How to stay in control of your finances while renting

Paying rent can be stressful, especially in today’s housing market. The good news is that there are ways you can stay in control of your finances.

By Lauren Rouse

1. Track your cash flow

Take a cold, hard look at your spending habits, advises podcaster, author and former financial adviser Victoria Devine. “Knowing where your money is going is the first step to finding areas where you can cut back.” Itemise expenses then group them into categories (Money Plan in the CommBank app can track your spend for you). Working out what is essential and what’s nice to have makes it simpler if you do need to cut back later. It’s also worth reviewing utility plans regularly, cancelling unused subscriptions and switching service providers if you find a better deal.

2. Yes, you can try to negotiate your rent

Facing a price increase? Negotiating is always an option. Research the rental market before you discuss rates. “Follow trends in your area to empower you when it comes time to negotiate the lease,” says Eliza Owen, head of research at Cotality Australia. “If vacancy rates are up, rent prices are down. Even if you’re noticing more listings for rent in your area, you can use these as examples to try and justify rent reductions.” It’s important to know your rights in this situation; the tenant union in your state or territory is a great resource.

3. Housemate harmony starts with honesty

When you’re living with roommates, sharing is caring. Have the discussion up-front on how bills will be shared and who pays for what. This will help ensure everyone in the household is on the same page and no-one is left with a payment they’re not comfortable with. Bill-splitting apps or a shared house fund can be handy in these circumstances. Devine also suggests sharing meals, which can reduce stress on your time and wallet. “Cooking together a few nights a week and doing a bulk shop for essentials is a great way to save without much extra effort.”

4. Think of renting as a financial strategy

Long-term renting does come with positives. While renting can be expensive, it sidesteps the hidden costs of home ownership—things like maintenance, strata fees and rising interest repayments. “These can add up to tens of thousands of dollars a year,” explains My Money Circle founder Rebecca Maher. “As a renter, you don’t carry those costs, which can free up capital to invest elsewhere.” Any money saved from renting can be put towards other ventures, such as superannuation contributions or investing in shares, which can help aid your finances in the long run.

5. Know your exit options

Life moves pretty fast and sometimes, you’ll need to end a lease early. It’s therefore worth knowing the rules around breaking your lease and the costs involved. Break fees can sometimes be avoided if the landlord and tenant mutually agree. Helping to find new tenants or assisting with inspections can ease the time it takes to re-let the property and mitigate any lost rent. If you’re living with housemates and only one of you needs to exit the lease, consider asking the landlord for permission to sublet, giving you the freedom to choose a new housemate and avoid any break fees. If you’re unsure about anything or need help, seek expert advice.

6. Weigh the real cost of moving

Moving is as much a hassle as it is a strain on the wallet. When weighing up whether to move out or cop a rent increase, it’s worth thinking about the price of removalists and end-of-lease costs like cleaning and repairs. Hiring removalists on Airtasker can be a cheaper option or you could rent a van for a day and recruit friends and family. Filling out a detailed inspection report and taking pictures when you move in also helps to avoid any unexpected damage claims on the way out.

7. Get to know your lease

Be sure to read your lease thoroughly when you receive it and note what you’re expected to pay for versus what is covered by the landlord. “In most cases, tenants pay for utilities such as electricity, internet and gas but it’s worth checking if any of these are included,” says Maher. “Be clear on who is responsible for minor repairs or servicing appliances or for maintaining items like gardens or smoke alarms.” Some landlords are open to negotiating and may agree to make repairs ahead of your moving-in date. Raise the matter with them early and ask for it to be added to the lease if necessary.

8. Make your rental work harder

If your rental has a parking spot or you’re going on holidays, you may be able to recoup costs by renting out your car spot or subleasing your room. Just keep in mind there may be tax implications from subletting and in most states, subleasing requires the written consent of your landlord. Without it, you could be fined so make sure you check any requirements beforehand.

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Published: 7 October 2025

Things you should know

The above is intended to provide general information only and does not take into account your individual objectives, financial situation or needs. Commonwealth Bank does not provide tax (financial) advice under the Tax Agent Services Act 2009 (Cth) and you should consider seeking independent tax advice from a registered tax agent before you make any decisions based on this information.

An earlier version of this article was published in Brighter magazine.

This article provides general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as personal financial product advice. The views expressed by contributors are their own and don’t necessarily reflect the views of CBA. As the information has been provided without considering your objectives, financial situation or needs, you should, before acting on this information, consider what is appropriate for your circumstances, and where appropriate, consider the relevant Target Market Determination, Product Disclosure Statement and Terms and Conditions available on our website. You should also consider whether seeking independent professional legal, tax and financial advice is necessary. Every effort has been taken to ensure the information was correct as at the time of publishing but it may be subject to change. No part of the editorial contents may be reproduced or copied in any form without the prior permission and acknowledgement of CBA.