Around 1.9 million people in this country are paying rent on accomodation they are not using, new research suggests,
The study by personal finance comparison website finder.com shows that many people, especially youngsters, have been forced to move back home with their parents during the Covid-19 pandemic, but this has had financial implications for many people.
Almost one in five - 18% - of those who have moved back in with their parents, have continued to pay rent for property that they are contractually responsible for, but no longer using.
With the average cost of rent being £886 per month and lockdown spanning three months this could have cost young renters £2,658 so far. Overall, this equivalent to a total of £4.9bn being spent in rent for accommodation that tenants are not using.
However, not all renters who have now moved back in with their parents have carried on paying rent. The second most popular option for people who have moved home was to not renew their tenancy (13%) and a further 12% have managed to cancel their tenancy altogether.
Through negotiations with their landlord, 10% have managed to reduce their rent and 7% have opted to take a rent holiday.
Matthew Boyle, mortgage specialist at finder.com, said: “It’s unsurprising that the Covid-19 pandemic has caused younger generations to move back in with parents but most have continued to pay rent for unused flats, which will no doubt be very frustrating.
“The government has asked for landlords to be understanding towards tenants during these times.”