Rent Saving Tips for College Students in Mumbai

If you’re looking for rental saving tips in Mumbai, then we’re not surprised at all. You’re just continuing a long tradition of young students going bonkers when they first look at the rent prices of Mumbai. But don’t worry, we’ve got you covered. And so will the city of dreams. Because it may be a lil expensive, but with some helpful tips to save money, it’ll always give you enough space (except when it comes to apartments lol) to find your footing.

And yes, you can definitely take our word for it. We’re only the leading managed accommodation providers in the country, bro. So we definitely know the real deal when it comes to moving into a new city. And it’s also why we’ve curated our Stanza Living residences keeping you in mind. We cover all your household chores and also make sure you have a hassle-free experience with our 24×7 app-based assistance. But enough about us. Let’s get moving and note down these tips to save on rentals in Mumbai. With those covered, all you’ll need to do is build some discipline to keep your expenditures in line. Basically, you should be to your wallet what your mum is to giving you permission for sleepovers.

Best Rental Tips for College Students in Mumbai

Top 10 tips to save money for college students in Mumbai:

• Find a Cheaper Neighborhood
• Do Apartment-hunting in Off-season
• Get a Roomie
• Look for Fully Furnished Accommodation and Prioritise Amenities
• Talk to the Landlord – and Read the Agreement – Properly
• Take a Longer Lease or Negotiate When you Renew Your Lease
• Avoid Brokerage
• Referral Fees
• Save on Electricity
• Make Sure to Get the Security Deposit in Full

Looking for a place with customizable daily meals and on-call housekeeping? Just check out our residences in Mumbai.

Find a Cheaper Neighborhood

We know it’s not easy to find both a cheaper and convenient locality to stay in Mumbai. Or any other city, for that matter. But even in that Venn diagram, you may find an intersection that can potentially save you more on the rent. So take your time when you search for a locality. Even if it’s as much time as Dora The Explorer takes to reach the most obvious of addresses.

Do Apartment-hunting in Off-season

Yep, seasonal inflations do cause a sudden rise in rent prices. In general, moving in the summer is typically more expensive than in winter or off-season. So if it’s possible, try to move in during those times. Basically, it’s the same logic you apply when you buy winter clothes in the summer. You know, where you keep controlling the urge to wear that dapper long coat anytime it’s a slightly breezy summer evening lol.

Get a Roomie

Getting a roomie is probably the best way to save on your rent. More than one is even better. But here’s the thing you need to be warned about. Before you agree to move in with them, do a vibe check and remember to ask them about their commitment to the rented place. Otherwise, you may just find yourself paying for a 3 BHK all by yourself when they suddenly leave. Trust us, that’s the second-most worse feeling of getting ditched, followed closely by the instance when your bestie doesn’t reply to your dank meme with another dank meme.

Look for Fully Furnished Accommodation and Prioritise Amenities

Although moving into a fully-furnished place might cost you more rent, it does save you a lot in the long run. Imagine not having to pack and move any furniture. Imagine not having to run around to find a decent AC. And imagine not having to save up bit by bit for a good bed. So think no more, and save more by paying more. It takes money to make money, as they say.

Talk to the Landlord – and Read the Agreement – Properly

Once you’ve set your sights on a place you like, it’s easy to get carried away and miss out on the finer details. So make sure to have a thorough conversation with the landlord to find out every little expense you have to bear during your stay. The same goes for the rental agreement too. Read it as carefully as your dad read your report card after a PTA meeting.

Take a Longer Lease or Negotiate When you Renew Your Lease

Sometimes it’s best to play the long game in life. Especially when it comes to setting the tenure period of your rental agreement. But then again, you might not be sure how long your stay would be. Or your landlord might not agree to it at all. Though, even in that case, you should use 100% of your negotiation skills to avoid super hikes in the monthly rent. Just take your average corporate HR for inspiration.

Avoid Brokerage

The good news is that it’s 2022 and there are plenty of ways to avoid paying a broker. All thanks to online rental listers and managed accommodation providers. Plus, you can always go for the old-school way of walking in your preferred neighborhood and straight-up enquiring wherever there’s a vacancy sign. Though, it’s a slightly taxing way to do it. So maybe online searching is always better. Like in the case of purchasing books if you can sacrifice the feeling of walking into a bookstore versus more discounts.

Referral Fees

If you’re put up in an accommodation startup or a managed hostel, it’s most likely to have incentives for referring the place to another person. So you can either recommend your friends to be your close neighbors or refer a new tenant to replace you when you leave. Basically, if you’re dedicated enough, you might just become a millionaire by bringing your friends, their friends, and even your extended family to the same building. It does take a village to raise someone, we guess.

Save on Electricity

We know we’re pointing out the obvious, but more often than not, you do forget to switch off that fan when you’re running late to class. Or keep the AC on longer than you actually need. If it’s too much of a bother tho, we suggest you use an app to help limit your usage. Also, make sure you don’t buy or rent extremely battered appliances. Like those old ACs that use up more power and make more noise than flat earthers on a conspiracy theory podcast.

Make Sure to Get the Security Deposit in Full

The moment you move into your new house, here’s what you should do. First, take a note (we mean pictures) of all the pre-existing damages there. And second, try to keep your own damages during the stay to the minimum. Trust us, when you move out and you get your security deposit back in full, you’ll experience the same good feeling you get when a friend pays back the money that you totally didn’t remember.

Check Out Rental Saving Tips For Students in Other City

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FAQs on Rental Tips for College Students in Mumbai