Average tenant pays £40,000 in rent over five yearsMake Text Bigger
The average tenant in England has paid £41,196 to their landlords over the last five years, according to new analysis.
This figure is almost enough to put down a 20% deposit on the average first time buyer home, which is currently priced at £216,500.
In London, the average rent for a two bedroom property has been far higher at £89,000, charity Shelter has revealed.
However, in five boroughs, including Hammersmith, Islington and Camden, that cost spirals to over £100,000.
These large sums are not limited to London, living in Sheffield would have meant paying out over £32,000, more than £40,000 in Manchester and nearly £48,000 in Bristol. A larger number of 25-35 year olds are now privately renting than ever before, at 46% compared to just 24% 10 years ago.
A spokesperson for Discount Landlord said: “With a greater number of potential tenants available to fill a property, landlords may be inclined to relax when it comes to insurance that protects against void periods such as Rent Guarantee & Legal Expense Insurance.”
“Landlords must remember that while there are more tenants to choose from, this does not eliminate the few rogue tenants. Getting a full background check on your tenants is essential,” the spokesperson added.
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