Rent prices: How to save money on your rental property – five top tips

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Around a fifth of all houses in the UK are occupied by private renters, and unfortunately the privilege of having somewhere to live doesn’t come cheap. The UK’s average rent is £965 a month, and in London the average cost is a staggering £1,611 per month. has these top tips for making your finances foolproof as a renter.

Pay your rent on time

Paying your rent on time will naturally help your credit score – especially if you sign up to the Rental Exchange Initiative.

the Rental Exchange Initiative is a free scheme that records your rental payments and sends the results to credit agency Experian.

Paying on time will boost your score, meaning you can get better deals on mortgages and credit cards.

Shop around for energy providers

If your bills come separately from your rent, you can change your energy supplier to get a better deal.

Use a comparison site to find a deal that suits you.

Be aware that you should check your rental contract before making the change in case it does not allow it.

Take a meter reading when you arrive

Check your meter for gas and electricity once you’ve moved in.

This will help you make sure you’re not charged for energy the previous tenants used.

You should also regularly check it to make sure you are being correctly charged – unbalanced charges can result in big bills at the end of a tenancy or them unnecessarily having your cash.

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Secure your deposit

Always ask your landlord for proof they have put your money in an adequate deposit scheme.

To ensure your deposit’s protected from the outset, ask the landlord or letting agent which scheme it’s with before you sign the contract.

If you’ve already moved in and the scheme isn’t named on your contract, ask the landlord and get it in writing.

Get contents insurance

Contents insurance is vital to protect your belongings and finances should anything bad happen to your home.

While it’s worth using the comparison sites to get a benchmark price, it might be better to check out a specialist such as Home Protect* or Endsleigh.

You may also find it easier going down the route of finding a local broker via BIBA as these will specialise in tailoring a quote for you.

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