Commuter savings can help tenants overcome the cost of renting

June 1, 2020

With many of us still restricted to working from home or on furlough, research by Ome shows the average UK commuter is benefitting to the tune of £66 a month that would otherwise be spent travelling to and from work.

Now that the market has reopened for business, tenants will be looking to move to rental properties having been restricted since the end of March. However, the financial barrier of securing a rental deposit at a cost of five weeks rent will have increased for those on furlough or unable to work.

The silver lining is that three months of furlough commuter cost savings could boost their finances by £199. While this won’t pay the rent, it will account for 18% of the average rental deposit of £1,107.

This help over the financial hurdle of renting is highest in the North East, where a three-month commuter saving of £212 could pay 35% of the average rental deposit.

The average commuter saving in the North West (25%), Yorkshire and Humber (24%), East Midlands (24%) and West Midlands (23%) would also chip away more than 20% of the average rental deposit.

This boost is predictably lowest in London, but with the average commuter cost accounting for 12% of the average rental deposit, it’s certainly better than nothing.

At local authority level, these cost savings become even more notable. The biggest boost is in Wales, with three months of commuter outgoings accounting for nearly half of the average rental deposit in Blaenau Gwent, while in England, this saving accounts for 39% of the average rental deposit in Middlesbrough and 32% in Dumfries and Galloway in Scotland.

Today, deposit alternative products such as Ome provide an alternative option to overcome the initial cost of a rental deposit. For the average UK tenant opting to take this route, three months of commuter cost savings could also help reduce ongoing rental costs, covering 24% of their first month’s rent.

Again, this is highest in the North East where three months of money saved working from home could cover 43% of your monthly rent, with London again the lowest at 15% of the average monthly rent.

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Estate Agent Talk

Identifying Common Structural Issues in Balconies

Living in a city like Sydney, where a breathtaking view of the cityscape and ocean can be the crowning jewel of your property, it’s no surprise that balconies are key features sought after by homeowners. However, over time, these aesthetically pleasing elements can become a structural nightmare due to a range of issues that compromise…
Read More →
Estate Agent Talk

Stay Safe With Aluminum Ladders: 5 Facts About Lightning Attraction

Whether redecorating, putting items away in storage, or cleaning windows, there are many reasons why you may need ladders. They’re likely an item you have tucked away in your garage or, if a contractor, a tool you carry to and from work. Although highly beneficial, it’s essential to use this device correctly. Why? Aluminum is…
Read More →
Letting Agent Talk

Some Instances Where Landlords Are Liable for Slip and Fall Accidents

In bustling urban environments, slip-and-fall accidents can disrupt lives, leading to injuries and legal complexities; landlords are responsible for maintaining safe premises. From icy sidewalks to poorly maintained staircases, instances where landlords may be held accountable for slip and fall accidents are diverse and nuanced. Understanding these scenarios is a matter of legal obligation and…
Read More →
Breaking News

Sales agreed up 12% on last year despite annual mortgage costs 61% higher than 2021

UK house prices broadly static but sales volumes are up 12% year on year UK house price inflation unchanged from last month at -0.2% Almost two thirds (64%) of all homes are in local markets with annual price falls, down from 82% last October with a clear north-south divide emerging. Higher mortgage rates continue to…
Read More →
Breaking News

Weekly News Roundup – 26/04/24

A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of Contents Renters Reform Act – but what about Section 21? Agents urged to review AML policies following recent HMRC fines Smart Spaces & HID Signo reader tie up   Renters Reform Act – but what about Section…
Read More →
Estate Agent Talk

Understanding House Value in the UK: A Simple Guide

Everyone talks approximately assets expenses, from the records headlines shouting about the contemporary marketplace traits for your friends debating whether or no longer now is the proper time to shop for or sell. It might possibly appear to be a jumble of numbers and possibilities, but at the heart of it, knowledge house cost isn’t…
Read More →