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Personal Finance

4 tips for renting an apartment without going broke

With rental prices at record-highs, here's some advice to keep in mind before you sign a new lease.

pidjoe | iStock | Getty Images

While finding a good deal on an apartment rental has never really been an easy feat in the summertime, this year is proving to be especially difficult.

Thanks to a mix of various economic factors — record-high inflation outpacing slow wage growth, increasing interest rates pricing would-be homebuyers out of the market and apartment landlords making up for expired Covid deals — renting a new place is suddenly a lot less affordable. Just this June, rent prices had their biggest monthly gain since 1986 — that's over three decades.

As rent prices continue to climb across the country, Select spoke with Lily Liu, CEO of Piñata®, a rewards and credit-building platform for renters, about how to navigate these price hikes. Below, she shares four best practices for renters hoping to avoid breaking the bank.

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Tip 1: Avoid moving between April and September

According to MovingLabor.com, 80% of all moves in the U.S. happen during "peak" moving season, which is defined as occurring from April to September.

Because of the high demand for rentals during this time, especially since the kids are out of school, buildings have less inventory and tend to charge more for available units. It's a classic case of high demand and low supply boosting prices.

It's not just a new lease that will cost you more — the prices for moving services are higher during the peak season as well.

So, when is the best time of year to rent? According to Liu, who references RentHop.com, winter — between December and March — is "typically the slowest time for property managers to fill vacancies," meaning there's a good chance you can save money if you sign your lease then given the lower demand.

"Between the holidays and unfavorable weather, fewer people are apartment hunting, which means you'll have less competition for that dream corner unit with a washer and dryer," Liu says.

Tip 2: Negotiate any add-on fees

When you are ready to apartment hunt come the colder months, be wary of the prices you see. Before you get too excited, make sure you know exactly what the monthly cost of renting will be all in, as some landlords will tack on extra fees per month on top of the base rent price.

These additional fees might include costs for pets, pest control, trash, internet and cable, parking and other amenity fees. Ask landlords beforehand about all the fees the lease would and wouldn't cover, and perhaps try to negotiate any add-on fees as part of your rental agreement.

Tip 3: Offer to sign a longer lease

Although standard lease terms are for 12 months, landlords will typically offer a lower monthly rent price for longer lease terms of 15, 18 or 24 months.

Even if your landlord doesn't offer a discounted rate for longer lease terms upfront, let them know you're willing to stay longer as leverage for a lower rate because they will benefit from less turnover of your unit.

You'll benefit, too, and not only from a possibly lower monthly rent. Locking in a rate today for, say, two years is a smart move — if you plan to stay in the same city — since landlords will likely increase the price once your lease ends and it's time to re-sign.

Tip 4: Benefit from paying your rent

While this last tip might not save you money as a renter immediately, it can have a lasting impact on your finances in the long term. Nowadays, there are financial products that reward renters for paying their monthly rent, so you might as well take advantage of your responsible financial behavior.

Piñata®, for example, gives users points whenever they pay their rent on time, and those points can be redeemed for rewards such as free food, exercise classes, gift cards, travel discounts and other services through apps like TaskRabbit and DoorDash.

You may even want to consider paying rent with a credit card, such as the Bilt Mastercard®. The standalone Bilt Rewards program allows qualifying U.S. renters to start earning rewards each time they pay rent through the Bilt app. To earn even more points, the Bilt Mastercard lets cardholders earn points for using it to pay for their rent and other transactions.

Your points can be redeemed for travel through one of Bilt's hotel or airline transfer partners, fitness classes with SoulCycle and several other studios, limited-edition artwork and home decor, next month's rent or even a down payment on a home. Read our Bilt Rewards review to learn more.

Bilt Mastercard®

On Bilt's secure site
  • Rewards

    Earn points when you make 5 transactions that post each statement period - up to 1x points on rent payments without the transaction fee (up to 100,000 points each calendar year), 3x points on dining, 2x points on travel, and 1x points on other purchases.

  • Welcome bonus


  • Annual fee


  • Intro APR


  • Regular APR

    See Terms

  • Balance transfer fee

    Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer ($5 minimum).

  • Foreign transaction fee


  • Credit needed


See rates/fees and rewards/benefits; terms apply.


  • No annual fee
  • Solid rewards on broad spending categories
  • Ability to pay your rent with no fees
  • Transfer points to leading frequent traveler programs at a 1:1 rate, including American Airlines, United and World of Hyatt®


  • No welcome offer
  • No introductory 0% APR
Bonus tip: Finance moving costs with a 0% intro APR credit card

While there are ways to save on rent, you still may need to finance some of your costs, as moving into a new apartment can get expensive quick when buying new furniture. If you don't have all the cash you need up front, you can consider using a credit card with a 0% APR intro offer, which allows you to pay off your balance over time without accruing any interest charges.

Select ranked the Wells Fargo Reflect® Card (see rates and fees) and the U.S. Bank Visa® Platinum Card as some of the best cards with 0% intro APR offers.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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