Are you looking for a new apartment and finding only luxury units when you really want to save some money? You're not out of luck. With so many developers creating luxury complexes and refurbishing older units to meet luxury standards, you may actually have a little leeway that would allow you to live in one of these complexes even if you thought you couldn't. Obviously, there will be basic rent requirements that you have to meet, but past that, you can take some frugal steps to make that luxury apartment your home.
Look for Lower-Income Units
Some states, like New York, have housing programs that help developers build (or require them to build) a mix of low- and moderate-income units within a luxury development. Check with the building management office first to see if any of those units are available. You can get some hefty discounts on rent if you meet the income requirements.
Negotiate Ahead
If you don't qualify for the lower-income housing, or no units are available, ask the management about negotiating rent for more than their usual lease. For example, if the building offers a year lease, ask about negotiating lower rent for an even longer lease. The fact that the management won't have to worry about you moving for a long time might make them willing to consider this type of discount. You can also see whether paying much of the rent up front can get you a discount as well.
Practice Self-Reliance
Some luxury buildings offer maid service for each apartment or landscaping services for private yards on the first floor. These are handy services, but they increase your rent in most cases. Skip the services and take care of general cleaning and gardening yourself.
Consolidate
Look at what the building has to offer and drop outside services that you use that are similar. If you belong to a gym and aren't particularly tied to a trainer or group of workout buddies there, and your new building has a gym that you can use for free, drop the outside membership and use the building gym. The same goes for services like drycleaning; if your building offers that service for a lower rate than outside businesses, use what the building offers.
Extend That College Lifestyle
Just because the apartment advertises luxury doesn't mean your personal lifestyle has to reflect it. If part of the luxury includes the option to rent furnished, say no to that option and use your own furniture, even if it looks a bit uncoordinated. If you have to continue using your old college-apartment furniture for a while or build a bookcase out of milk crates, do so; you can always buy better furniture down the line. This might seem a bit of an unwelcome option when others in the building are using the complex's nicer furniture, but the rent you'll save can go toward whatever you want or need it to go to.
Luxury apartments offer a lot, and you should take advantage of what you can. But by cutting a few costs here and there and negotiating, you can make handling the rent a lot easier while improving your overall living conditions substantially.
Share31 October 2016
Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.