Okk. Its the Dollarized period. Property prices are going up while purchasing power is coming way down. How do you lower the cost of The Single Largest Money Dump each month? For most of us ordinary citizens, Rent is our largest expenditure per month. Surely then, we must be open to creative ways of making sure we do not pay so much!

1. Reconsider Your Location
If you want to live in a highly desirable area, you will pay a pretty penny for the privilege. On top of that, in some densely populated neighborhoods, you may also have to pay an additional monthly fee for a parking space. However, if you live just a few miles away from the hip neighborhoods, you can still easily take advantage of their amenities while paying substantially less. Also, when you live within easy walking distance of the grocery store, shops, restaurants, movie theaters and bars, it's much easier to make impulse purchases or overspend on entertainment. Living further away will force you to give a little more thought to your shopping trips and thus can help you to control your spending.


2. Be Flexible in your Definition of "Nice Place"

Instead of looking for an apartment with granite countertops and stainless steel appliances, "nice" might simply mean a place that is free of maintenance problems, insect infestations, safety issues and bad neighbors. You're unlikely to find a shiny new dream apartment for a bargain price, but if you can overlook things that will have very little impact on your quality of life (like shabby carpets that can be covered with area rugs or an ugly building exterior that you'll rarely have to see) when everything else about the place meets your criteria, you'll be able to snag that gem that others may have dismissed.


3. Get a Flat/Roommate (or Two or Three)

For most Nigerians this is usually a No No but its great to start considering it. Acquiring just one roommate can shave 30% off your basic living expenses - rent, utilities and even food, if you're willing to share groceries. If you're willing to sacrifice some privacy and peace and quiet, having roommates can allow you to spend less, get a nicer place or live in a nicer location. If you play your cards right, you may even be able to capture all three of these advantages. Sites like irentaway.com easily helps you get started finding a roommate.

4. Become a Skilled Hunter

Although it can require a significant investment of time, patience, and flexibility (including flexibility with your move-in date), finding an apartment at below the market rate is not impossible. In addition to perseverance, you'll need some familiarity with the market. Do the research in advance so you'll know what constitutes a high, low and average rent in your target neighborhood. You'll also have to stay on top of the listings so you'll be able to view places as soon as they go on the market. Apartments that are a good value get snapped up fast.

5. Don't be in a hurry. Study all the Details before Renting

If your application is approved, don't impulsively sign the lease. First, ask your potential landlord lots of questions about the unit before you contractually obligate yourself to a year's worth of rent. Ask if the unit and building have had any insect or rodent problems or other significant issues, and if there are any noise issues.


6. Know the Potential Costs of Any Outcome e.g how easy is it to leave?

Be clear on the rules for breaking your lease before you sign it. If you end up hating the apartment or the neighborhood, what are your options for leaving? What if you have to relocate for a promotion or job change? Make sure the penalties for leaving and the rules for subleasing are clearly stated in your lease - don't take the landlord's word on anything.

7. Conclusion:

If you're willing to make compromises on the less important things and you're willing to invest the time to read lots of ads and look at numerous places, you're likely to find the perfect apartment for you at the perfect price. The extra time and effort spent finding the right place will pale in comparison to the amount of time you can spend regretting rambunctious neighbors, a shoddy unit that's always needing repairs or a huge rent check

Sources: http://www.investopedia.com/articles/younginvestors/08/save-money-rent.asp
http://blog.readyforzero.com/how-to-negotiate-rent/#.VtscnFIqTIV
http://www.moneycrashers.com/negotiate-lower-apartment-rent-payments/

It is not applicable to every environment

peterjero:
It is not applicable to every environment

Not all may apply but some definitely would.