building. It can be difficult to see these recent …

Building a House During the Pandemic: Should You Wait or Start Construction? Read More »

The 13 Custom Luxury Home Features in 2022

By Erica | March 30, 2022

You and your partner deserve to relax and enjoy the wealth you’ve acquired over the years. Common society is not willing to put in the hard work and dedication you have to acquire funds for a luxury home. This means you have more than enough license to spoil yourself with all the luxurious amenities that …

The 13 Custom Luxury Home Features in 2022 Read More »

How to Build & Design a Custom Half Garage Half Gym

By Erica | March 25, 2022

Whether you’re a workout guru or hopping on a bike for the first time, designing a gym in the garage is a great way to tackle your fitness goals. Gym membership fees can take a toll on your budget, especially if you go to a high-performance gym. It’s very unpredictable whether gyms will close down …

How to Build & Design a Custom Half Garage Half Gym Read More »

The Results are in! Morgan Taylor Homes of Arizona has won the 2022 Best of Houzz Design Award

By Erica | March 2, 2022

Houzz: Home Inspiration and Design Professionals Houzz® is a premier platform for home professionals to display their work, paving the way in home remodeling and design. The unique forum offers a place for new home buyers (and those looking to redesign their homes) to browse the beautiful ideas and the top companies in their area. …

The Results are in! Morgan Taylor Homes of Arizona has won the 2022 Best of Houzz Design Award Read More »

Small Home Gym Ideas on a Budget

By Erica | February 28, 2022

Providing a roof over your head and a safe place to sleep are the number one priorities in life. But it’s important to remember that taking care of yourself physically should also be important. You can ground and center yourself with these two aspects of life, increasing your mental health. But where do your residential …

Small Home Gym Ideas on a Budget Read More »

How to Turn Any Room into a Homeschool Room

By Erica | February 25, 2022

COVID-19 hit parents like a ton of bricks, who didn’t know the drastic lifestyle change that was coming: homeschooling. You did the transition as best as you could, scrambling to the store to pick up bins, binders, and supplies. Becoming a teacher overnight, you adapted and still have to be flexible as the pandemic changes …

How to Turn Any Room into a Homeschool Room Read More »

Arizona Homes with RV Garages

By Erica | January 26, 2022

RV garages are the craze in Arizona for local vacationers and snowbirds alike. You want to protect your decked-out RV so you can take your family on future trips. But it won’t last as long while exposed to the elements in your backyard or outside your neighborhood home. It can be difficult to find the …

Arizona Homes with RV Garages Read More »

Are Golf Course Homes a Good Investment?

By Erica | January 12, 2022

In the 1990s, the Greatest and Silent Generations retired in a period of strong economic stability and growth. The economy was ripe for them to be comfortable after years of national turmoil. Thus, golf course homes boomed. They could finally spend their hard-earned wealth and patriotism on enjoying retirement. However, the oversupply of golf course …

Are Golf Course Homes a Good Investment? Read More »

Ways to Personalize Your Home

By Erica | December 6, 2021

It can be exciting to start with a blank slate when personalizing your home. You can change up the style, toss out outdated decorations, and rearrange the furniture. But it can also be overwhelming to make so many design decisions at once when trying to make everywhere feel cozy. Your family can loathe your current …

Ways to Personalize Your Home Read More »

5 Creative Ways to Maximize Your Home’s Small Space

By Erica | November 20, 2021

It can be difficult to navigate your current home if you have a large family, entertain large groups often, or simply enjoy a spacious floor plan. Some may prefer a more intimate and cozy space, but others are struggling to live each day in a residential space they’ve fallen out of love with. We want …

5 Creative Ways to Maximize Your Home’s Small Space Read More »