Private rents are skyrocketing at an unprecedented pace, leaving many tenants struggling to keep up with the financial strain.
According to the latest figures from the Office for National Statistics (ONS), private rents in the UK have risen by a staggering 5.1%, marking the highest increase since records began in January 2016.
Whether you are dealing with private landlords, navigating tenancy agreements or seeking a new rental property, these tips can help you trim down your rental costs and improve your financial situation.
1. Share the Cost - Consider Housemates
Splitting the monthly rent with housemates can be a game-changer. Of course, sharing with strangers isn’t for everyone. Try reaching out to your friends and family to see if anyone else is in a similar position and looking to save money on rent. You never know, you might find the perfect match!
You can significantly reduce your individual financial commitment by dividing the rent payments among several people. Plus, sharing a rental property brings camaraderie and shared responsibilities that can enhance your living experience.
2. Negotiate and Note Details in the Tenancy Agreement
Don't be afraid to negotiate with your landlord before signing the tenancy agreement. If you are a responsible tenant with a good track record, you might be able to discuss a slightly lower monthly rent. Just bear in mind that today’s rental market is very competitive and, if you don’t pay the asking price, someone else probably will.
If you strike lucky with a deal with your landlord, make sure to note any agreed-upon concessions or terms in the tenancy agreement. It’s important to have the necessary documents to support your arrangements to protect yourself from future headaches.
3. Unfurnished Rentals for Personal Savings
Furnished properties may offer convenience, but they often come with higher monthly rent and horrible furniture. Opting for an unfurnished rental property and furnishing it yourself can lead to substantial savings over the course of your lease. Besides, your own furniture will make it feel more like home.
4. Prioritise Utility Bills for Maximum Savings
Utility bills can contribute significantly to your monthly rental costs. Do your research and compare utility providers to find the best deals on electricity, water and internet services.
You might struggle to find an affordable energy provider with the current cost of living crisis. However, you can still save money by adopting energy-efficient habits, like switching off appliances and using hot water bottles. These small changes will reduce your energy bills and help you save money over time.
5. Early Payments and Avoiding Late Fees
Paying rent on time demonstrates your reliability as a tenant and helps you save money. Late rent payments can result in additional charges, putting a dent in your budget. Set reminders or automate your payments to ensure you get all the due dates.
6. Explore Rent Payment Flexibility
If you are facing financial challenges, consider discussing alternative rent payment arrangements with your landlord. Some may be open to adjusting the due date or creating a payment plan to help you manage rental costs more effectively. They might even offer you reduced rent for a few months while you get back on your feet.
7. Be Mindful of Additional Costs
Beyond the monthly rent, be aware of any additional costs associated with your rental property. These might include parking space fees, pet rent or other charges. Consider these extra expenses to avoid budgetary surprises when calculating how much rent you can afford.
Landlords can keep their properties financially viable by collecting rent from multiple tenants. However, by adopting these strategies, you can save money on paying rent while maintaining a comfortable living situation. Whether you are prioritising utility bill efficiency or seeking out more affordable rental options, these tactics can help you access cheaper rent and hopefully lower your housing costs.
