Over the last year, the average UK rent has risen by 8.6% to more than £1,000. The rise is understandably causing many tenants to feel the financial squeeze and limiting options for those trying to secure a property. However, prospective tenants can still find affordable homes if they know where to look. Here’s how to secure a lower rent in the UK.
Which cities have the cheapest rents in the UK?
At the end of last year, Yahoo! revealed the cheapest places to rent a home in the UK. If you’re struggling to meet the demands of rising rent in your area, you may want to consider these options!
Tenants living in Stoke-on-Trent pay an average rent of £489.22 per month. That is less than half the average rent across the UK. Furthermore, tenants may be able to bag even lower prices if they opt for one-bed properties that are outside of the city centre.
Bradford was found to have the second-lowest average monthly rent. Rent in the city will set you back £537.95 per month. Outside of the city centre, a one-bed apartment in Bradford costs an average of £384.28 per month, which is significantly lower than many other areas of the UK!
Sunderland was ranked third, with an average rent of £568.75 per month. Like the two cities above, rent prices in Sunderland are much lower for properties outside the city centre.
How can you reduce your monthly rent?
For many people, moving to the cheapest cities in the UK won’t be an option due to family or work commitments. Luckily, it is still possible to secure a lower rent, even in the most expensive cities in the UK! Here’s how.
Renting through a private landlord rather than a letting agency often leads to cheaper rental rates. This is because the landlord will not have to factor letting agency fees into the rent they charge.
However, it is important to tread carefully when renting from a private landlord. By choosing this option, you won’t have any protection from a letting agency, which could land you in hot water if you ever run into financial difficulties.
Get a roommate
If you’re renting by yourself, it may be worth sharing a property with others. House sharing is becoming increasingly common with those looking to live in more expensive areas for less. You can find houseshare opportunities on most property search websites or you could team up with friends who are also looking for a place and rent between you.
This way, you will only need to cover a portion of the rent for the property. Depending on the area you chose to live in, this can work out a lot cheaper than renting an entire place for yourself.
Offer a bigger deposit
Every landlord worries about tenants not being able to pay their rent on time. However, you may be able to secure a lower rent if you are able to prove that you are a good tenant by paying a higher deposit. If you can, try to offer a larger deposit and negotiate a lower rent.
This may not work every time, but it is always worth a try! Many landlords are willing to negotiate if you can prove that you are worth it. It may also help if you have a good track record that proves you are reliable and financially secure.
The post Average UK rent climbs to more than £1,000! How to secure a cheaper monthly rate appeared first on The Motley Fool UK.
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