The cost of renting can come as a nasty surprise if you're not prepared.
It all adds up quickly once you count up the cost of moving in, a deposit, your monthly rent and all your bills.
With the rising cost of living and soaring rental rates, it's no wonder more renters are finding it hard to afford.
On the flip side, the Tenant Fees Act means you can no longer be charged for credit checks or administration work. And the Renters' Rights Act (effective May 2026) has introduced further financial protections, such as capping the amount of rent landlords can ask for in advance to just one month.
If you're struggling to afford your rent, let's take a look at a few unexpected ways you could trim your costs.
1. Become a property guardian
If you've had enough of renting, you could sign up to be a property guardian and live in one of the many empty properties around the country.
These may be vicarages, pubs, care homes, or even fire stations – there’s a massive range of options for minimal rent. You may even find yourself living in a stately home for a pittance, if you’re lucky.
The idea is that you get accommodation in exchange for keeping an eye on a property and stopping it potentially being occupied by squatters.
There’s a range of websites where you can find options, such as dotdotdotproperty.com.
It lists a wide range of properties around the UK seeking guardians. Rents may be anything from £150 to £600 a month, depending on the type of property and location.
Typically, you’ll have a bedroom to yourself, and share facilities with other guardians who live there.
2. Consider a homeshare instead of a rental home
You may be able to live with an older homeowner who has a spare room.
They tend to offer a room in their home in exchange for low rent and help around the house for a certain number of hours a week.
There are charities and organisations such as Share and Care Homeshare, SharedLivesPlus and Roomfortea that are aimed at tackling issues such as loneliness among older people, and helping people to help each other.
They have derived this alternative way of finding cheaper accommodation, cutting down on rental expenses and giving something back.
You’ll probably find there’s a minimum stay of around six months. The bottom line is simple – you complete an online form, and may then be invited for interview to see if you’re a suitable homesharer, before being matched with an older person.
3. Be a lodger, not a tenant
To save a little extra cash each month, you may find that choosing to be a lodger is a cheaper option than renting a room in a houseshare.
You’ll also typically pay all-inclusive monthly rent, which eliminates the need to split bills with housemates, or the worry of additional costs, such as paying utility bills or for internet access
Also, as you’ll live with the landlord, you may find that the property is particularly well taken care of, such as being cleaned on a regular basis, without some of the maintenance issues that can arise with a rented property – and any issues can be dealt with quickly, as you live with the person in charge.
However, this comes with a downside, as you may feel less freedom to treat the property as your home. The property is ultimately the landlord’s main home and you don’t have exclusive use of the space.
Beware that lodgers are exempt from the protections of the Renters' Rights Act 2026. This means that while traditional private tenants now benefit from rolling contracts and the total abolition of Section 21 'no-fault' evictions, lodger agreements are much less secure.
A live-in landlord only needs to offer 'reasonable notice' for you to leave, which may be shorter than 28 days. You’ll also find your deposit doesn't legally have to be protected in a government scheme, which could cause issues if there are disputes down the line.
You’ll also find you won’t necessarily have your deposit protected in a scheme, which may potentially see issues if there are any disputes down the line.
4. Benefit from the ban on rental bidding wars
Under the Renters' Rights Act 2026, rental 'bidding wars' are officially banned.
Landlords and letting agents are legally required to publish a clear asking rent, and they cannot encourage or accept offers above that advertised price.T
his means you no longer need to budget for - or stress about - bidding over the asking price just to secure a home. The price you see listed is the maximum you will be expected to pay, allowing you to search strictly within your budget.
The beginner's guide to renting costs
5. Check the Energy Performance Certificate (EPC)
Rent isn't the only monthly cost, and energy bills take up a huge chunk of your budget. Before agreeing to a tenancy, check the property's EPC rating (scored from A to G).
A property with a rating of C or above will be significantly better insulated and cheaper to heat than a property rated E.
Choosing an energy-efficient home could save you hundreds of pounds a year in gas and electricity, making a slightly higher rent well worth it in the long run.
6. Buddy up in a house share
If being a property guardian, homesharer, or lodger sounds a bit too restrictive or legally complex, teaming up with friends or other renters to lease a larger traditional property (an HMO) is often significantly cheaper per person than renting a one-bedroom flat or studio alone.
Plus, under the new 2026 laws, you benefit from the security of a periodic assured tenancy, meaning you have far stronger legal protections and eviction notice periods than you would as a lodger or guardian.
7. Know your rights around rent increases
Under the Renters' Rights Act, landlords can no longer write automatic rent increases into your contract. They are now restricted to increasing your rent only once per year, and they must use a formal legal process (a Section 13 notice) to do so.
Crucially, if you feel the proposed increase is unreasonable and above the current market rate for your area, you have the right to challenge it at a tribunal. Knowing this can save you from accepting an unfair rent hike just to avoid moving.
8. Factor in the insurance cost of renting with pets
The new laws from May 2026 give you the legal right to request a pet in your rental home, and landlords cannot unreasonably refuse.
However, there is a financial catch you need to budget for. Your landlord is now legally allowed to require you to take out pet insurance to cover potential damages, or they can ask you to pay the premium for a landlord pet insurance policy.
9. Save on legal fees with the new Ombudsman
If you have a serious issue with your landlord, such as them failing to carry out repairs or acting unfairly, you no longer need to worry about the prohibitive cost of taking them to court.
The Renters' Rights Act introduced a new Private Rented Sector Landlord Ombudsman. This service is completely free for tenants to use and has the power to compel landlords to issue apologies, carry out repairs, and even pay compensation.