Ways To Save When Renting A Two-Bedroom Apartment
While you might only need a one-bedroom apartment if you're single, a two-bedroom unit will provide more space and may have additional benefits. Although they generally cost more to rent, you may be able to ultimately save by renting a larger unit. Here are some ways to save when renting a two-bedroom apartment.
Get a Roommate
The most obvious way to reduce your rent is to split the monthly payment with a roommate. While you might not want to share a bedroom with a roommate (other than a romantic partner), the second bedroom lets you split rent without giving up your private bedroom.
Although this method doesn't actually give you more space to use, it can greatly reduce the cost of your rent. The additional cost of another bedroom usually doesn't double the rent, for rent also includes any living room, kitchen, dining area, patio, or other common space that a unit has. Thus, your roommate's share of the rent should be more than the added cost of their room.
As an example, assume a one-bedroom apartment rents for $600 per month. If a two-bedroom apartment rents for $800, your share of the monthly rent would only be $400 if you got a second bedroom and a roommate. That's a savings of $200 despite the total rent being $200 higher. Over the course of a 12-month lease, the savings accumulate to $2,400.
Set Up a Home Office
If you don't want a roommate and have your own small business, you can turn a second bedroom into a home office. A home office allows you to deduct a portion of your rent from your annual taxes, and the deduction is directly proportionate to the size of the office compared to the apartment.
Assume you have a second bedroom that's 100 square feet and a total apartment that's 1,000 square feet. That bedroom accounts for 10 percent of the apartment's space. You can deduct a corresponding 10 percent off of your monthly rent, which would be $80 per month on a two-bedroom apartment that's $800 per month. This will reduce your annual tax bill.
A home office also lets you deduct a portion of other expenses. You may be able to deduct a portion of your internet, phone, electric, and heating bills, depending on your specific work setup. A qualified tax professional can help you determine precisely what qualifies as a tax deduction.