Renting a property is an exciting step, but it’s essential to understand the true cost of renting before you commit. Beyond monthly rent, there are several other expenses tenants should budget for to ensure a smooth and stress-free tenancy.
This guide explains what tenants can legally be charged, how to manage monthly outgoings, and how to plan your finances confidently when renting in London.
When calculating affordability, your rent should be considered alongside all other financial commitments, including utilities, council tax, transport, and lifestyle costs.
Rents are usually advertised as either:
A common mistake is assuming one month equals four weeks. In reality:
Weekly rent × 52 ÷ 12 = monthly rent
Example:
£300 per week × 52 ÷ 12 = £1,300 per calendar month
Always confirm whether prices are quoted weekly or monthly before budgeting.
Thanks to the Tenant Fees Act 2019 (England), tenants are protected from unfair charges. Landlords and letting agents cannot charge most admin fees.
You can legally be asked to pay only the following:
Rent
Holding Deposit – capped at 1 week’s rent
Security Deposit
Up to 5 weeks’ rent (annual rent under £50,000)
Up to 6 weeks’ rent (annual rent £50,000 or more)
Tenancy variation fees (e.g. change of sharer) – capped at £50 or reasonable cost
Early termination costs – limited to the landlord’s losses
Utilities (gas, electricity, water)
Council tax
TV licence
Broadband and communication services
Late rent interest – capped at 3% above the Bank of England base rate
Lost keys or security devices – reasonable replacement cost only
In most long-term rentals, tenants are responsible for:
If you qualify for a council tax discount (e.g. single occupier or student), you must apply directly with the local council.
Tenancy agreements typically allow tenants to change utility providers, as long as the landlord’s consent is not unreasonably withheld.
Some landlords or agents accept credit card payments for rent or initial move-in costs. However, card payments may attract transaction charges, as these fees are not included in the rent itself.
Always confirm accepted payment methods in advance.
Rent is usually due on the same date each month as your tenancy start date, which may not align with your salary.
If this causes difficulty, you may be able to request a change of payment date before signing the tenancy agreement. This is best agreed at the start, as landlords are not obliged to make changes once the tenancy begins.
If you are sharing a property:
Staying in the same property longer can reduce costs by:
Many landlords are open to longer fixed terms with agreed future rent reviews, offering greater stability for tenants.
At Crown Home Buying & Letting (CHBL), we believe transparency builds trust. Our experienced London lettings team ensures tenants fully understand all costs upfront, with no hidden fees and full compliance with current legislation.
View our latest properties to rent in London: https://www.chbl.uk/en/properties-for-rent/available
Whether you’re relocating, upgrading, or renting for the first time, we’re here to help you find the right home with confidence.
Speak to our lettings team today to arrange a viewing or discuss your requirements.
Lettings Enquiries:
Please leave your message here, and a member of our team will get back to you within 24 hours. Alternatively, you can reach us at info@chbl.uk or call us at +44 (0) 207 903 6881.
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