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How to Save Money on Your Monthly Rent

Posted on Monday, 23 December 2013 10:48AM by Artful Lodger
The cost of rent is one of your biggest financial outgoings, so why not do everything possible to ensure that you save a few bucks here and there? By shopping around, moving to a cheaper area, subletting a room or going on housing benefit, you can save considerably on your financial outlay.

Shop Around Online and In Person

To get the best possible price on room rental, you simply cannot afford not to shop around. Price comparison sites have become a cornerstone of online shopping in recent times, and the property market is no different. Do your research and you will find countless sites that compare prices on properties in your surrounding areas. This doesn't mean that you should avoid more traditional methods though. On the contrary, by checking bulletin boards and your local newspaper, you may find you get an even better deal than you would online.

Move Further Away

Location obviously has a massive bearing on price when it comes to real estate. If you live in a very central or popular area of town, then naturally you can expect to pay more than if you inhabited a room in the rougher side of town. This doesn't mean that you have to move somewhere that you don't feel comfortable or safe. But consider moving to nearby neighbourhoods that may be just a little cheaper.

Rent a Room

If you're looking to rent a whole property rather than just a single room, it makes perfect sense to rent one of the rooms out to a lodger. The money you would receive from renting a single room out is most likely a quite sizeable portion of the monthly rent for a house. So if you are happy to share your space with other people, then renting out a room is a no-brainer.

Check For Benefits

If you are on a low income, you may find that you are eligible to receive housing benefit. You don;t have to be unemployed in order to claim, meaning that you can still maintain a decent standard of living whilst also saving on your rent. You can check online to see if you are eligible to receive housing benefit using the DSS Move housing benefit calculator.

A Better Quality of Life

None of the above steps is very difficult or stressful, but they will save you money in the long-term. So with a little patience and perseverance, you will effectively be able to have a much better quality of life.