09 Feb 23
A property firm is claiming that nearly half of the UK’s younger generation of renters stay up at night worrying about paying their rent or bills.
A survey of 2,000 tenants aged 20 to 40 suggests that nearly three-quarters are feeling stressed by the uncertainty of the rental market and another 71 per cent admit they don’t know how they will cope if their rent or bills increase.
Nearly three in five – 57 per cent – believe their current rent and bills are not sustainable.
Since the cost of living crisis started, nearly half of the UK’s younger generation of renters have experienced a rent increase. The figure increased for 20 to 24-year-olds, with 57 per cent of this age group being approached by their landlord about rising rent, with the issue also impacting 56 per cent of Londoners aged 20 to 40.
The research found that seven in 10 of those who saw a rent increase were unable to negotiate the amount.
The survey suggests that with rental prices and the general cost of living rising, many young renters have made cuts elsewhere in their budget.
The research found that a fifth have cancelled their fitness subscription, and a third are reducing their spending on TV or cinema subscriptions. Londoners have made the most cuts, with more than four in 10 cancelling or reducing their fitness subscriptions.
Jermaine Browne – whose co-living firm ARK commissioned the survey – says: “With half of young UK renters experiencing a rent increase since the cost of living crisis started, it’s clear we need to provide more creative solutions to renters to protect them against predatory landlords and spiralling rent and utility costs.
“Housing innovation has a long way to go to meet the needs of today’s renter. As an industry we must embrace bold new ideas to create alternative housing solutions that are more flexible, work for everyone, and safeguard renters.”
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