When you rent a property the finance is much less complicated than when buying a house. However, it is still important to make sure that you understand what everything costs.

The main costs to consider when looking to rent a property are:

• Deposit – returnable at the end of the tenancy: usually 4 – 6 weeks’ rent.
• Reservation fee for a property: varies from £30 to several hundred pounds
• Administration fee: £100+
• Tenant’s References: £30+
• Agreement fee: £25+
• Inventory fee: £50 to £100
  (usually only charged either on check out or check in of accommodation)
• Renewal fee: £25 +

Normally you would be charged either a reservation or administration fee, but not both. Sometimes the other fees are included in the administration fee but you should always be clear exactly what your payments are for

When thinking about how much you need on a monthly basis you need to consider not only the cost of renting the property but also your other essential household bills. Ongoing rental costs in addition to your rent include:

• Council tax
• Gas and electricity
• Broadband/dial up
• Telephone bill
• TV licence

If you are renting a room, or there are lots of people renting a house, your rent may include all bills – but always check!

Other costs are less evident and can vary; for example you will probably pay more to rent a property through a Letting Agent than if you are dealing directly with a private Landlord. But beware as you may only be saving money as the private landlord is cutting corners on ensuring the property is let legally!

Before you move find out more about:

• Rental budget
• Tenancy agreements
• Lettings insurance
• Your rights as a tenant
• Your landlord’s rights

Ready to move?

• Set up home services
• Organise removals
• Get a reliable man with a van
• Update your address details