With the increasing desire to live in London, the rise of housing prices has hit an all-time high, leaving people with a lack of options for affordable accommodation. Here at The LOWE Group, our mission is to help; so here are our top recommendations for how to rent cheaply in London.
Our Top Tips for How To Rent Cheaply In London
Whilst tenancy is the standard living option that most people will know of and experience at some point in their life, there are also a few unconventional options available that may just make all the financial difference! Here is how we know best for how to rent cheaply (or at least cheaper) in London.
1. Become a Property Guardian
A live-in property guardian is someone who occupies a vacant building benefiting the property owner by providing live-in security, prevention from squatters and damage, and most importantly a significant reduction in empty property business rates. This option also benefits the guardian with cheaper accommodation; it’s a win-win situation! Here at LOWE, providing affordable housing for London’s young professionals, key workers and creatives is the heart of everything we do.
2. House-Share and Communal Living
House sharing with others and renting a room, as opposed to an entire house or flat, can be a great solution on how to rent cheaply in London and provide many benefits. Firstly, and no surprise here, it will definitely be more affordable than living on your own. The rent will certainly reflect this, but also sharing amenities, splitting bills and possibly even small things such as the cost of toilet paper, washing up liquid, shower supplies and soaps, etc can make a huge difference when you’re trying to save money. Communal living might not be your first choice, however, it holds many financial benefits and who knows, you may just make some friends for life along the way!
3. Renting from a Developer
This may be a short-term solution, but try to keep an open mind. With a developer, you can often get a one-bedroom apartment in central London for around £300 a month. The catch is, that with development properties, you will only be renting it for a short period of time, such as six months. After that period, you can either try to extend your lease or look for a new home. This is a good option if you are not sure where you want to live yet but want to be in a central location.
4. Converted Shipping Containers
Not an option that is widely known, however, a trendy newer alternative on how to rent cheaply in London now includes converted shipping containers! Originally adopted to provide homes to people unable to secure long-term and safe housing, converted industrial accommodation options such as shipping containers, have now become an effective, viable solution for many short-term renters who want to experience life in London.
At LOWE, we wanted to expand on this and increase opportunities for young, working professionals by creating valuable use out of vacant space. We teamed up with Studio Bark to create the SHED – a revolutionary and environmentally friendly solution for quality and affordable accommodation in vacant buildings. The SHED is an alternative housing option that can be built in a single day and rebuilt across a number of different sites. Our aim is to provide a safe, sustainable housing solution for workers seeking short-term accommodation; with the possibility to turn this into a popular and common alternative for living in London and helping to alleviate homelessness.
5. Last Resort: Try looking beyond Central London, near the M25 Ring Road
If you are on a really tight budget, you should try looking beyond central London. There are many areas that are very cheap and have good transport links. The further away from central London you go, the cheaper it gets. However, you need to be prepared for longer commutes and have a good transport plan in place. Areas such as Croydon, Beckton, Hornchurch, and Dagenham are good examples of cheap areas you can look at. If you are willing to look beyond the M25, there are even cheaper areas. Places like Bromley and Dartford are much cheaper than central London and still have good transport links. There are also many more areas to choose from. You just need to be open to a longer commute.
How to Live in London Affordably with our Guardianship Scheme
We understand that many people cannot afford to live in London with the ever-increasing accommodation rates causing the housing crisis. That’s why we created our property guardian scheme to help socially responsible and reliable individuals live in vacant buildings, fully fitted out and transformed into a habitable living space, at low costs. They provide landlords with an effective solution for problems that arise from owning a vacant building, whilst having the opportunity to benefit from cheaper housing in desirable London locations.
For more information on our property guardians and how to become one, please see here. Alternatively, you can contact us on +44 (0) 207 856 0171 or email us at info@thelowegroupltd.com for any more questions on how to rent cheaply in London – our team are always happy to help!