Buying a property with siblings

3 Ways To Bring Down Your Rental Commitment When You Don't Want To Share

22 August 2017 by Sean Simmmons

Shared rentals are exciting, but there probably comes a time when you want to live on your own. But living on your own can be an expensive proposition with the median rent in Sydney at $550 per week and in Melbourne between $380 and $400 per week. Here are some ways to bring down your rental commitment when you don't want to share a unit.

Downsize Your Expectations

Lofty expectations of sprawling two or three bedroom apartments need to take a backseat when you don't have the dollars to spare on rent. It's important to downsize your expectations based on your limited budget, so you may want to consider investing in a studio rental. Most studios have all the amenities you need – from kitchens and lounges to sleeping space and storage. They are usually significantly cheaper and can often be found in central locations close to workplaces – allowing you to bring down your expenses on transport as well.

Offer To Sign The Lease For An Extended Period

Landlords hate the idea of having to shift from one tenant to the next because it is time consuming and expensive. If you find something you like, you can offer to sign the lease for an extended period. For example, most tenancy contracts are usually 6 or 12 months. If you offer to sign the contract for longer, you may be able to negotiate a cheaper weekly rental rate with your landlord. With the allure of not having to find someone new for a longer duration, your landlord may be persuaded to bring down the rent in your favour. You can even shave off a few rental dollars by offering to do some maintenance work on the home if you have the skill.

Consider Renting An Older Property  

The sheer rise in number of units in cities like Sydney and Melbourne means that there is a supply of plush new apartments with high rents waiting to be lapped up. But this has put older properties on the back foot as tenants are tempted with the appeal of newer, swankier facilities. If you are on a limited budget, then you could probably find older properties for much cheaper than the average rent of the neighbourhood. You may have to compromise on a few amenities such as in-house laundries and building gymnasiums, but the reduction in weekly rental payments is certainly attractive.  

Bringing down your rent will help you save a significant amount of money for other commitments in your life, so consider these strategies. For more information on rental properties, contact an expert.

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