UK tenants facing a tough financial task but it’s tougher for their Swiss, American and Dutch counterparts
Tenants in Switzerland, the United States and the Netherlands are facing the biggest financial hurdle if left unable to work as a result of the Coronavirus lockdown, with rental costs over just three months spiralling above £3,000, falling to £2,232 across the UK
Research by Hamilton Fraser’s deposit alternative scheme, Ome, has revealed the rental costs facing tenants across the nations currently worst affected by the Coronavirus outbreak.
With the impact of the pandemic looking likely to last for at least three months based on the UK Government’s buy-to-let mortgage holiday afforded to UK landlords, Ome looked at the average rental cost across the countries suffering the most. Ome then looked at what this would also equate to should a tenant be unable to pay their rent due to lack of income over the space of three months.
The research shows that the cost of renting a one-bedroom apartment in the city centre is at its highest in Switzerland at an average of £1,325 per month; climbing to £3,976 over the space of three months.
The United States is home to the second-largest financial rental hurdle with an average rental cost of £1,168; again climbing to £3,504.
The Netherlands is the only other nation where the average rental cost exceeds £3,000 over three months of lockdown (£3,019), with tenants paying an average of £1,006 per month.
The data shows that the UK sits at number seven with the average monthly rent of £744 meaning a rental shortfall of £2,232 over three months for those unable to generate an income.
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Ranking – top 20 by confirmed cases vs 3 month rent loss for landlords
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Location
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Confirmed Covid-19 cases
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Average monthly rent (one bed city centre apartment – 2019)
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3 month rent loss for landlords
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Switzerland
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17,768
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£1,325
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£3,976
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United States
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216,721
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£1,168
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£3,504
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Netherlands
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13,696
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£1,006
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£3,019
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Australia
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5,105
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£873
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£2,619
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Israel
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6,211
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£826
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£2,478
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Canada
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9,731
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£791
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£2,373
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United Kingdom
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29,865
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£744
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£2,232
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Sweden
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4,947
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£735
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£2,205
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Germany
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78,258
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£693
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£2,078
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Belgium
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13,964
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£687
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£2,061
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Austria
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10,711
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£684
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£2,053
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France
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57,763
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£645
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£1,934
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Spain
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104,118
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£631
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£1,893
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Portugal
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8,251
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£600
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£1,801
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Italy
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110,574
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£576
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£1,729
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South Korea
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9,976
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£484
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£1,452
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Iran
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47,593
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£470
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£1,409
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China
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82,735
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£461
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£1,382
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Brazil
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6,931
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£225
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£674
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Turkey
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15,679
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£171
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£514
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