There is a high level of demand for rented property in the UK but there is also a wide range of costs associated with renting. There are upfront costs and ongoing costs and it is essential that tenants understand what they need to pay.

Other costs that a tenant has to consider for their rented accommodation include:

• Content insurance
• Council Tax
• The cost of moving in to the property
• Utility bills
• TV Licence
• Broadband and phone charges
• Food and drink
• Clothing
• Entertainment

The fact that there are so many bills to consider over and above the cost of renting property means that new tenants have to be very clear about the costs of moving into rented accommodation. There are also upfront costs that have to be paid in advance of moving in and for many new tenants, the deposit associated with rented accommodation causes them problems.

This is because the cost of the deposit can often be as much as six weeks or two months rent. With the new tenant also having to offer the first month’s rent in advance, it can be a very expensive time and anyone who cannot afford to pay this amount of money may find that they are struggling to move into rented property.

Do you have the rent deposit available?

Landlords are more than happy with this situation because it provides them with an added measure in vetting tenants. It is not as though having more money makes a person more suitable for a home but it will give the landlord an added degree of confidence. This is why you can expect landlords to be satisfied with the current situation of new tenants having to pay a lot of money in upfront rental fees, a big rent deposit and deposits.

Any new tenant struggling to find the money to pay for the rent deposit should consider a guarantor loan. A guarantor loan looks at the credit score of the guarantor, not the applicant, and this makes it easier to obtain an affordable loan. There is no need to be a property owner for this style of loan, a stipulation for many other loans, so you can see why this is a sensible option for people looking to rent property.

Tenants need to be sure on their finances and make sure that they have everything in place to move comfortably into their new home, including the rent deposit.