With the cost of living in Australia increasing by the day, it’s no wonder many of us are feeling worried about our expenses.
However, with some creative thinking and a willingness to explore alternative options, you can find practical ways to reduce your rent burden.
Shared living spaces
This may seem an obvious option, but living in a sharehouse can significantly impact your frugal lifestyle while providing opportunities for social interaction and shared responsibilities.
On top of that, when you live with others, you’re also pooling costs and therefore saving money. For instance, everyone uses a streaming service and often pays for their own account. If you’re living with other people, why not get a family account that lowers the monthly subscription fees? And of course there are the other bills that you can save on by sharing a house or apartment, like internet and heating.
Sharing rent isn’t just for young adults though – with the current sharp increase in housing costs, more and more mature adults and families are looking to share the burden of rent. And for seniors, sharing a living space delivers benefits beyond reduced housing costs – it also provides company and social interaction that many of them miss out on.
Websites such as Flatmate Finders are a great place to start looking into opportunities for shared living spaces.
Find out if you are eligible for a rent subsidy
There are a number of government rent assistance programs that can help you pay your rent. If you qualify for a rent subsidy, you’ll be able to get help paying your rent each month.
The National Rental Affordability Scheme (NRAS) is a government program that helps to make rental housing more affordable for low-to-moderate income households. The NRAS offers financial incentives to developers and landlords who rent out their properties to eligible tenants at a discounted rate.
To be eligible for the NRAS, tenants must meet certain income and asset requirements. They must also be Australian citizens or permanent residents.
The NRAS is available in all states and territories of Australia and is a great way for low-to-moderate income households to find affordable rental housing. If you are eligible for the NRAS, you can find more information about the NRAS on the Department of Social Services website.
Live-in property management
Consider becoming a live-in property manager for an apartment complex or residential property. This role often comes with free or significantly reduced rent, allowing you to save substantially.
Rent reduction for property maintenance
Offer to take on minor maintenance tasks around the property in exchange for a reduced rent amount. This benefits everyone by reducing expenses for the landlord and lowering your rent burden.
For example, you can offer your landlord your services in maintaining the garden while you live there, a task that the landlord would otherwise be paying for.