Rent calculator
How much rent you can afford, what the rent costs in total and what you need to pay up front.
About the rent calculator
How much rent you can afford, what the rent costs in total and what you need to pay up front.
Part of SmartCalcy’s mortgage & real estate tools. It runs in your browser with no account, uses your own currency and units (change them at the top of the page), and gives estimates for information only, so check official guidance before you rely on a result.
How to use the rent calculator
What it calculates and when to use it
This works out the maximum rent that fits your income, tests a particular rent against it and totals the cash you need to move in.
How to use it, step by step
- Enter your income per month before tax.
- Set the share of income you are willing to spend on rent. 30% is a common guide.
- Enter the rent you are considering, your bills and the deposit in weeks of rent.
- Read the affordability result and the cash needed to move in.
What each input means
- Income – Pay before tax each month.
- Share of income – The percentage of income for rent.
- Rent – Monthly rent for the property.
- Bills – Utilities, internet and similar costs.
- Deposit – Number of weeks of rent held as a deposit.
How to read the results
- Maximum rent – Income × share.
- Share of income – The chosen rent as a percentage of income.
- Cash to move in – Deposit plus the first month’s rent.
The formula
Maximum rent = monthly income × share. Deposit = monthly rent × 12 ÷ 52 × weeks. Cash to move in = deposit + first month of rent.
A worked example
Income of 3,500 a month with a 30% share gives a maximum rent of 1,050. A rent of 1,000 is 28.6% of income. The 5-week deposit is 1,153.85, so the cash needed to move in is 2,153.85.
Assumptions and limits
- Percent-of-income rules ignore your other costs and the local market.
- In England the deposit cap is five weeks of rent, or six when annual rent is 50,000 or more.
Common mistakes
- Forgetting that agencies and landlords may check income against a multiple of rent, often 30 times the monthly rent a year.
- Leaving out council tax or utilities.
Frequently asked questions
Is 30% of income the right limit?
It is a convenient rule of thumb. People in expensive cities often pay more, and people with high debts should aim lower.
Gross or net income?
The traditional rule uses gross income. If you prefer to use take-home pay, set a lower share.
Related tools
Details
- Rent per year
- £12,000.00
- Rent plus bills per month
- £1,150.00
- Share of income, rent and bills
- 32.9%
- Deposit
- £1,153.855 weeks
- Cash needed to move in
- £2,153.85deposit plus first month