Location is key when it comes to renting and will often dictate the rental price more than the property itself. Expect to pay a premium for inner city locations or areas with good transport links, proximity to town or city centres, good nightlife or low crime rates - check an area's neighbourhood profile for a general guide.

On top of your rent factor in all your monthly outgoings. Unless they're included, you will need to pay for gas and electricity, water, broadband, phone, digital TV and council tax. Additional costs for parking or extra travel expenses may also apply. Also bear in mind that some landlords pass maintenance or service charge costs on to tenants.

Choose your co-habitees wisely. Be careful when placing or answering advertisements for flatmates and set detailed responsibilities and expectations from one another before committing. Do you have similar lifestyles and habits? How will you divide bills and telephone costs? How will you manage payments?