Scoring a great deal on rent isn’t impossible. Using data gathered by lettings platform Goodlord from hundreds of letting agents and ten of thousands of rental agreements, and put together our top tips for getting the best deal on rent for your next move.
Move during the winter months
The rental market starts to slow down as soon as winter sets in. People delay decision making over Christmas and the New Year, meaning it’s the best time to get a great deal on rent.
During August 2020, the average cost of renting a property in the South East was £1,204. But in the same region in November 2020, the average cost had dropped to £1,023 – a saving of 15%.
Likewise, in Wales, a rental property snapped up in February cost £629 on average. For those who waited until June, averages had jumped to £703 – an increase of 12%.
Live with as many people as you can
According to Goodlord’s data, those who live alone spend nearly 40% of their monthly income on rent. In London, solo renters fork out £1,250 per month, with those in the rest of the UK paying an average of £750.
However, if you buddy up with two housemates, the average cost for Londoners drops dramatically – from £1,250 to £623. For the rest of the UK, the cost drops from £750 to £469.
And if housemates really aren’t your thing, the North East is the cheapest area to be a solo-tenant in the UK, with average monthly rents standing at £618. This is followed by the West Midlands where the average cost is £699 per month.
Move to the North East
For the cheapest prices in the UK, renters should consider moving to the North East. Goodlord’s 12-month rolling average, shows the North East has the cheapest average rents throughout the year. The annual average for the region was £680 per property. This was a whopping 26% cheaper than the UK average of £920 per month.
The North West and Wales were the next two cheapest regions to be a renter. With the most expensive rents unsurprisingly found in London and the South East.
Your property search has paid off and you’ve e-signed on the dotted line for your new home: exciting times lie ahead. But before you plan your housewarming bash, some crucial admin needs to be dealt with. Here’s a guide to what you need to get done before, during and just after the big day to make sure your move goes off without a hitch.