How to save money whilst renting
Moving out and renting your first property is an exciting next step for many of us, but sometimes it can prove to be a costly process. There are often hidden costs and extra fees added on, but the main cost for many renters is the energy bills.
So many renters get caught out by not fully understanding who is responsible for finding and changing energy suppliers to get the best deal. Money Super Market found 12% of tenants think landlords are responsible for shopping around for a better energy deal, even when the tenant is paying the bill. But this is not the case. Even though the property is owned by the landlord, the tenants are able to look around at different deals because they will be the ones paying the energy bills.
49% of tenants are given no information on their energy supplier at the start of their tenancy and 10% don’t even know who their supplier is, and therefore 18% of renters are missing out on potentially huge savings by switching their energy supplier. When tenants move in, it might be worth having an open discussion with the landlord to see if they are with the best energy supplier, to see if they can save some money whilst renting.
According to a recent analysis looked at by Money Super Market, UK renters are missing out on savings worth over £1 billion collectively because they didn’t know they could switch suppliers, had bills included in their rent, failed to discuss the matter with their landlord, or simply were not allowed to. That’s as much as £359 per household.