TikTok user Pinkolate shared how you can get cheaper rent in the capital (Picture: Getty/TikTok/Pinkolate)

A Mayor of London scheme has gone viral on TikTok overnight which can give renters discounted prices across the capital. 

It can be a minefield trying to rent, especially in London, with rent prices having soared in the last couple of years.

But some Londoners can get a discount on their rent by taking advantage of a Mayor of London scheme which is not widely-known about.

TikTok user Pink Olate shared the details of the rent discounts on her social media page.

She said: ‘So as you guys know, there’s a cost of living crisis and people are trying to move out.

‘But there’s a scheme by the Mayor of London for people who earn under £60,000 as a household – I think as an individual it’s £40,000.’

She talked through the scheme step-by-step (Picture: TikTok/Pinkolate)

Pink goes on to explain that the scheme is called London Living Rent which you can easily sign up to. 

‘You set up an account, you say how much you earn and it will show you different properties around London which are in the scheme.

‘Basically, it’s hugely discounted rent and you just sign up, go for a viewing and if you meet the criteria, can’t lie, they basically let you on.

She then showed some of the properties available at the moment in locations such as Hayes, Romford and Stratford.  

The London Living Rent scheme is mainly useful for middle-income earners. 

It is described as ‘a type of intermediate affordable housing for middle-income Londoners who want to build up savings to buy a home.’

They say that they provide ‘high quality rented homes on stable tenancies’ with rents based on a third of local household incomes. 

To be eligible for the scheme, you must live or work in London, have a maximum household income of £60,000, not own a home or be currently able to buy a home (including through shared ownership).

You also need to have either a formal tenancy (for example, in the private rented sector) or live in an informal arrangement with family or friends as a result of struggling with housing costs.

Those in the comments thanked Pink for sharing the money-saving scheme, with some commenting their own successful experiences.

One wrote: ‘I was lucky enough to get one of these, £750pm to live alone in a new build. It’s definitely worth signing up for.’

Another added: ‘Why have I never heard of this??? catch me applying every day, thanku girl!’

‘Omg thank you so much, it’s crazy out here,’ said someone else. 

Others were even reporting that the website had crashed due to the traffic generated by the video – you can find out more here.

It’s been set up by the Mayor of London.