Financial advisors often tell people that they can save money renting before investing in a home. Rent tends to be far lower than a mortgage and although people view rent as money down the drain, it provides a comfortable home while allowing you to put aside a nest egg. You can save money while renting in a number of ways.

Negotiate your Rent
Most people will sign a lease without even trying to get a better price. If you know you are looking in an area with a lot of apartments available or if you have done your research and can see they are asking more than the average it doesn’t hurt to ask if they can go any lower on the price.

Consider what you can leverage for a better price, such as signing a longer lease. Plan it right and ask once you have the thumbs up for references, but before you sign the lease. They are more likely to say yes to someone they have already approved.

Have a Budget
Don’t start looking for an apartment in Ottawa until you know what you can afford. The rule of thumb is that you should not be paying more than 30 percent of your total income for utilities and rent. The higher you go above 30 percent the less money you have for anything else. Balance out the rest of your expenses to create a budget and stick to it. This is the best way to save money while renting.

Allot Savings
You can decide to put away a certain amount of money every paycheque to go towards a down payment for a house or just to save in general. Look at your budget and decide how much you can afford. It is always nice to have money set aside for a rainy day.

Low Maintenance
It is easier to save money while renting because you will not have any maintenance fees. Make sure you call the superintendent or landlord when something breaks, as it is their responsibility to fix it for free.

Roommates are great to counterbalance expenses from rent to utilities and even food. If you are in a serious relationship, living together will lead to serious savings as long as you are ready to commit.

Whether you want to get established financially, or get back on your feet after a financial challenge, apartment living can help you save money all around.