The average lifetime costs of renting have mostly risen in Watford areas.

Around five out of seven Watford areas have increased in average monthly costs according to Thomas Sanderson, a window furnishing company, who have an online tool estimating the least affordable places in the UK.

The tool hopes to make people seeking to rent homes become more aware that it is not a truly cheaper alternative compared to buying a house, with the marketing director stating it is “throwing money away”.

Richard Petrie, Marketing Director for Thomas Sanderson, commented on the tool and its results: “People often assume that renting is somewhat cheaper than buying a house, and in some cases this is true, however, when you look at the average cost over 50 years, it’s clear to see that renting really is ‘throwing money away’ as it almost always results in being more expensive.

“It’s amazing how drastically renting costs have changed in just one year; it sets a worrying precedence and they could certainly continue to get more expensive as we head into 2020.”

Which areas are increasing on average?

Around Rickmansworth and Chorleywood, the average increased from £,1583 in 2018 to £1,712 in 2019. The average lifetime cost is also relatively higher than other Watford postcodes, with £1,027,200.

In a WD25 postcode around Garston and Meriden, the average monthly rent increased from £1,264 in 2018 to £1,630 in 2019. The average lifetime cost of renting is believed to be £978,000.

At Carpenders Park and South Oxhey, the average cost rose from £1,477 in 2018 to £1,307 in 2019. The average lifetime cost of renting is £784,200.

Around Cassiobury, an average monthly increase from £1,169 in 2018 to £1,223 in 2019 makes an average lifetime cost of £739,800.

Nearby Knutsworth and North Watford, there is a significantly lower cost. In 2018, the average monthly rent was £987, and is £1,047 in 2019. The average lifetime cost is £628,200.

Which areas are decreasing on average?

The average monthly rent in Bushey decreased from £1,701 to £1,436 and the lifetime cost of renting estimated to be around £861,600.

Postcodes around Holywell and West Watford have also seen a decrease in the average monthly rent, from £1,140 in 2018 to £1,039 in 2019. The average lifetime cost of renting is around £623,400.