How to Save Money on Event Space Rentals

December 2, 2022 Erica Maurer

Did you know that some event spaces charge per-hour rates ranging from 100 to 2000 or more dollars per hour? Whether you're planning a wedding, seminar, or another event, the cost of your event space rentals can quickly climb. 

If you're planning an event, you may want to rent a space. However, with high costs, how do you stay within your budget? 

There are a few things to keep in mind when you're looking for event space rentals. Keep reading, and we'll look at tips that will help you save money on event space rentals. 

Research Venues in Advance

When it comes to finding an event venue, advanced research is key to saving money. Look for venues that fit your event's needs in terms of size, location, and amenities.

Once you've narrowed your options, reach out to each venue for a quote. Be sure to ask about any discounts or promotions that may be available.

Comparing prices from multiple venues will help you get the best deal on event space rentals. With a little research, you can find an affordable venue that meets all your needs.

Consider an Off-Peak Day or Time

If you want to save money on your venue hire costs, consider booking an off-peak day or time. Weekdays are typically cheaper than weekends, and morning or afternoon events can also be less expensive than evening ones. Keep in mind that some venues may have minimum rental periods, so check with the venue before making your final decision.

Have a Clear Guest List

When you know how many people will be attending your event, you can more easily find an event space that fits both your needs and your budget. If your guest list is constantly changing or you're unsure how many people will be attending, it's best to err on the side of caution and choose a larger space. You can always scale down if needed, but it's much more difficult (and expensive) to accommodate last-minute guests in a smaller space.

Book Far in Advance

If you're planning an event, booking your venue as far as possible is important. This will give you the best chance of getting the space you want at a price that fits your budget.

When searching for a venue, remember that the earlier you book, the more likely you are to get a discount. Many venues offer early bird discounts for those who book their space well in advance. So, if you have a date in mind for your event, start shopping around for venues as soon as possible.

In addition to getting a discount, booking early also gives you more time to plan your event. This means you can take your time finding deals on other items or services for your event.

Build Relationships with Local Venues

If you're looking to save money on event space rentals, one of the best things you can do is build relationships with local venues. Getting to know the staff at your local venues can help you get discounts and perks that you wouldn't be able to get otherwise.

Here are a few tips for building relationships with local venues:

Get To Know the Staff

Get to know the people who work at your local venues and take the time to learn their names. When you're friendly and familiar with the staff, they'll be more likely to give you discounts or special treatment.

Be a Regular

If you're a regular customer at a venue, they'll be more likely to give you discounts or perks. So, if you have a favorite venue you use often, let them know!

Refer Friends

If you have friends looking for event space, refer them to your favorite venues. Many times, venues will give you a discount or perk for referring customers.

Negotiate with the Venue

When negotiating with a venue for your event, there are a few key things to keep in mind. First, always remember that the venue is a business. As such, their number one priority is making money.

With that said, most venues are also interested in ensuring that their clients are happy and will return in the future. Here are a few tips for negotiating with a venue:

Know What You Want

Before you even start negotiating with a venue, you must know exactly what you want. This means having a clear idea of the size of your event, the date or dates you're looking at, and any other specific requirements you may have.

Knowing exactly what you want will make it easier to find a venue that meets your needs and will give you more leverage when negotiating prices.

Do Your Research

It's important to know what similar events have rented space for in the past. This information can be found online or by speaking with event planners who have booked space at the same venue in the past. This data will give you a better idea of a fair price for your event.

Be Flexible

If you're flexible on dates or times, then be sure to let the venue know. Many venues offer discounts for events that are willing to be held during off-peak hours or on weekdays. By being flexible, you may be able to save money on your venue rental.

Know Your Budget

Knowing exactly how much you can afford to spend before contacting any venue is important. This way, you won't be tempted to spend more than you can afford or get taken advantage of by a venue that knows your budget is higher than it actually is.

Get Everything in Writing

When you've finally found the perfect venue and negotiated a price, get everything in writing. This includes the cost of the rental, any discounts that have been given, and what is included in the rental (tables, chairs, linens, etc.). Having everything in writing will protect you in case there are any misunderstandings later on.

Find the Perfect Event Space Rentals

It can be costly to rent event space, but with a bit of creativity and effort, it is possible to save money. We hope our tips have helped you figure out how to save money on your next event space rentals. 

Were these tips on renting an event venue on a budget helpful? Are you ready to start learning more and creating long-lasting strategic partnerships that will help you build your business? Don't miss out on the 2023 event planning expo; get on the waitlist now. 

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