How to Offset Rising Rent Costs

Offset Rising Rent Costs In Philadelphia With These Helpful Tips

Plan Your Budget Accordingly

Part of offsetting the rising costs of rent is having enough money saved up in the first place. 

Building financial security might not directly lessen the upfront monthly rental fees. Still, having enough cash stowed away allows you to budget around your available funds and prevents unforeseen expenses from disrupting your life too much.

The general rule is to allocate 30% of your gross income toward rent. 

You’ll also want to save enough for one-time expenses due immediately before your moving date. Included in these costs are your:



• Security deposit
• Furniture costs
• Renter’s insurance
• First month’s rent:

Compiling at least $8,000 in saved-up funds, give or take, solidifies you for the cash outlay right out the gate. 

Again, this type of financial planning won’t magically reduce the listed rental prices for places in the city. It will offset the long-term adverse impact of increasing rental costs on your bank account.

Reduce Your Utility Costs

Typically, Philadelphia residents' $171.62 average utility bills (including electricity, water, and gas) eclipse the national average.

For the above reason, you shouldn’t jump at the opportunity to sign a rental agreement that includes utilities. (Note: this tip doesn’t apply if you crunch the numbers and the included utilities add up to substantial savings.) 

You’ll typically find that handling your utilities, water, heating, etc., offers you control over your usage and budget. 

Here are some suggestions to help save on utilities:



• Equip your sound system and television with a power bar and turn it off when you aren’t using it.
• Whenever phones and laptops are finished charging, remember to unplug them.
• Sign up for less expensive streaming services instead of paying for cable.
• Find the optimal temperature on the thermostat that keeps you reasonably comfortable without breaking the bank. You can also lower your thermostat during winter when you aren’t at your apartment. Raise your thermostat on summer days to decrease energy consumption and your bills.

Live With A Roommate (Or multiple roommates)

Sharing your space–and therefore rent–can drastically reduce how much you pay for an apartment. Depending on the setting (and your tolerance levels), you can split rent with three or four roommates.

Having roommates might not do wonders for your privacy, but it’ll offer plenty of financial breathing room. You’ll reduce your cash-related burdens, and you can allocate the leftover money toward any lingering debts, a dream vacation, or buying a home. 

There’s an additional bright side–especially if you’re a social butterfly. You won’t get lonely. Your roommates will be there to join you for movie nights and the next big Phillies, Flyers, or Eagles game.

Rent Your Apartment When You’re Out Of Town

This suggestion comes with an important disclaimer. You must check your lease thoroughly to ensure you’re not prohibited from offering short-term rentals. 

Beyond needing a contract that allows you to rent, this strategy is most effective if you frequently travel for work or regularly spend the night at a friend’s house. Consider using Airbnb or a similar platform for the most seamless results, and you’ll offset some of the surging rental costs in Philadelphia.

Offer Work For Reduced Rent

The ideal candidate for this suggestion can fix a squeaky hinge, leaky faucet, or rickety cabinet door. These skills can help you save money on rent if you negotiate with your landlord to do the repairs in your unit (or whole building) to cut into rental costs. 

You don’t need to be a full-on Mr. or Mrs. Fix-It to negotiate savings–just don’t be afraid of offering up some elbow grease. You can potentially clean, paint, mow lawns, manage minor landscaping work, or clear snow from common areas.

Move Into A Smaller Place

If you don't have a roommate, it's worth asking if a two-bedroom with one and a half bathrooms is necessary.

A smaller bachelor or one-bedroom can save you significantly on rent while cutting into your cooling and heating bills. Sure, it could feel cramped initially, but the resulting savings will take you far in the future.

One pro tip is to use vertical space to your advantage. Tall shelving units can help you maximize storage.

Fall In Love With A Less Expensive Neighborhood

A universal rule is that the more central you get with your living space, the more it will cost. 

Don’t get us wrong; we understand wanting to be in the heart of Philadelphia. It’s where all the action thrives, and the atmosphere buzzes.

The reality is that those needing to offset rental costs likely shouldn’t live smack dab in Center City. But that’s not the pitfall you might think it to be–because it’s still possible to save while living close to the central hub.

For example, GM Holdings offers a variety of unique rentals that are easily accessible from Center City. These luxury lofts and apartments are available at reduced monthly costs compared to downtown while maintaining many of the perks of living in Philly.

Conclusion: Enjoy Living In One Of The Best Cities In The Country At Prices You Can Afford

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