Original source: Agent Media

Energy Bills or Rent Costs: Which One Worries UK Renters More?

A recent report undertaken by a bridging loan broker, Finbri, indicates 35% of respondents are more worried about energy bills than increasing rental costs. The survey spoke with more than 1,000 tenants, and focused on the cost-of-living crisis.

Key highlights of the report include:

• 79.92% of UK renters are either Concerned or Strongly Concerned about energy costs.
• 78.62% of UK renters are either Concerned or Strongly Concerned about food costs.
• 73.92% of UK renters are either Concerned or Strongly Concerned about increasing rent.

Many landlords are proactive in assisting tenants

The same study also spoke with landlords, and just over 48% of them stated their intention to undertake energy efficiency improvements in the next year. This is positive news for tenants, but the return suggests more than half of landlords don’t intend to make any changes.

Not every energy efficiency upgrade is expensive, and some minor changes can have a hugely positive impact.

The survey results led Finbri to publish tips for tenants, helping people to better manage their energy usage:

• Take advantage of government schemes like ECO and Warm Home Discounts.
• Shop around for a better energy deal - compare tariffs, and switch suppliers if necessary or possible.
• Ensure all windows and doors are properly sealed.
• Check for drafts around windows and doors. Use LED light bulbs where possible.
• Contact your energy provider to install a smart meter.

These are quite basic tips, albeit a good starting point for any tenant looking to make savings. Other tips that tenants can follow, some in conjunction with a landlord, include:

Install energy-efficient light bulbs: Replace traditional incandescent light bulbs with energy-efficient LED bulbs. They consume less electricity and last longer, making them a great investment.

Use natural lighting: Open your curtains or blinds during the day to let natural light in instead of relying on artificial light.

Unplug appliances when not in use: Electronics and appliances continue to consume energy even when they're not being used. Unplug them when not in use, or use a power strip to turn them off completely.

Turn off lights when leaving a room: Make it a habit to turn off lights when leaving a room, and encourage others in your household to do the same.

Install a programmable thermostat: A programmable thermostat can be set to automatically adjust the temperature in your home at certain times of the day or week, helping to reduce energy consumption.

Use a clothesline: Instead of using a dryer, hang your clothes out to dry on a clothesline. This not only saves energy, but it's also better for your clothes.

Use a smart power strip: A smart power strip can automatically turn off electronics and appliances that are not in use, helping to reduce energy consumption and save money on your electricity bill.

Stephen Clark, from Finbri, said; “Renters are continuing to experience financial difficulties, and energy bills are one of their primary sources of stress. Renters can take several steps to reduce their energy costs, including switching to a more cost-effective provider or reducing their usage through adopting greener habits such as unplugging devices when not in use.”

Contact ML Estates to better manage your rental property

At ML Estates, we are keen to help you manage your property, and we offer a wide range of services. We can arrange a property valuation for you, and we can help you connect with tenants. If you’re a North West London landlord looking to let property, contact us today for more information about our property management services. Call ML Estates on 020 7328 4444 to discuss your requirements.