30 Mar 23
A survey of 2,000 tenants in England and Wales shows that some 23% claim to be struggling to pay their rent.
The Deposit Protection Service, which conducted the survey, says 51% of respondents said they are worried about not managing their payments in the future, with 33% reporting rent increases during the past 12 months and 27% suggesting they are paying a quarter more each month than the previous year.
Amongst tenants moving to a new property, 62% said they are paying a higher rent than they expected and 64% said they have made financial sacrifices to meet new rental payments.
The DPS also said that 30% of respondents who had moved property during the last 12 months said they have had to take on extra work or additional jobs to meet rent payments, with 45% of non-movers also saying they have experienced rent increases during the past year.
Managing director Matt Trevett says: “These results suggest that rent rises are taking place across the country and are clearly affecting moving and non-moving tenants alike. As a result some tenants are making significant lifestyle and financial adjustments to continue renting or secure their next property.
“A significant proportion are telling us that they are reaching the limits of what they can afford as a result of the combination of higher-than expected rents, food and energy costs and are expressing concerns about the future should their rent rise further.”
Almost half (49.91%) of moving tenants said they were paying between £51 to £200 more a month than expected, with 18.6% paying an additional £201-£300, while 6.98% were paying £301 to £400 more.
Some 7.33% said they paid over £501 a month more, with just 3.04% incurring a rent rise of £50 a month or less.
Forty one per cent of movers said they had found it difficult to secure a new rental; the main causes included affordability, a shortage of suitable properties and general high demand.
Thank you for reading
Need to discuss your issue? Confidential Call: 0208 088 0788 now.
Or fill in our contact form here.
Keep up with the latest from Landlord Licensing & Defence…
Subscribe to our YouTube Channel to find all our videos on Regulations, RRO, HMOs and much more!
Join our private Facebook Group where you’ll find a support network of other landlords and experts as well as case studies and how to avoid council fines.
Follow us on Social Media for the latest in Property and Licensing…