The average tenant spends a total of £577.64 on letting agent fees, according to new research.
The research, carried out by an agent working for Belvoir Manchester, also found that the average tenant rents for a total of three years and two months before buying a home.
During this time, the average tenant spends over £11,000 on rental payments.
As well as over £500 on agent fees, the study claims that the average security deposit is £587.93.
It also calculates that the average tenant recoups £511.73 of their initial deposit after a tenancy and that cleaning disputes are the most common reason for deductions.
Of the 1700 tenants to take part in the study, 60% said they believe it is financially unwise to rent.
The most common number of homes rented before buying is one and over 50% of participants said they rent with one other person.
“Sometimes the rhetoric around generation rent becomes quite exaggerated and whilst the rental market is growing so is the quality and variety of rental property," says Harry Dhaliwal, who runs Manchester's Belvoir franchise and carried out the study.
"The findings of our survey highlight that renting across the UK is not as expensive as sometimes reported and most people get full deposits back from landlords."
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It's a no brainer really. Leave it dirty and deposit gets reduced. The other one is changing meters to pre pay takes hours to get the supplier to change back to a normal meter. The time taken to do this MUST be calculated into the final return of the deposit. Tenants just don't seem to get the idea that they have to pay for the agent's time to deal with this. No brain see!
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