Financial Calculators

Common Rent Split Calculator

This calculator will quickly and efficiently calculate the fair rental amount for each member of your rental unit.

Rent divide calculator

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Table of contents

What is Rent?
Renting vs buying
How to save money on rent - 10 tips that will save you some cash
You can find a roommate
When you renew your lease, negotiate
Be Ready to Pay upfront
Sign an Extended Lease
Get rid of your parking spot
Check out Apartments for Rent in Winter
Private Rentals
You might consider moving to a new area
Offer to Work for Landlord
Referral fees

What is Rent?

Rent is the act or payment to a landlord for the rental of a residential property. It can be used as a noun to refer to the actual payment made for the temporary use of a residential home. Other definitions of rent exist, such as economic rent. However, they can also be used in different contexts for different purposes.
While the terms "rent” and "lease" are frequently used interchangeably, they have different meanings. A lease is a contract that is signed to rent a residential property. It outlines the amount the tenant will pay, the length of the rent, and any rules that the landlord and tenant agree upon in their rental relationship. 

Renting vs buying

The decision to buy or rent your home is one of the most important decisions you will make in your life. It can also impact your financial well-being.
Real estate ownership can be described as an investment that will build equity and offer tax deductions. Renting has many advantages. It requires little to no responsibility and offers flexibility. Many people believe that buying a house is better financially than renting.
People in the United States lean towards ownership. It is partly due to the long-held belief that homeownership is the key to happiness, and part of America's dream. Real estate is big business for everyone. From mortgage lenders to real estate agents to home improvement shops, it's also big business. It is an integral part of our economic culture. But, owning a home doesn't necessarily make it better than renting. Renting is not always the easiest option. You should weigh the pros and disadvantages of each option to decide whether owning or renting is the best choice for you.

How to save money on rent - 10 tips that will save you some cash

You can save money on rent with several easey ways. For example, you can get a room mate or negotiate with your rent land lord.

You can find a roommate

This one is simple and will save the most money. In the U.S., a one-bedroom apartment will cost $1,663. A two-bedroom apartment will cost you $1,934. Divide the second number by 2 and you'll get $696 less. It's a great deal to multiply that number by 12. This doesn't include shared costs like utilities, groceries, or kitchen supplies.

When you renew your lease, negotiate

Landlords are keen to retain good tenants. It costs money for landlords to move you out and bring another tenant in. This means that you have some leverage.
Find similar apartments in your local area, and then make an offer. Tell your landlord if you don't get your way. They will be more inclined to retain you if your character has been good.
One word of caution. Know who you are dealing with. Independent landlords can have more leeway than property managers. Perhaps they have multiple tenants and aren’t willing to make concessions. In this case, you can try to sweeten your deal by offering something in exchange.

Be Ready to Pay upfront

If you're able to, offer to pay the entire rent or a few months ahead for a discount. You may be able to negotiate a lower rent to get cash, but that's only if you have enough money to cover your expenses. You don’t want to build a credit card debt because your bank account was empty to save a few bucks on rent. Credit card interest would take the savings away. Also, if you do have to pay upfront, be sure to return the money every month to your savings.

Sign an Extended Lease

Stability is what landlords want. You can offer stability to them by signing for a year-and-a-half or 2 years instead of 6 months or 1 year. The longer the lease is, the less the landlord should be willing and able to accept it.

Get rid of your parking spot

A parking space isn't necessary if your car is not available. For a discounted rent, offer to let it go. The landlord may be able to rent the space out to another tenant who might require additional parking.

Check out Apartments for Rent in Winter

Landlords face difficulties finding winter renters. It is often cold in the country. People don't like leaving their comfortable homes. Landlords may lose money when they stop collecting rent. Vacancies can continue for months.
Rents rise in summer. The weather plays a part, but so does the school calendar. The market is flooded with college graduates during this period, while high school graduates move to college towns. Children in elementary school are advised to wait until the last day of school to move.
All this results in a higher demand, which leads to higher prices. If you find an apartment in winter, offer to sign a long-term lease that ends in the spring. It ensures the apartment goes on the market when the landlord is ready to move out and gives the landlord stability. They're willing to negotiate with you.

Private Rentals

Private rentals are property that is owned privately by an individual or their family and not by a corporation. This is also true for large apartment complexes. Private rental can be a home, an apartment, or even a guesthouse that is separate from the main property.
Private landlords are more relaxed about deposit requirements and application fees. They don’t have corporate guidelines to follow. This could mean they are more open to discussing rent amounts and ignoring past evictions which could prohibit you from renting elsewhere.
But every landlord is unique. Some may do background checks without paying any extra. It is important to be clear about your situation, expectations, and financial goals in order to avoid unexpected surprises.

You might consider moving to a new area

This is one of the most cost-effective ways you can save money on rent. Los Angeles and New York are big cities. However, they can be expensive. In 2021, one-bedroom apartments for rent will go on average for $3684 and $2689, respectively. For those who want an urban feel but don't have the budget, you might look into emerging cities like El Paso ($915), Oklahoma City ($711), or El Paso ($2,689, respectively).

Offer to Work for Landlord

For a discounted rent, your landlord might be willing to pay for repairs if you're proficient in plumbing or appliances. If it is cheaper for the landlord to hire someone to fix something, then they may be open to working with you. Even if you aren't handy, it doesn't matter if you have the skills needed to mow your lawn or trim hedges.

Referral fees

Ask your landlord if they offer tenant referal fees. A few landlords will offer money in return for referring a new tenant. These landlords are more likely to offer money in exchange for referring a tenant to larger apartments companies. They would need to have enough vacant units before they can offer you money. Private lenders with only one or two properties won't likely offer anything or much in return for a referral. However, it is worth asking.
Parmis Kazemi
Article author
Parmis Kazemi
Parmis is a content creator who has a passion for writing and creating new things. She is also highly interested in tech and enjoys learning new things.
Common Rent Split Calculator English
Published: Mon May 16 2022
In category Financial calculators
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