The costs of renting a property
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 and 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