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%

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