10 Ways to Save Money on Rent

1. Get a Roommate

The best way to save the most money on rent is to get a roommate or two with whom you can split costs.

Example: If a one-bedroom apartment costs $2,000 a month, but a two-bedroom costs $3,000, you can save $500 by getting the two-bedroom and splitting the rent with a roommate.

You may be able to find a roommate from among your friend group or even by posting an ad online. If you decide to go this route, make sure your lease permits roommates and that you comply with any stipulations your landlord requires. They may, for instance, need to have the roommate also apply and have a credit check run.

2. Negotiate Your Lease

Some leases may have wiggle room, so see if you can find ways to reduce prices or make your lease terms more favorable before signing a new lease or renewing your existing one.

For example, you could try one of these tactics:

• Ask the landlord to take a certain amount off your rent if your unit has undesirable features, like being positioned next to a noisy stairwell or elevator.
• Offer to give up certain amenities you don't need, like a parking space, in exchange for lower rent.
• If you know you'll be living in the area for an extended period of time, ask if you can lock in a lower rate by signing a two- or three-year lease.
• Offer to move the lease's end date during the busy rental season, which helps the landlord find tenants.

You're more likely to cut a deal with your landlord if they run a smaller operation rather than a big apartment complex, but you won't know until you ask.

Tip: If your landlord agrees to lower your rent or modify your lease in some way, make sure the details are captured in the lease. It's important to have a paper trail in case questions or issues arise.

Learn more: Financial To-Do List for Renting an Apartment

3. Check Rental Prices in Your Market

You may be able to negotiate the price of your rent if it's higher than what your market demands.

Start by finding the average rent price for comparable apartments in your neighborhood, either by searching through rental listings, using a rent estimate database or talking with nearby renters. Compare places that have the same number of bedrooms and bathrooms and roughly the same square footage.

Once you've narrowed down an average price, compare it to what you're paying. Then consider whether any amenities you get justify a higher price point.

Use this information to negotiate with the property manager. You could say, for example, "Similar apartments in this neighborhood are priced 10% less than what you charge me. I've been a good renter who always pays on time. Is there anything you can do for me?"

Tip: You'll have more leverage if the landlord has a reason to compromise. If the landlord is having a difficult time finding a renter, for example, they may be more willing to negotiate.

4. Search for Apartments Off-Season

If it works with your living situation, try to wait for the off-season to find a new rental.

There may be fewer apartments available, but landlords may also be receiving fewer applicants. If they need a unit rented sooner than later, you may score a deal as they drop the price to attract applicants. And because moving companies are also less busy in the off-season, they may offer discounts and help you save on this cost too.

Tip: Aim to apartment hunt between November and March, which is the slower season for tenants looking to move. This is especially true in northern areas.

5. Exchange Work for Reduced Rent

Certain alternative housing situations may offer lower rent in exchange for work. Some jobs that come with housing include:

• Dorm parent or resident assistant in a dormitory
• Superintendent of an apartment building
• Property caretaker
• Companion caretaker for the disabled or elderly
• Au pair or live-in nanny

Scoring one of these jobs can help you save on rent—though your income could take a hit depending on what job you had previously. You might instead strike a deal with your landlord where you exchange services for reduced rent. Some landlords are willing to do this because the work you provide saves them time and/or money.

Any kind of work arrangement should be in writing and include details like the type of work you'll do, your hourly rate and the number of hours you'll work each month. This will be helpful if any disagreements or legal issues arise.

6. Pay Upfront

If you're able to scrape together several months of rent, you may be able to reduce your rent by paying upfront.

This may be an attractive offer to your landlord because the money is guaranteed for the next year. Much like paying first and last months' rent, this gives your landlord the peace of mind of knowing they won't be left high and dry if you break your lease suddenly.

However, it may be difficult for you to recover this money should you need to move out early, so only offer to pay upfront when you're certain you will stay.

Example: If you have the cash on hand, offer to pay 11 months now and get the 12th month free. Make sure the agreement is in writing—ideally, it should be included in your lease.

7. Consider a Different Location

If you have the flexibility, consider moving outside of your city or to a different, less expensive location altogether. Densely populated areas tend to have higher rents due to competition, but moving just a few miles away can drop your costs.

Extending your commute may come with other costs, though, so make sure you're not trading a high rent for an expensive bus pass or high gas bill for your vehicle.

Tip: Changing locations to lower your rent may be particularly ideal if you have the option to work remotely at least part of the time.

Learn more: How to Save on Commuting Costs

8. Sublet Your Apartment

When you sublet your apartment, you find another tenant to live there for a period of time and pay your rent.

This may be a good option if you can move home or in with friends for a period of time before your lease is up. But first make sure your lease allows it; some leases specifically forbid sublets, while others might allow subleasing as long as you confirm with the landlord and give appropriate notice.

You may be able to charge more than your own rent and make a profit, but you have to check local ordinances for any rules about rent-controlled pricing.

Create an official, written agreement with your subletter to keep everyone on the same page and protect yourself legally. You, the landlord and the subletter should all have a copy.

9. Sell Yourself as a Good Tenant

If your lease is up for renewal, you may be able to negotiate a lower rent by emphasizing your status as a great tenant.

Remind the landlord of anything positive—for instance, are you a quiet tenant who always pays rent on time and has reliable income? Have you kindly and quickly let them know about maintenance concerns? Have you helped in an emergency or assisted the landlord in some way?

These situations can go a long way and potentially help lower the cost of rent on your renewal lease.

Tip: If you're moving to a new apartment, provide letters of recommendation from personal references or previous landlords. These letters can let your property manager know you'd be a tenant worth having, even at a lower rate.

10. Ask About Referral Fees

Some landlords and property managers may be willing to compensate you for finding and introducing them to a suitable renter. This type of reward often comes in the form of a referral fee, which you can apply to your rent.

Ask your property manager or landlord if they offer referral fees and how the process works. For instance, the referred renter may need to sign a lease before you receive the money.

Tip: This strategy is more likely to work with larger apartment complexes that have multiple vacancies. A private landlord with one or two properties might not offer a referral fee, but it won't hurt to ask.

What to Know About Saving Money on Rent

Figuring out how to deal with higher rent costs can be frustrating and stressful. But if you can be strategic with timing and perhaps make some compromises, such as getting a roommate or moving to a less expensive area, it may be possible to reduce your cost of living.

Make sure you're an attractive rental prospect by checking your credit score before applying to new apartments. Your credit score can be an important deciding factor in getting approved for a rental, so monitor your credit regularly leading up to signing a new lease and take steps to improve your credit first if necessary.

Once you're in your new apartment, don't forget to make sure your rent payments are contributing to your credit history and helping you build credit.