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How to Save Money on Rent

May 13, 2022 | Finance, Saving Money

We know it can be tough to save money on rent when the cost of living keeps rising. There are a few ways, however, that you can cut back on rental costs so that you can focus on other things, like saving your money.

Get a Roommate

Getting a roommate is a great way to save money on rent. It can cut your cost by half or more, depending on the living situation. The average cost of a 1-bedroom apartment in Canada is $1,504 per month, and a 2-bedroom apartment $1,889. Instead of paying for a smaller 1 bedroom, you can split the cost of a 2-bedroom and pay only $944. That’s $560 cheaper each month, which adds up to a lot of money over time.

If you don’t know anyone that could be your roommate, there are great facebook groups you can join to find someone you may be compatible to live with. Just be safe and cautious when looking for a roommate.

Look at Less Expensive Neighborhoods or Cities

The most expensive cities to live in Canada are Vancouver and Toronto, so it may be in your best interest to look at other cities that offer similar benefits. If you have to stay in an expensive city, maybe for school or work, consider exploring less-expensive neighborhoods instead of living right in the downtown-core, where it’s typically more expensive. Make sure to take into consideration transportation costs as well, and see if a move can generate savings. 

Downsize to Save Money

Downsizing to a smaller space will allow you to save money on rent. And not only will you be saving money on rent, you may also find yourself saving in other areas like hydro and furniture. 

Look at Older Places 

Older places are usually less expensive because they can be outdated. That doesn’t mean you shouldn’t consider them. Older buildings are often built better with concrete flooring and framing, making it safer, more durable, more energy-efficient, and soundproof. They also tend to be larger in size compared to more modern apartments. 

Older places can also come with a lot of charm and character. Just make sure that you exercise caution by asking lots of questions about the building and unit.