Renting property in Brisbane, Australia can become expensive, but there are plenty of ways to save. Click through to discover must-know money-saving tips when renting a home.
Rental properties in Brisbane are not getting any cheaper, which is why spending your money wisely is essential – especially if you don’t plan to rent forever. While budgeting can be tricky, there are many ways to start setting money aside for future homeownership, retirement, or travel.
Looking for rental accommodation in Brisbane? This guide is for you:
1. Get A Roommate
One of the easiest ways to save the most money on your rent is to get a roommate – you can rake up significant savings by cutting rent and utility costs in half. Plus, you’ll have someone to help get half the chores done, too.
2. Consider Rent-To-Own Property
When you rent a home, spending money on repairs and upgrades ends up being a waste of your savings. Instead, you may want to consider rent-to-own properties, as you get to keep the home (and any upgrades you make).
Most rent-to-own landlords or developers allow tenants to pay off their future homes in 1-3 years, giving them ample time to save money.
3. Choose Your Location Wisely
If you want to find an affordable rental, location matters. While big cities have more attractive homes, they may also cost double the price you can find elsewhere. More affordable rentals are typically situated away from busy urban areas, although your transportation costs may skyrocket if you have to travel into the city for work.
4. Pay Off Other Debts
Contrary to popular belief, paying off your debts can save you more in the long run. When renting a home, many landlords take into account your ability to make your monthly payments. Naturally, the less debt you have, the better a deal you can score on your rent – potentially saving you hundreds, if not thousands.
5. Start Budgeting
Paying rent can make a significant dent in your expenses. The good news is, budgeting can help you figure out what you can and can’t afford.
When budgeting your income, consider the 50/30/20 rule, in which:
- 50% of your earnings go towards essentials (including rent)
- 30% of your earnings go towards your lifestyle
- 20% of your earnings go into your savings account
6. Cut Down On Unnecessary Expenses
It can be tempting to over-decorate your home or frequently order in if you don’t have time to cook, but you’ll run out of money quicker. Instead, consider cutting down on extra expenses like deliveries, shopping, and other non-essentials.
7. Buy Second Hand
Secondhand furniture and appliances come with the unfortunate stigma of being low-quality. But, in fact, the opposite is true – many pre-owned pieces are in excellent condition. Walk into a thrift store, and you might even find something brand new for cheaper than its retail price.
Ask your agent or agency about any utility providers they can recommend. Many Australians use agencies to hook up their utility bills, but this does not need to be a one-off, you can always ask mid-lease. Finding a better utility rate can help enormously when trying to save extra cash.
9. Paying Rent On Paydays
Organising to pay rent regularly on your paydays may help with your budgeting and enables you to make sure you can always meet your required rent. The leftover income you have generated can then be attributed to other expenses you have.
10. Get A Long-Term Lease
Singing an extended lease is beneficial to both landlords and tenants. Landlords can get guaranteed income and spend less time looking for new tenants, while tenants can often get a discount on their lease.
11. Live Near Public Transport Services
If you don’t have a vehicle to get you to and from your workplace, living near public transport services can save you hundreds of dollars in the long run.
The Bottom Line
Prices for rental accommodation in Brisbane aren’t dropping anytime soon, so the best thing you can do as a renter is looking for clever ways to save.
If you’re looking for an affordable real estate rental in Brisbane, make Rent Rabbit your go-to resource. We can link you up with the right landlords and find you a new rental home you’ll love!
