How Much Does it Cost a Tenant to Move?

According to recent research, it costs the average renter £1,175 to move home. This goes up to a whopping £2,043 for Londoners looking to move property. So, how realistic is this? How much does it cost a tenant to move? And, where is this money spent?

Costs involved in moving

For a tenant looking to move, the costs include, but are not limited to:

• Removal company fees. Depending on your possessions, these can vary significantly. The cheapest way to move is usually doing it yourself. Though you can use a removal company to do it all for you, but this will cost a minimum of £500. Alternatively, you could enlist the services of a ‘man and van’ for around £35 per hour
• Lettings agency fees when moving out the property. These can include, but are not limited to:

1. Renewing your tenancy agreement
2. An inspection of the property, as long as you agreed to this at the start of the tenancy
3. Professional cleaning costs, if this is a clause in your tenancy agreement

• End of tenancy cleaning. You can do this yourself or employ a team of professionals to clean your rental property for you. Check what you’re paying for as some companies don’t include cleaning materials in their quote, nor do they include the removal of rubbish. If the cleaning company can guarantee the return of your deposit, it’s worth using them

Costs from your new property

Unless you’re moving into your own home, you should also consider these costs for the next property:

• Letting agent fees. These typically include, but are not limited to:
  1. Drawing up the tenancy agreement contract that you have agreed with the landlord
  2. Drawing up an inventory of the property and updating it once you have ‘checked in’ to the property. This update will include any items you do or do not want there
  3. Running credit checks to ensure that you haven’t defaulted on your rent in a previous property. Also, to prove you’re capable of paying the rent for the length of your fixed term agreement
  4. Gaining references from your past employers, past landlords, or bank to verify your identity and check you’re a suitable tenant for the property
  5. Admin charges to cover all the above
  6. If you aren’t a British national, the letting agency has to check your right to rent for immigration purposes
  7. They could also charge you to ‘hold’ the property, while they run the above checks, if it’s in popular demand

• One month’s rent in advance. You usually pay rent in advance so the landlord doesn’t risk losing out if you choose to abscond from the property
• Tenancy deposit. This is usually 4-6 weeks rent. This is used at the end of the tenancy to pay for any damages you may have caused to the property. This is held in a government-backed tenancy deposit scheme until you vacate the property

Phil Spencer’s Property Report contains information on local valuations and rental estimates. Get your full report here.

Last Updated: November 22nd, 2024