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Living in the city offers a lot of benefits, but it could also be an expensive endeavor if you are not careful. If you decide to rent a condo in an urban area, you could end up spending 35% of your gross income on rent, the monthly association dues, and utilities. Plus, you need to consider your daily expenses like transportation, food, and clothing.

Good news! With a bit of planning and discipline, you can save on rent while enjoying the perks of condo living. It’s possible to save money while renting a condo and still save some for the future.

How to Save Money on Rent When You’re Living in a Condo

1. Find a housemate

One of the most obvious ways of reducing your housing budget is to find someone to live with you and split the costs. With the combined income, it will be easier to pay the monthly rent, utility bills, and other living expenses.

If you are single, why not ask a friend or relative to be your housemate? You’ll have to check with the landlord and/or the condo’s property management office about any occupancy rules. Also, make sure it’s clear who is responsible for each expense and how the costs will be divided.

2. Create a budget and stick to it

Since money is not an infinite resource, it’s best to know where it’s supposed to go. A budget lets you assign your income to necessities like rent, utility bills, etc., which need to be paid regularly. Don’t forget to save a part of your income as an emergency fund for unexpected expenses and for the future.

After you’ve made your budget, spend the allocated funds as intended. How do you know where your money is going? Try tracking your expenses for a month, then compare your budget with your actual spending. If you do this regularly, your budget will be more realistic and doable.

3. Negotiate your contract

Consider signing a longer lease in exchange for a lower monthly rent or no rent increase for a certain period. This is a win-win situation since your landlord won’t need to look for a new tenant and they will have a stable source of income for a longer time. Plus, you won’t have to worry about the annual price increase that’s common among condo rentals.

4. Pay bills on time

Rent, monthly association dues, electric bills – some expenses are regular as clockwork. It’s a good idea to pay them on time to avoid late fees. While the penalty may seem small, it adds up in the long run. If you are shopping using your credit card, make sure you have the cash to cover those purchases and pay them off before the due date to avoid the accumulation of interest.

5. Reduce your utility expenses

Cut your electric costs by unplugging unused appliances or using a smart plug to turn them off automatically. Take note that some appliances on standby mode still consume electricity as long as they are plugged into a power source. If left unchecked, this “phantom load” can add up to 10% or more to your total electric bill.

8-simple-ways-save-money-when-renting-condo-smart-plug

Also, make sure you check your pipes, appliances, and furniture for any damage. You’ll be amazed at how much water is wasted by a dripping faucet. Also, fixing things immediately can prevent a small issue from getting worse.

6. Declutter and DIY your furnishings

Space is expensive in the city, so be selective about the things you bring into your rental condo. If you limit your possessions, you can stay in a smaller, more affordable unit. For added funds, sell your excess things or exchange for items that are a better fit for your space. Bonus: having fewer things means spending less time on cleaning and organizing.

In getting furniture, look for second-hand pieces that you can get at a discount or free of charge. However, you might be better off buying brand-new appliances and electronics as these get worn out with use. You might end up spending more on repairs if you buy a used refrigerator or washing machine.

7. Eat at home

Buying your own ingredients and cooking your meals at home costs less than eating out and having commercially prepared food. Sure, you can go out to dine as a treat every now and again, but if you want to save, make eating at home the default way of having your meals.

8-simple-ways-save-money-when-renting-condo-cooking-kitchen-couple

8. Compare rental prices in your area

Don’t settle for the first property listing that you find online. To be sure you get the best value for your money, take time to research the available condos and prices in your preferred location.

Did you know that you can compare rental prices using your smartphone! Just download the Ohmyhome mobile app from the Play Store or App Store.

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get an agent

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FOR OFWS

Buy a Property in the Philippines

Come home to the property of your dreams.

Buying for Investment

While you’re away, we take care of your property investment.

Buying for Home Ownership

We help OFWs find their forever home.

DO IT YOURSELF​

Prefer to do-it-yourself?

Check out how our platform can help

Browse Resale Listings

Connect with sellers through our app

ARTICLES​

Steps for First Time Buyers

Like any new experience, buying a home for the first time is daunting.

Home Buying for Your Family

Make sure you’ve thought about these things before you decide to buy a house.

Get The E-Book

Sell

get an agent

Sell with an Agent

Dedicated experts at your service

do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Post a Listing for Free

Connect with buyers through our app

Articles

Factors Affecting Home Value

Know the factors that affect property value before you buy a home.

Mistakes to Avoid in Selling

Make sure you’re not committing any of these fairly small, common mistakes.

Passive Income from Real Estate?

Real estate generally appreciates in value and can also be rented out.

Sell Your Property Fast

This is how you can attract more homebuyers.

Get The E-Book

For Tenants

get an agent

Rent with an Agent

Dedicated experts at ayour service

ARTICLES

Renting vs. Owning

Either way, it’s much easier outside Manila.

House or Condo?

Both have advantages and limitations. Everyone has different preferences.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with landlords through the app

For Landlords

get an agent

Lease with an Agent

Dedicated experts at your service

ARTICLES​

Assessing Property Value

Of course, knowing your property’s true value is key to any great investment.

Home Staging Tips

With this checklist, you get a better chance of finding a long-term tenant.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with tenants through the app

Our Properties

By Developer

SMDC

Properties from the good guys.

Robinsons Land

Raise, live, and connect.

Moldex Realty

The gateway to ideal community living.

PIK

Russia and Europe's largest homebuilder

For Ofws

What we do for OFWs

Safely secure your dream home from overseas.

Buying for Homeownership

Connecting you with the top developers nationwide.

Buying for Investment

For a seamless and stress-free property investment.

LOCATION GUIDES​

Life in SYNC is a Life Well Balanced

A good home gives good shelter, but a...

Quezon City Community Guide: Why Invest in Property in ‘QC

Quezon City is the Philippines’ second...

Break from the Metro: Why Buy a 
Home in Antipolo

While some seek their faith in Antipolo...

Buy a Home in Lipa for a Break from the Big City

Lipa continues to emerge as a good...

Finance & Investments

Your Starter Guide for Investing in Homes for Sale

Buying a home is a major expense but...

Why Employers Must Invest in Employees’ Homeownership

Employees sign-up and stay with the...

How to Successfully Save for Your Dream Home

With how high property prices are, ho...

Rent or Own? Either Way, It’s Easier Outside Manila

Manila has always been one of the co...

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