A survey has found the average tenant pays over £500 in letting agents fees to rent a property
Belvoir Manchester has found the the average tenant pays £577.64 went renting a property as well as paying a deposit of £587.93 a massive £1165.57 up front before a tenancy starts. This costs would include tenancy credit checks and preparation of the contract.
Of the 1700 tenants who took part 60% believed renting did not make financial sense. It was also found the average tenant rents for 3 years and 2 months before buying their own property.
When it came to the return of the deposit on average 87% of the deposit was returned. The biggest reason for part of the deposit not being returned was cleaning.
“Sometimes the rhetoric around generation rent becomes quite exaggerated and whilst the rental market is growing so is the quality and variety of rental property,” says Harry Dhaliwal, who runs Manchester’s Belvoir franchise and carried out the study.
“The findings of our survey highlight that renting across the UK is not as expensive as sometimes reported and most people get full deposits back from landlords.”