6 ways to save on your monthly rent

In 2020, an average Bangalorean spends about Rs.17,926.10 per month as rent in the city centre. Sounds a little overwhelming right?

Well, we often come across some common suggestion to reduce rent and I shall take this opportunity to inform you about them as well.

Direct Methods:

Get a roommate

A roommate to share your rent and your living expenses helps take some burden off your shoulders. This way you would each be able to enjoy a large space and be located in the most happening areas of Bangalore.

Settle for less space

The smaller the area, the lower your rent would be. But ensure not to cramp yourself up in a tiny space as it would be difficult for you to live comfortably for a longer duration.

Sacrifice few amenities

Opt for Semi-furnished or unfurnished houses as they turn out to be less expensive compared to fully furnished homes. You could rent out furniture and appliances to meet your most basic requirements.

Sign a long term lease

Staying in the same palace over a period of time will ensure that your yearly increase in rent is tied down to your base year value. Long term lease also gives you a bargaining chip to negotiate rent as any landlord would want a longer and steady income verses a short span rent.

This also reduces the hassle of moving from place to place and getting adapted to new areas or environments often.

Indirect Methods:

Get a rent receipt

Always get a rent receipt from your landlord as this helps to reduce your tax burden. If your employer makes deductions for Income Tax from your salary, submitting your rental agreement and rent receipt will help you save tax under HRA (House Rent Allowance).

Pay rent on time

This may not directly help you save on your monthly rent, however, timely payments help build your CIBIL score which can help you avail credit at a lower cost on a future date.

All these tips may be suitable for bachelors, but just imagine if you are a newly married couple or a family of 3 members or larger, would you still want to compromise on these essential aspects of a home?

Why is that we always need to give up on our comfort to save some money?

What if I told you, you could maintain your privacy, have a large place in the city centre and enjoy all the amenities and still save on rent.

Now we are talking about the real deal.

All you need to do is use your network of friends and family and engage in a referral scheme.

I am very sure you all might have come across several schemes like this, but you may not have thought about the impact it might leave on your monthly rent.

Sounds interesting right? All you have to do is refer a friend of yours to your landlord and avail a discount on your monthly rent. Find more friends and enjoy a much lower rent.

There are certain limitations to this concept, but I won’t leave you hanging, I will also tell you how you can overcome this hurdle.

This referral scheme does not exist in the unorganised real estate market and Landlords who own only one property won’t be able to extend such an offer.

Make the wise choice of renting from a Property Management Company.

A Property Management Company helps you find a suitable home for yourself. They have a large number of properties under their ambit which enables them to provide many offers like the referral scheme.

Some referral schemes not only benefit you, but they also benefit who you refer turning out to be a win-win situation to both of you.

With the rising cost of living in Bangalore, follow this tip to reap its benefits.

Not just the referral scheme, also look out for seasonal offers from property management companies and enjoy the benefits.

PropertyAngel offers you one of the best referral schemes in the market. Imagine referring a friend a month and saving up to Rs. 3000 in cash or as gift vouchers every month.*

PropertyAngel is a property management company and a property rental platform.

We provide Brokerage Free & Hassle-free rentals which you can trust.

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