If you currently own or rent a home or apartment which you can’t afford, downsizing isn’t the only option that is worth considering. letting out a room for rent is a great option of making your living arrangements more affordable, and if you own the property then what you’re doing is using somebody else’s income to help to pay for an asset that you’re acquiring – which is always nice.

This is an option that is definitely worth considering, even if you’re discouraged by the idea of returning to a shared living situation after you may have spent years trying to get into the position to own or rent a property on your own. It could mean anything from £300-500 a month towards your rent or mortgage, so it is definitely an option for people to consider.