How To Reduce Your Rent

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Many people spend half their income on rent. There’s no easy way to pay less rent without making some kind of sacrifice. However, for those that desperately need to slash their expenses, taking these measures could be worthwhile.  

Get a housemate

There are few financial benefits to living alone. Moving in with a friend, family member or partner could allow you to both split the cost of rent. If you’re willing to have a roommate, you may not even need another room. There are also cost benefits to splitting bills with roommates – you could pay 15% less than living alone. You’ll also have the option to make meals for two, allowing you to bulk buy ingredients for less.

Ask to sub-let

If you have a spare room, you could consider sub-letting it to a lodger with your landlord’s consent. This money could then go towards your rent. You could find a full-time lodger or you could rent the property out to those travelling wanting cheap accommodation for the night. There are other creative options too. If you don’t have a car but have a driveway, you could rent this out to others. You could even rent out a front lawn as a cheap allotment for keen gardeners (in all cases, get permission from your landlord first!).

Negotiate with your landlord

If you have a good rapport with your landlord, you may of course be able to negotiate your monthly rental fees. This may involve doing something in return for your landlord. For example, if you’re DIY savvy, you could offer to renovate the home in some way in return for lower rental fees. You may be able to remodel the kitchen or convert a garage for them. By improving the home, you will be helping the landlord. Alternatively, you could offer to pay a deductible on any home repairs in exchange for lower rent.

Move to a cheaper location/property

The obvious other option is to move. By shopping around, you may be able to find somewhere a little cheaper. This could involve downsizing or moving to a less desirable area – or it could involve getting creative.

Buying is expensive, but what if you weren’t to buy a house? Houseboats can cost less than £10,000. That’s less than a year’s rent. You do have mooring costs to consider - £1000 a month in the city centre, but only £120 on average outside the capital.

Prefer to live on land? Why not convert a caravan, van or even a bus. Buying these and converting these will cost a few thousand, but you’ll save a ton of money by never having to rent again. Container homes and flat-pack homes are another option, although you will have to buy the land.

There’s also the option to rent such properties off of other people. There are landlords out there renting out houseboats and flat-pack homes that could be far cheaper than buying these types of properties and far cheaper than renting out a traditional house or apartment. Such a lifestyle isn’t for everyone, but if you’re not fussy it could save you a huge amount of money.

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