The UK is in the middle of a severe squeeze on living costs. Interest rates are soaring, and inflation is at a historic high. If you’re living in rented accommodation, then you might find that your monthly rent has spiralled, too.
If you’re going to get the most out of your budget, then there are a number of cost-saving measures you might deploy. Here, we’ll examine a few of the more effective ones.
Why is rent so expensive in the UK?
According to the 2021 census, the number of households in private rentals has doubled over the last twenty years. This means significant demand, which translates reliably into high prices. We should also consider that buy-to-let landlords are passing the costs imposed by high interest rates onto their tenants, too.
1. How to make rent cheaper
So, what might we do to bring these costs down?
2. Homesharing
If you’re willing to share space with another person, you’ll be able to split the rent. This means more money every month put aside for your personal priorities. As such, couples tend to have an easier time than single people. Homesharing is a practice where this is formalised – homeowners bring in a tenant, who’ll be expected to deal with basic chores in exchange for lower rental costs.
3. Rent-to-buy
This is an England-only scheme whereby tenants can cut their rental costs by around a fifth. You’ll need to be a first-time buyer, since this scheme is aimed specifically at those looking to save and get on the property ladder.
If you’re in Wales, then you might look instead at ‘Rent-to-Own’, which works slightly differently. Here, you’ll rent a property for five years, and get the chance to buy it outright after two, receiving a refund on a portion of the money you’ve already put down.
4. Household Support Fund
This is another government programme, which entitles certain councils to hand out free cash to eligible households. Check in with your local authorities and see whether you’re eligible. Schemes like this might make specialised kinds of renters insurance viable, which might actually help you to save more money in the long term.
5. Move house
Certain parts of the country enjoy lower house prices than others, and therefore lower rents. If you’re able to make a shift to remote working, then you might be able to make a move without jeopardising your professional life.
Property guardianship
Firms that own certain kinds of property often need a live-in steward to make sure that the place doesn’t fall into disrepair. Schools, offices, and other former public buildings might all qualify. Just be sure that you aren’t giving up any of the rights that you might have enjoyed as a renter.
