John Hsu, a City worker from London has developed an iPhone app that helps flat-hunters work out the true cost of renting.

Smart Renter Pro allows users to create profiles on the go when viewing flats, noting rent related costs such as agents fees, utilities, commute costs, internet, council tax, annual professional cleaning, etc. The app then crunches the numbers along with the base rent and number of flat sharers to arrive at the real monthly cost of renting the property.

“Every year when I go flat hunting, it’s a time-consuming process to work out which flat actually provides best value for money, especially when some rooms are in high council tax areas, some cover bills but not gas and electricity,” says Hsu. “We hope our app will help flat-hunters organise information efficiently, and find a place best suited to their financial circumstances.”

If the user does not know the likely cost of electricity, gas and water, the app estimates average costs based on the number of bedrooms and sharers in the property. Data is based on London prices, and is collected from public sources.

The app also allows users to quickly locate profiles on a map, create rent reminders, share photos and notes via Twitter and Facebook, and generate PDF reports comparing up to three profiles which can then be sent via email. This is designed for situations when friends team up to find an apartment and not all can be present at the viewing. 

The app is available for iPhone and iPod touch for $0.99. A lite version with less functionality is available for free.