Renting is never a great situation to find yourself in financially speaking. It’s always better to own property than to have to rent it out. But the reality of the world right now is that most people will be forced to rent, as buying a home is just so unreasonably expensive. So what are some of the things you can do to try and make renting work for you financially a little more effectively this year? As it happens, there are a few small things which might make some difference which you should be aware of at least.
Understand Your True Budget
You need to make sure that you are aware of everything you genuinely need to pay out, not just the rent but everything else you need to consider as well. In 2025, we are experiencing some of the highest living costs for a long, long time, so renters need to be aware of all of the outgoings that you have: utilities, insurance, internet, maintenance fees and so on. These add up considerably, so it’s important to make sure you are keeping all housing costs under 30% or so of your budget if possible. If not possible, consider finding roommates or moving to different areas.
Negotiate Everything
A lot of people have been disabused of the notion of haggling, but the truth is that it is alive and well and is something that you should ideally be making use of. If you want to make sure that you are negotiating properly, it’s going to be best to start with your rent. You might be surprised how often you can get this reduced, and it really can make a huge difference to your finances to do so. Likewise with your utility bills and so on too. It’s worth asking and seeing what happens.
Seek Compensation For Poor Living Conditions
If you are renting somewhere and the landlord is steadfastly refusing to make it more liveable, this is not something you have to put up with. In fact, not many people know this, but you are able to seek compensation for housing disrepair and other unlivable situations you might find yourself in. That could be having mold in the home for many months, for instance, which is also a health issue. So be aware of these possibilities, because it may help you out financially in the long run.
Be Strategic About Location
If you are careful and clever about your choice of location, it’s often possible to make your costs a lot more affordable over time, and this is something you should definitely make sure you are thinking of here. For instance, you might want to think about whether there is a similar nearby location that is more affordable, and yet still within a good enough distance for work and social needs. This can often help you out in a big way. It’s the kind of thing that could prove to make all the difference to your finances.
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