Thursday, December 29, 2016

How to reduce your monthly rent expenses?

Rent is expensive especially if you live in the GTA, it's very hard to negotiate your monthly rent and ask for a rent reduction after signing a lease. Unless you live in AB where rent has been on the decline since it's peak in the summer of 2014. AB rent on average has seen a decrease of over 30% since the summer of 2014. If you live in Calgary you are most likely will be able to renegotiate your rent and ask your landlord to reduce your rent, it's Renters market!

CMHC’s fall 2016 outlook report forecasts Calgary’s rental market vacancy rate will reach eight per cent in October 2016, which would mark the highest level in more than a quarter-century

What can you do to reduce your cost of rent if you live outside Calgary?

First review all of your on top of rent expenses: 
  • Hydro
    The cost of having lights ON run appliances other electricity consumptions.
    If you pay for hydro and planning to live for long term in your rental unit, then it's worth investing in LED lighting. Every time a regular light bulb burn out replace it with an LED solution. You can get discount coupons on some of the LED lights from

  • Gas
    Widely used for heating, invest in a smart thermostat the will literally pay for itself if you are out of your home during the day.

    Some utilities companies in Canada are offering up to $100 rebate if you install smart thermostat like NEST and save up to $100 with Nest Energy Partners

    or other smart thermostats. Click for a complete list of Energy Partners thermostats.

other tips to save on heating open the curtains when sunlight hits them; close them otherwise.

  • Parking
    If you are renting a condo and parking is included, offer to rent your parking spot. Downtown condo parking can rent for as high as $150 a month. Same goes for lockers.
  • Cable TV and that phone landline!
    You really have to watch out for this. I have cut cable since 2005 and never looked back. Invest in a good over the air antenna that will save you thousands of dollars in cable TV over the years.
    Lose the landline, everyone has a cellphone these days, if you need to make long use skype, google phone call or some VoIP phone service.

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