London renters urged to find savings as prices reach new highs

With average rent prices across the country continuing to skyrocket, cash-strapped London renters are being told eight ways to hold on to as much money as possible during their tenancy.

The experts at Quotezone.co.uk are sharing their top suggestions for renters to safeguard their deposits and cover themselves in case of accidents, to avoid losing any money on top of monthly rent.

Despite the rise of mortgage support packages and schemes designed to make it easier to get on the property ladder, home ownership has declined, leaving many in Generation Rent.

With so many Brits priced out of the housing market, the number of households renting has nearly doubled since 2000 to over 19%.

This rise in renters has led to a high demand for rental homes, leading some tenants to offer above the market rate in order to secure a property.

The national average asking price for rent outside London has reached a new record of £1,190 a month, while London average prices have surpassed £2,500 for the first time.

These nationwide price hikes are adding to increasing demands already established by the cost-of-living crisis, making it vital Brits find savings wherever possible.

When it comes to renting things like knowing your rights, making an inventory of issues and taking out tenants insurance can all help when it comes to losing as little money as possible during a tenancy.

Greg Wilson, Founder at Quotezone.co.uk, said: “Rent prices across the country have risen to record highs, and many renters are feeling the impact.

“One of the simplest ways for Brits who are renting to make sure they aren’t forking out any more than they need to, is to make sure they know their rights.

“Many landlords are increasing rent in line with the cost-of-living crisis to help cover rising costs, so it’s more important than ever that renters do all they can to protect their security deposit as chances are they will lose more of it due to the increased cost of repairs and materials.

“Doing things like taking photos of prior issues when moving in and taking inventory of damage can help to safeguard the deposit and help avoid having money withheld at the end of the tenancy.

“If you need to make dramatic savings, even temporarily, it could be worth discussing adding a roommate with your landlord, to help spread the costs.”