10 ways to save on rising rent costs

If you're feeling the pinch of high rents, you're not alone. In this blog, we'll share practical tips to help you understand your options and ways to save.

Stay informed about market trends

Keep yourself updated on rental market trends. Knowing current market conditions and rental prices in your desired area will help you set realistic expectations and negotiate better deals. It will also help you understand if a rent increase is fair or if you have grounds to negotiate for a smaller increase. Websites like Rightmove, Zoopla and Spare Room are good sources of information.

Compare areas

Explore nearby neighbourhoods or suburbs where rents might be more affordable. Consider the trade-offs between location, commute, and cost.

Investigate social housing

Housing provided by local authorities or housing associations tends to be much cheaper than privately rented homes. But demand is high and the eligibility  criteria might mean you won’t qualify. Contact your local council to find out whether this is a viable option. More information on social housing is available on this website.

Check what you're entitled to

You may be able to get help with part or all of your rent if you qualify for housing benefit. There is no set amount of housing benefit and what you get will depend on whether you rent privately or from a council. Use a benefits calculator to work out what you could get.

Share with housemates

Consider sharing your rented home with housemates to split the costs. Renting with friends or finding compatible housemates can significantly lower your individual rent burden as well as utility bills.

Know your rights

Private renting is subject to various rules and regulations. So make sure that you know your rights (and responsibilities) to either negotiate a new tenancy or manage an existing one. The government has proposed a number of changes to renting rules, which should improve tenants rights. This website gives a useful summary.

Negotiate at renewal

When your rental contract is up for renewal, don't hesitate to negotiate. Approach your landlord politely and discuss your situation. Highlight your good track record as a tenant and present reasons why a rent reduction or at least a rent freeze would be fair. Remember that the landlord will incur costs in finding and vetting a new tenant, which they will avoid if you stay. This website explains more.

Long-term tenancies

Consider signing a longer-term tenancy agreement if you're satisfied with your current rental. Some landlords may offer more favourable terms or even lower rent for longer commitments.

Maintain a good relationship

Build a good relationship with your landlord or letting agency. Be a responsible tenant, pay your rent on time, and maintain the property well. This can create goodwill and make your landlord more likely to consider your requests or offer fair rent increases.

Compare buying to renting

Buying a home with a mortgage is likely to be cheaper than renting over the long-term, because you’ll end up owning the property and no longer have monthly payments once the mortgage is repaid. Although mortgage rates have risen, house prices in many areas have started to fall, and may fall further. If you can pull together a deposit, monthly mortgage repayments might actually be lower than renting a similar property, and give you more peace of mind. This website has a great calculator to help you compare renting to buying.

High rents are a problem for many people, but with the right knowledge and planning will help you navigate the changes. Stay informed about market trends and current rental prices, consider sharing with housemates, explore affordable areas, negotiate at renewal, maintain good relationships, and assess whether homeownership is a viable option for you.