When you rent a property, there are a number of costs to consider; which may vary depending on the area and the type of let you are looking at.
These costs will include stand alone and ongoing items:
- Rent – one month’s advance rent when you move in and on-going monthly rent throughout the tenancy, unless a different frequency has been agreed.
- Security deposit – for assured shorthold tenancies (ASTs) this will be equal to five weeks' rent if the rent is under £50,000 per annum or equal to six weeks' rent if the rent is over £50,000 per annum. For non-Housing Act tenancies deposits are generally equal to six weeks’ rent.
- Agent fees – reference checks, inventory check in, tenancy agreement fee are applicable for non Housing Act tenancies only. There is no charge to the tenant if the tenancy is to be an AST.
- Moving costs – removal company or vehicle hire, storage costs
- Household bills – electricity, gas, water, council tax, telephone and internet, TV licence, insurance for personal belongings
- Rent increases if this has been agreed and included within the tenancy agreement