Renting in London as a Student? All You Need to Know

Renting in London as a Student? All You Need to Know

Being a student in London can be an amazing experience. The number of opportunities that will open up to you while in London are like nowhere else, and staying in London will without a doubt give you many memorable moments. 

Although, for students who don’t know some crucial information, renting in London can become a catastrophe.  

Because London has such a diverse and unique housing industry compared to other locations, it means you have to be more than prepared when looking to undergo this venture.  

In this article, we will be telling you all of the essential information you will need to know if you are a student renting in London, as well as giving you some helpful tips that are invaluable.  

 

Planning & Budgeting are Essential for Students 

Compared to the high prices of properties in London, the renting costs remain relatively low. Although, that’s not to say that it will be cheap by any means.

  
Students can often struggle to create and stick to budgets as well as plan ahead due to their busy universities schedule and all the demands that may bring, but that doesn’t change the reality of how vital planning is. 

In order to avoid a ton of unnecessary headaches while renting in London, you will need to create a budget that shows all your income and expenses on one sheet, to see exactly what you can and can't afford. In the majority of cases, you may find that you are overspending drastically, and in turn, reduce some other expenses in order to comfortably pay your rent.

  
Sure, this may be an inconvenience at first, but in the long run, planning and budgeting can make your time renting as a student in London a joy instead of a nightmare.  

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The Pros and Cons of Renting in London as a Student  

There are a plethora of unique advantages and negatives for students who rent in London, many of which go unseen by the majority of people.  

Of course, the list of advantages renting in London has is truly inexhaustible. Students who rent in London get to stay in the capital of the UK as well as getting access to all the diverse benefits that comes with it, and also the number of opportunities in London, both for work and social life, dwarves that of any of city.  

Although, all of the positives of renting in London also has an equal list of negatives which you will need to be aware of.  

Like we mentioned in the above section, renting in London can be extremely costly. This can be even more of an issue for students who usually find themselves short on cash in the first place, and it can make the whole ordeal bothersome and stress-inducing.  

The fact that students may struggle just to even continue paying their rent even under the best of situations can in some cases negate all of the amazing benefits that renting in London can bring. In addition, if said student would have decided to rent somewhere else, either in a different city or different area of London, not only would the task of paying rent become much easier but it would also give them a head start on their future, potentially allowing them to get some savings together. 

 

Conclusion  

Renting in London as a student is a dream of many, and if you are one of the lucky few who actually get to do it, you are in for a treat.  

London can be extremely rewarding to those who understand how it works, but for those that don’t, renting in such a location can soon turn into a troublesome ordeal.

  
By applying the points we mentioned throughout this article, you can get the benefits of living in an amazing city like London while also not costing your future self.

  
If you are looking to rent a property in London, feel free to take a look through our website. We have all the latest property listings in London, and we can also offer you our expert advice to ensure that you are making the best decisions for yourself.  

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Fees

Refundable Holding deposit

Capped at 1 weeks rent

Security Deposit

Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent

The agreed monthly rent

Changes to tenancy

Capped at £50 inc VAT

Early termination charge

Not exceeding the landlord’s financial losses

Late payment of rent

Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys

Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc

Tenants own responsibility unless otherwise stated in contract

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