For many people, it can be cost-effective to rent out a family home and then reinvest some of the cash on becoming a tenant in another rented property – a ploy known as double-renting.

You may find the rent you receive from a tenant in the property you own covers the mortgage, leaving you to sign an agreement on a cheaper dwelling elsewhere, giving you a financial boost each month. Alternatively, if it is not a monetary gain you are looking for, the process can be a way to quickly move to another area, perhaps for work or family reasons.

Malcolm Harrison, a spokesman for the Tenancy Deposit Scheme, has spoken on this subject and issued some worthwhile advice to double-renters. He said there are a number of steps it is shrewd to follow and, as is the case with normal renting, you should play everything by the book. "[Landlords] have to register their deposit with an authorised scheme. They should do everything that they can to ensure that the tenancy is properly arranged because a well organised tenancy is probably going to be a happier tenancy and a happier tenancy means less problems," Mr Harrison explained.

Providing an effective and satisfactory service to tenants also means being on hand to offer help and support with any problems that you are responsible for, such as callingout expert locksmiths and plumbers to deal with any domestic mishaps.

Mr Harrison went on to suggest the idea of double-renting is one that has manifested itself as a result of the housing situation in the UK, where it is particularly difficult to get a foot on the property ladder, forcing many people into renting a home."We have heard of this happening and it is a reflection of the current housing market," he stated.

Townends estate agents recently said the trend is one that has become particularly popular in Croydon, with many people said to be relishing the opportunity to be both a landlord and a tenant. Should it take off across the whole of the UK, a great number of people may require the services of professional tradesmen in order to make home improvements and carry out repairs to get their properties into a fit state for the Rental Market. So whatever your circumstances, if you believe the benefits of double-renting are what you are looking for, it is worth taking steps to join this booming trend.

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