Ways to save money as a renter

Renters in the UK are bearing the brunt of the cost-of-living crisis.  

According to the Office for National Statistics, private rents jumped 3.6% in last year alone, much higher than the overall inflation rate of 2.6% and double the 1.8% increase experienced by homeowners. 

If you're among the 5.5 million private renters feeling the pressure, you're not powerless.  

From cutting the cost of your energy bills to house sharing, there are real, practical ways to cut your monthly costs.  

Here’s how you can start saving today. 

Consider house sharing 

While it might not be practical for everyone because it can lead to challenges like lack of privacy and potential conflict, if it’s for you, house sharing offers cost savings and social opportunities.  

You’ll split rent, utilities, internet and potentially things like cleaning supplies and groceries. 

Many shared homes come fully furnished, saving you money on furniture. 

Sites like SpareRoom or local Facebook groups can be good places to find rooms to rent in house shares.   

Look for all-inclusive offers  

Rent packages that include utilities like water, energy, broadband and even council tax, can simplify your budgeting and sometimes work out cheaper overall. 

Always compare the total cost with a non-inclusive option, as what seems like a higher rent might actually save you money. 

Build a good relationship with your landlord  

Being a respectful and reliable tenant can pay off. A positive relationship with your landlord could lead to: 

• a rent freeze at renewal time 

• faster repairs 

• flexibility on payment dates or deposit terms 

Always communicate openly with your landlord and address issues early. 

Reduce your utility bills 

If utilities aren't included in your rent, there are still plenty of ways to save.  

Things like turning down the thermostat and closing the curtains, can help you cut energy costs.  

We’ve listed 50 ways to reduce energy bills.  

Things like only putting the dishwater or washing machine on when it’s full, will help cut your costs.  

And when it comes to water, even if you’re not on a meter, being more mindful about when you turn on the hot tap can help reduce your energy bills.  

Save money on broadband and phone costs by shopping around and switching to a cheaper provider. Package deals where you get several services from one provider can offer better value.  

If you’re struggling to pay your bills, and can’t change contract or get a better deal, talk to your provider as soon as possible. 

Understand your tenancy agreement  

Take time to read the fine print. From rent payments and notice periods to damage liability and repairs, your tenancy agreement outlines who’s responsible for what.  

Knowing your rights and responsibilities could save you a lot of money, not to mention stress, if problems arise e.g. it can prevent you shelling out for repairs that your landlord should be dealing with. 

Consider a cheaper location  

Living closer to a city centre or your workplace might be convenient, but it often comes with higher rental prices.  

You might find that moving further out of a city or town will cost you less in rent. Even with commuting costs, it could work out cheaper, so make sure you do your research when you’re looking for somewhere to live. 

Furnish smart  

If your rental home isn’t furnished, avoid buying furniture new.  

Instead:  

• browse charity shops, Facebook Marketplace, or Gumtree for second-hand bargains 

• look for freebies on sites like Freecycle and LoveJunk 

You may be surprised at what people give away.