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Best Tips How to Save Money on Renting a Flat for Students

Best Tips How to Save Money on Renting a Flat for Students

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Navigating back-to-school time amid the pandemic

Undoubtedly students go through the most when it comes to finances because of all the expenses involved in studying. There are food-related costs, study expenses and, most importantly, accommodation rent.

The latter expenses increase every year, which makes it important for students to look for ways to cut back on rent costs. How can students successfully do this? Here are the best tips to save money on renting a flat for students.

Pay a large sum you can afford

In some cases, you may have some cash stashed that can be used to pay off advance rent covering few months. Doing so can help you get discounts and save you a lot of money in the long run.

You can do this only if the savings being used won’t be obsolete, or if there is a plan to replenish them. If you decide on delving into your savings like that, ensure that the money is paid back every month.

Cut down on extra expenses

In a lot of flats, the rent could include extra costs you do not really need, for example, it might include parking space. If you do not have a car, the expense of renting parking space is unnecessary and should be eliminated from the overall rent of the flat.

If the parking space is mandatory, consider renting it out to other tenants that require the extra parking space. Sometimes, you might be paying for extra space in the apartment that is unnecessary.

To cut down on these expenses, look for a modest apartment that is not too large, but that can accommodate you well. You can also save on your assignments and essays if you order your tasks from best essay writing company in the US and all around the world. This will give you the extra bandwidth that you need to rent a good flat. EduBirdie is a trusted name across the globe when it comes to quality assignments at best prices, so try that for saving money.

Share the flat

One of the commonly used methods of reducing rent is sharing the flat with other students. You can share the rent costs and the bills that come with renting the flat like water and lights. Sharing a flat can be done even with one room flats if the landlord does not object to it.

Using bunk beds or two single beds in one room can be a great arrangement and also does not cause any overcrowding. If you have two bedrooms, this can be easier to execute and more students can move in your flat. It all depends on how the landlord sees it, though, so check with them first before moving anyone in.

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Negotiate with the landlord

If you are renting a flat with an individual landlord instead of a property management company, it might give you a chance to negotiate. They might be willing to negotiate if you have something worthwhile for them, offering stability to the landlords can help to negotiate a lower rate.

Committing to an extended lease agreement can give you some leverage because it costs landlords a lot of money getting new tenants when another moves out.

Therefore, they might be agreeable to agreeing on a certain percentage of a discount. Do not go for short leases that range between 3 to 12 months but go for 24-month agreements and then negotiate with the landlord.

Another valuable tip here is that you must keep an eye on new laws on student loan changes. Even a small change can be a gamechanger when you need some extra savings.

Don’t search too close to the university   

Accommodation that is too close to the university can be very expensive for students. Students fear to search for accommodation that is farther away from the university because they think travel expenses will be too much.

In some cases, students can save a great deal by getting a flat farther away and traveling to school by bicycle or bus. You can also ask for students who have cars living nearby to carpool when going to the university campus to cut back on travel costs.

The bottom line

Saving on rent costs is a great way to cut down on monthly expenses and it can be easily done following these tips. The most practical and widely used method is getting a roommate to share the flat rental costs and other bills. You can also get a bicycle and look for places farther away than the university and commute daily using cheap or free traveling methods.

Author’s Bio:

Elizabeth Skinner works as a corporate consultant for accounting and finance matters. She’s a management graduate and possesses great writing skills. To keep her passion alive, she also works as an academic writer and helps students with essays, thesis and dissertations. In her free time, she learns new languages and attends Zumba classes.