Initial cost of renting up 24% in parts of the nation despite tenant fee ban

The initial financial hurdle of securing a rental property has increased by as much as 24% in some parts of the national property market, according to rental deposit replacement scheme Ome.

Ome looked at the current initial cost of securing a rental home, based on one month’s rent plus a deposit of five weeks’ rent and how this has changed since the introduction of the tenant fee ban in June of last year.

The figures show that on a national level the cap seems to have had the desired impact, with the initial cost of renting in England as a whole down -2% year on year.

As a result, tenants are now paying a total of £1,897 upfront, -2% less than this time last year (£1,931).

But it’s a mixed picture regionally, with the cost of securing a rental property in London down -5% annually, while the South West has seen an increase of 4%.

In terms of the highest outright cost, Westminster is home to the most significant financial hurdle for tenants. One month’s rent plus a five-week rental deposit will set tenants back an eye-watering £6,854.

Kingston upon Hull is the cheapest place to secure a rental property with the initial cost coming in at £986.

In terms of the biggest increase, Corby has seen the cost of securing a rental deposit increase by 24% since this time last year. Exeter and Charnwood have also seen a jump of 23%.

Oxford, Newcastle-under-Lyme, South and West Oxfordshire, Chiltern, Liverpool, Doncaster, Rushcliffe, Haringey and Bristol have also seen the initial cost of renting increase by double-digits on an annual basis.

York has been the best place for tenant affordability, where securing a rental property is concerned. In the last year, the cost of one month’s rent and a five-week rental deposit has fallen by -18%. The Vale of White Horse is the only other area to see a double-digit decline at -11%. However, Elmbridge, Waverly and Daventry have also seen some of the most considerable reductions in rental costs.

Initial cost of renting based on average month’s rent plus a five month rental deposit
Location 2019 2020 Annual change
ENGLAND £1,931 £1,897 -2%
SOUTH WEST £1,764 £1,841 4%
NORTH WEST £1,373 £1,415 3%
WEST MIDLANDS £1,465 £1,510 3%
EAST MIDLANDS £1,402 £1,438 3%
SOUTH EAST £2,205 £2,248 2%
YORKSHIRE AND THE HUMBER £1,370 £1,382 1%
NORTH EAST £1,217 £1,220 0%
EAST OF ENGLAND £1,942 £1,940 0%
LONDON £3,886 £3,699 -5%
Largest annual increases in initial rental cost in England
Location 2019 2020 Annual change
Corby £1,260 £1,566 24%
Exeter £2,196 £2,702 23%
Charnwood £1,224 £1,501 23%
Oxford £3,074 £3,573 16%
Newcastle-under-Lyme £1,307 £1,490 14%
South Oxfordshire £2,403 £2,732 14%
West Oxfordshire £2,203 £2,493 13%
Chiltern £2,896 £3,274 13%
Liverpool £1,123 £1,253 12%
Doncaster £1,060 £1,181 11%
Rushcliffe £1,591 £1,757 10%
Haringey £3,404 £3,755 10%
Bristol, City of £2,408 £2,644 10%
Lambeth £3,940 £4,293 9%
Lincoln £1,280 £1,391 9%
Largest annual decrease in initial rental cost in England
Location 2019 2020 Annual change
York £2,327 £1,913 -18%
Vale of White Horse £2,554 £2,282 -11%
Elmbridge £3,996 £3,638 -9%
Waverley £2,828 £2,612 -8%
Daventry £1,820 £1,692 -7%
Wycombe £2,459 £2,295 -7%
Kingston upon Thames £3,141 £2,939 -6%
Kensington and Chelsea £7,218 £6,802 -6%
Three Rivers £3,051 £2,880 -6%
Hillingdon £2,853 £2,700 -5%
Camden £5,461 £5,180 -5%
Bath and North East Somerset £2,898 £2,752 -5%
Brent £3,551 £3,380 -5%
Woking £2,900 £2,763 -5%
Canterbury £1,964 £1,877 -4%
Largest initial rental cost in England
Location 2019 2020 Annual change
Westminster £6,372 £6,854 8%
Kensington and Chelsea £7,218 £6,802 -6%
Camden £5,461 £5,180 -5%
City of London £5,348 £5,117 -4%
Hammersmith and Fulham £4,658 £4,763 2%
Islington £4,264 £4,507 6%
Wandsworth £4,113 £4,406 7%
Lambeth £3,940 £4,293 9%
Hackney £4,127 £4,145 0%
Tower Hamlets £3,989 £4,129 3%
Richmond upon Thames £4,266 £4,129 -3%
Southwark £3,771 £3,866 3%
Haringey £3,404 £3,755 10%
Merton £3,470 £3,690 6%
Elmbridge £3,996 £3,638 -9%
Lowest initial rental cost in England
Location 2019 2020 Annual change
Kingston upon Hull, City of £961 £986 3%
Burnley £1,031 £1,055 2%
North East Lincolnshire £1,019 £1,067 5%
Hartlepool £1,058 £1,073 1%
Hyndburn £1,060 £1,085 2%
Carlisle £1,076 £1,098 2%
Barnsley £1,094 £1,098 0%
Middlesbrough £1,028 £1,103 7%
Darlington £1,089 £1,107 2%
County Durham £1,109 £1,107 0%
Stoke-on-Trent £1,082 £1,118 3%
South Tyneside £1,130 £1,121 -1%
Pendle £1,044 £1,121 7%
Bolsover £1,089 £1,125 3%
Redcar and Cleveland £1,118 £1,127 1%

Properganda PR

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

You May Also Enjoy

Estate Agent Talk

Demand for project properties soars versus general market

New research from The Property DriveBuy reveals that demand for fixer-upper properties is easily eclipsing overall market demand as homebuyers demonstrate a strong appetite for renovation projects amidst ongoing affordability restrictions due to stubbornly higher mortgage rates and slow but steady house price growth. Across England, there are currently an estimated 601,525 homes listed for…
Read More
Estate Agent Talk

5,600 sellers slash asking price within first 30 days

5,600 home sellers slash asking price within first 30 days of hitting the market, as market stagnates ahead of Autumn Budget The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed that as many as 5,559 home sellers have slashed their asking prices within 30 days of entering the…
Read More
Estate Agent Talk

How to Protect Your Property Investment Before You Buy or Sell

Buying or selling property can be one of the biggest financial moves you’ll ever make, which is why protecting that investment should come before anything else. Taking the time to do the right checks and work with the right experts saves you from expensive surprises in the future. Preparation gives you power when it comes…
Read More
Rightmove logo
Breaking News

Market remains resilient, but not strong enough to drive usual Autumn bounce

The average price of property coming to the market for sale rises by 0.3% (+£1,165) this month to £371,422. This is below the ten-year average October bounce of +1.1%, as the decade-high level of property for sale limits seller pricing power The month of September saw a softening of activity year-on-year compared with a strong…
Read More
Breaking News

House prices post second consecutive quarter of growth this year

The latest Property Market Index Review by London lettings and estate agent, Benham and Reeves, has revealed that the property market has continued to demonstrate resilience in 2025, with house prices increasing for a second consecutive quarter in Q2, following four consecutive quarterly increases seen in 2024. The Benham and Reeves Property Market Index Review*…
Read More
Commercial Agent Talk

Reliable Commercial Roofers in Middlesbrough for Quality Roofing Solutions

Any commercial building can only be very safe and last long when it has a very strong roof. With time, the roofing system may be weakened by nature due to weather, similarity in age and structural wear, thereby resulting in expensive repair if not corrected early. This is the reason why you need to employ…
Read More