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A survey of 2,000 tenants in England and Wales shows that some 23 per cent claim to be struggling to pay their rent.
The Deposit Protection Service, which conducted the survey, says 51 per cent of respondents said they are worried about not managing their payments in the future, with 33 per cent reporting rent increases during the past 12 months and 27 per cent suggesting they are paying a quarter more each month than the previous year.
Amongst tenants moving to a new property, 62 per cent said they are paying a higher rent than they expected and 64 per cent said they have made financial sacrifices to meet new rental payments.
The DPS also says that 30 per cent 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 per cent 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 per cent) of moving tenants said they were paying between £51 to £200 more a month than expected, with 18.6 per cent paying an additional £201-£300, while 6.98 per cent were paying £301 to £400 more.
Some 7.33 per cent said they paid over £501 a month more, with just 3.04 per cent 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.
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Supply & demand. Its not going to get better anytime soon.
Well they know what to do 🤔 go and speak with their Mp’s !! It will just get worse if they don’t 😰
The MP's solution will be rent controls.
There's no problem so bad that politicians can't make it worse!!
And Landlords are struggling to pay for all the additional rental controls that are being introduced
55% of non movers have not experienced any rent increases in the last year but only 30% have had rent increases, so does that mean 15% have had rent reductions or the surveyors can't count?
Of the 55% I bet most of them haven't experienced rent increases since they moved in!
Most landlords don't put up rents for good tenants unless it's unavoidable and this survey proves this.
This is typical, DPS focus entirely on the end result, rents increasing and completely ignore why rents are going up.
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