Every New Yorker knows the struggle of finding an apartment that’s worth their money, and with rental prices constantly skyrocketing, many wonder if it’s even worth staying in the city. But, did you know there’s ways you can get more for your money and even lower your rent? Take a peek at our top tips on how to save on rent below!
1. Hire an Agent That Will Negotiate For You
Depending on the time of year and location of the apartment, your rent price can be negotiated down by your real estate agent. Part of an agent’s job is to get the best deal for his or her client, so never be afraid to ask for a price adjustment! The only thing that could go wrong is that they say no.
Also, ask your agent when’s the best time to snag a deal. For example, if you’re looking in an area near colleges and universities, you’ll most likely get a better price in the summer, when all of the students have left.
2. Sign a Longer Lease
While this might not sound like something that will save you rent initially, you can save thousands of dollars by signing onto a longer lease.
By doing this, you lock yourself into paying a set price for your rent, without having to stress over rent increases if you don’t decide to move at the end of your lease term. New York City is notorious for rent hikes, so don’t let yourself fall into this trap!
3. Get a Roommate!
Wondering what’s the simplest way to save on rent? If you aren’t opposed to sharing your space, a roommate is the easiest and most effective way to save rent. Instead of paying over $2,000 for a studio apartment, you can pay less and live in a more spacious and updated two-bedroom apartment. That money you save every month can add up quickly, by the end of the year you could have saved thousands.
4. Opt for a Studio Rather Than a One-Bedroom Apartment
If you just can’t give up living alone, search for a studio apartment rather than a one bedroom. Studios can drastically cut down your monthly rent expenses, as opposed to the more spacious and expensive one-bedroom apartments.
Concerned about the idea of living in tight quarters? There’s a million ways to decorate studios that maximize your space, leaving even the tiniest of apartments feeling open and airy.
5. Consider Different Locations
If you’re willing to expand your search a little, you can snag a cheaper deal with added benefits!
For example, if you’re solely looking for an apartment in the East Village, prices are more likely to be higher and the spaces smaller. But, if you move uptown to the Upper East Side, you can get a much larger apartment for a lower price.
If you’re set on your desired neighborhood, look into the “outskirts.” As an example again, if you’re certain you want the East Village, check out moving over to Avenue B or C, where the rent is much cheaper than around First or Second Avenues.
While we know it’s hard to figure out how to save on rent while still living in that dream apartment, it’s easier when you have an expert agent on your side.