Third of Private Renters Are Struggling to Afford Their Rents Says New Research

Over a third of all private renters are finding it difficult to afford their rent according to new research out today.

Whilst overall 35 per cent of renters said they were finding it difficult or very difficult to afford their rent, this proportion increased to 56 per cent for those not in work due to long-term sickness or disability. For students, 45 per cent were struggling to afford their rent and 43 per cent for those in receipt of benefits.

The overall figure has risen from 32 per cent last year.

The data comes from a representative survey of over 2,000 private renters carried out in March by the TDS Charitable Foundation, which works to advance education about housing rights and obligations in the private rented sector.

Whilst the research found that average rents had increased by 7per cent over the last year, this masked a wide disparity according to location.  Average rents increased by 11 per cent for those renting in small towns, whilst they fell by 0.3 per cent for those tenants living in suburbs.

Most tenants are also struggling to afford household essentials with 55 per cent saying they have had to cut back on expenses such as food, heating, and clothing. This increased to 72 per cent amongst single parent renters and 62 per cent for all rented households with children living in them.

With all the main political parties now promising to end section 21 ‘no fault’ repossessions, the TDS Charitable Foundation is warning that this will not, on its own, provide tenants with the security they need without action to tackle the affordability of rents.

It is calling for all the parties to develop plans to tackle the gap between supply and demand in the rental market to help reduce the growing costs in the sector which have put pressure on rents and commit to keeping housing benefit rates unfrozen for the duration of the next Parliament.

Dr Jennifer Harris, Head of Policy and Research at TDS Group said:

“Being able to afford a home should be the foundation for anyone to flourish. However, our data paints a worrying picture of the pressures many renters are now under and has implications for landlords with tenants in arrears.

“Whilst all the main parties have focused on ending section 21, this will not address the fundamental challenges many tenants face in affording their rents.

“The next Government needs to avoid the temptation to reach for simple solutions. This means addressing the gap between supply and demand in the rental market, reducing costs on the sector and providing certainty about housing benefit levels to enable tenants and landlords to plan for the medium to long term.”

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Estate Agent Talk

Top Tps For Buying Your First Property

Buying your first property is an exciting milestone, but it can also be overwhelming. With the right knowledge and preparation, you can navigate the process smoothly and make informed decisions. Here are some top tips for first-time property buyers in the UK, designed to be simple and easy to understand. Top Tps For Buying Your…
Read More
Estate Agent Talk

How much less can you expect if you sell your house for cash in 2024

When selling a house in the UK, opting for a cash sale often means accepting a lower price compared to a traditional open market sale via an estate agent. This reduction is down to a few factors including convenience and the speed of the transaction, which can be highly attractive to sellers looking to cash…
Read More
Rightmove logo
Estate Agent Talk

Rightmove’s weekly mortgage tracker

Headlines   The average 5-year fixed mortgage rate is now 4.97%, down from 5.91 % a year ago The average 2-year fixed mortgage rate is now 5.35%, down from 6.42% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.97%, down from 5.90% a year ago The average 60% LTV 5-year…
Read More
Estate Agent Talk

Preparing Your Essex Home for Sale: A Step-by-Step Guide

Selling your home can be a complex process, but you don’t have to navigate it alone. Experienced estate agents in Loughton and across Essex play a crucial role in helping you prepare, market, and sell your property. Their expertise and local knowledge can streamline the selling process and maximise your chances of a successful sale.…
Read More
Estate Agent Talk

Optimising Your Property Investment With Financial Expertise

Property investment can be rewarding, especially when approached with the right financial expertise. A well-planned property investment strategy, supported by professional advice, can significantly enhance your returns and minimise risks. Ready to learn more? Keep reading as we share tips on optimising your property investment with financial expertise. Leveraging Mortgage Brokers For Success Mortgage brokers…
Read More
Breaking News

Breaking Property News – 09/07/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Fine & Country increases international marketing and growth focus   Premium estate agency, Fine & Country is increasing its focus on international growth by launching new marketing initiatives to support its existing international network as well as expanding into new markets. This underscores Fine & Country’s commitment…
Read More