For the fourth consecutive month house prices are on the rise with a 1.6% increase this August, but with a lack of mortgage finance- over 100% mortgages are particularly hard to come by- is it any wonder more people are renting properties for longer.

Read our renting tips to help you to find the perfect rental pad.

1. Location, location, location

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.

2. Know the costs

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.

3. Sharing

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?

4. Finding a rental property

It's a good idea to sign up with local letting agents to be the first to know when new properties come on the market. You can search for property online - listings usually include images and a detailed description. Also keep an eye on local newspaper classifieds.

5. Viewing properties

When viewing flats remember to keep an open mind. Check the property is in good repair and has no signs of damp or structural damage. If there are repairs to be completed check if they can be done before you move in. Also find out which pieces of furniture and electrical equipment will be in the property when you move and whether there are any extras such as a garden or parking space.

6. Deposits and fees

On top of the first month's rent, you'll also need a deposit to secure the property. This is usually equivalent to up to two months' rent and repayable when you leave the property. Under new legislation, a landlord is required to place your deposit in a Tenancy Deposit Scheme - ask which one they're signed up to.

You may also be required to pay for a credit check of around £40, an agent's fee and the cost of an independent inventory check and report before you're able to move in.

7. The contract

Do not let the fine print confuse you; read and reread your documents and get every verbal agreement in writing so you have a record of your transactions.

Ask plenty of questions and check the duration of the tenancy and how much notice each party must give to leave the property.

8. Inventory

An inventory will set out in detail each item contained in the property. Check the inventory report before you move in and tick off each item in turn, making your landlord aware of any indiscrepancies. If you don't, you'll be held responsible and will lose money from your deposit when you move out.

9. Rights and responsibilities

Don't forget to tie up loose ends before you move. Make sure you inform your insurance company, bank, local council and any friends and family of your change of address.

Also make sure you are aware of your rights and responsibilities when renting.

10. Thinking of buying?

If you're considering taking the next step and buying your own property, kickstart your search with our buying tips. Alternatively, consider shared ownership, a key worker scheme or co-buying with someone else.