Unless you’ve got a sneaky wad of cash tucked away, then as a young person in London you’ll have experienced money troubles. Most of which stem from paying rent in a city with hugely inflated accommodation costs.
Not to worry though, there are some unusual ways around the seemingly never-ending cash flow problem, and we’ve found the best four.
From dossing down with a pensioner, to living in a community, there are ways to reduce your rent. Take a look at our list and see what you think.
1. Become a property guardian
Agencies like Camelot maintain properties that have become vacant, and they use property guardians as a way of preventing squatters from moving in and taking up residence in empty buildings.
As a result, the tenants have very few rights, and can be asked to move out in two weeks at any one time; but rent costs are often a quarter of the average for an area, so it can be a stop gap solution before finding somewhere more permanent.
2. Live-in with an older person
The internet is full of examples of younger people living with older home-owners who desire companionship. Organisations like SweetTree specialise in hooking up like-minded people who can help each other out financially and emotionally.
The older citizens who open their homes to struggling youngsters often have no financial need to charge high rents and often ask for a companionship hours request instead. It’s a win win situation, but can obviously be a difficult adjustment at first.
3. Join a community
If you were a fan of living in halls at university then living in a community of diverse and interesting people could be the housing solution for you.
Most communities rent from a housing association, but as there are so many of them, costs are seriously diluted and consequently, more affordable.
A great way to meet fascinating people from all walks of life. Living in a community isn’t the stereotype of living with a bunch of hippies, far from it, most want the same thing – to live with friendly people who want to get on in life.
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4. Trusted House Sitters
If you’re in need of someone to look after your pets when you head away for a bit, Trusted House Sitters are a great service that provide a communication platform for people to meet trustworthy others willing to stay in their home and feed their pets or simply keep tabs on the property.
It might be a good short term solution to an accommodation crisis, but could also just be a good way to get away without worrying the dog is going to wreck the place.
Check out this BBC article for real life examples of tenants putting these ideas to good use