There are lots of little ways in which you can save a few pounds here and there which can make a real difference over the long term, but the ones that make an almost immediate impact are harder to come by. However, our boffins at LYL HQ think they have come up with something.

Now, we’re not likely to be the only ones to have thought of it but we thought it definitely deserved a mention. It could help a lot of people.

The idea came when talking with a friend. They mentioned that the lady who owns the flat they rent also owns 2 others, exactly the same in the same block. Whilst idly flicking through the property pages one day they saw one of these other flats, in the same block, owned by the same landlady advertised at £60 a month cheaper than what they were paying. Now instead of getting annoyed they phoned up the letting agent and asked to renegotiate their contract. Simple!

So that’s the great idea. Ask your landlord if you can renegotiate you contract, to pay less rent!

Now this isn’t always going to be quite as simple as that, so here are a couple of points why it might work and things that might help your case.

·         Rental prices are currently dropping as there is an oversupply of properties to rent. Landlords will be aware of this and will want to keep their current tenants rather than have them move to a cheaper place.

·         Again due to the oversupply of rented housing more properties are empty for longer. Its most likely that your landlord would rather keep you in his property at a lower rent than have the property empty for an extended period of time.

·         Many landlords like to stick to a particular type of property. Many own more than one in the same building or the same road or area. If you know about other properties your landlord owns that are similar to yours, keep an eye on them. If they become vacant, find out what they are being advertised for.

·         Check the property pages or online regularly. If there is something comparable, find out what it’s being advertised for, if it’s less than what you’re paying, show your landlord and tell him you might have to move somewhere a bit cheaper.