The cost of renting can come as a nasty surprise if you're not prepared.
It all adds up quickly once you count up the cost of moving in, a deposit, your monthly rent and all your bills.
With the rising cost of living and soaring rental rates, it's no wonder more renters are finding it hard to afford.
On the flipside, new rules in recent years means you can no longer be charged for credit checks or administration work.
If you're struggling to afford your rent, let's take a look at a few unexpected ways you could trim your costs.
The beginner's guide to renting costs
1. Become a property guardian
If you've had enough of renting, you could sign up to be a property guardian and live in one of the many empty properties around the country.
These may be vicarages, pubs, care homes, or even fire stations – there’s a massive range of options for minimal rent. You may even find yourself living in a stately home for a pittance, if you’re lucky.
The idea is that you get accommodation in exchange for keeping an eye on a property and stopping it potentially being occupied by squatters.
There’s a range of websites where you can find options, such as dotdotdotproperty.com.
It lists a wide range of properties around the UK seeking guardians. Rents may be anything from £150 to £600 a month, depending on the type of property and location.
Typically, you’ll have a bedroom to yourself, and share facilities with other guardians who live there.
2. Consider a homeshare instead of a rental home
You may be able to live with an older homeowner who has a spare room.
They tend to offer a room in their home in exchange for low rent and help around the house for a certain number of hours a week.
There are charities and organisations such as Share and Care Homeshare, SharedLivesPlus and Roomfortea that are aimed at tackling issues such as loneliness among older people, and helping people to help each other.
They have derived this alternative way of finding cheaper accommodation, cutting down on rental expenses and giving something back.
You’ll probably find there’s a minimum stay of around six months. The bottom line is simple – you complete an online form, and may then be invited for interview to see if you’re a suitable homesharer, before being matched with an older person.
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3. Be a lodger, not a tenant
To save a little extra cash each month, you may find that choosing to be a lodger is a cheaper option than renting a room in a houseshare.
You’ll also typically pay all-inclusive monthly rent, which eliminates the need to split bills with housemates, or the worry of additional costs, such as paying utility bills or for internet access
Also, as you’ll live with the landlord, you may find that the property is particularly well taken care of, such as being cleaned on a regular basis, without some of the maintenance issues that can arise with a rented property – and any issues can be dealt with quickly, as you live with the person in charge.
However, this comes with a downside, as you may feel less freedom to treat the property as your home. The property is ultimately the landlord’s main home and you don’t have exclusive use of the space.
Beware that landlords only needs to offer “reasonable notice” if they want a lodger to leave, which may be shorter than the standard 28 days.
You’ll also find you won’t necessarily have your deposit protected in a scheme, which may potentially see issues if there are any disputes down the line.