UK tenants facing a tough financial task but it’s tougher for their Swiss, American and Dutch counterparts

April 8, 2020

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.

Ranking – top 20 by confirmed cases vs 3 month rent loss for landlords
Location
Confirmed Covid-19 cases
Average monthly rent (one bed city centre apartment – 2019)
3 month rent loss for landlords
Switzerland
17,768
£1,325
£3,976
United States
216,721
£1,168
£3,504
Netherlands
13,696
£1,006
£3,019
Australia
5,105
£873
£2,619
Israel
6,211
£826
£2,478
Canada
9,731
£791
£2,373
United Kingdom
29,865
£744
£2,232
Sweden
4,947
£735
£2,205
Germany
78,258
£693
£2,078
Belgium
13,964
£687
£2,061
Austria
10,711
£684
£2,053
France
57,763
£645
£1,934
Spain
104,118
£631
£1,893
Portugal
8,251
£600
£1,801
Italy
110,574
£576
£1,729
South Korea
9,976
£484
£1,452
Iran
47,593
£470
£1,409
China
82,735
£461
£1,382
Brazil
6,931
£225
£674
Turkey
15,679
£171
£514

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Breaking News

Beach hut values fall for second consecutive year

The latest research from Yopa has found that beach hut prices have fallen for the second consecutive year across the UK’s most sought-after coastal locations, as the extraordinary growth seen in the years immediately following the pandemic continues to unwind. Yopa analysed the average asking price of beach huts across eight of the UK’s most…
Read More →
Breaking News

Burnham’s property and land tax: what would it mean for property owners?

With reports suggesting that property and land taxes could be on the cards under Burnham,  Simon Gerrard, Chairman of Martyn Gerrard Estate Agents, comments on what these proposals could mean for homeowners, particularly those in London who are likely to bear the brunt of any changes, given the capital’s significantly higher property values.   On uncertainty:…
Read More →
Property for sale
Breaking News

Homebuyers can save up to 47% by looking next door to the UK’s priciest postcodes

New research reveals how much less buyers could pay in postcodes neighbouring the UK’s most expensive locations Homes in these neighbouring areas are 28% cheaper on average, with the biggest gap reaching 47% in the North East Significant savings also seen in London, Scotland, Wales and Northern Ireland   Homebuyers could save up to 47%…
Read More →
Finance

Your First-Time Buyer Mortgage Journey

Introduction Buying your first home is one of the biggest financial decisions you’ll ever make, and the mortgage process can feel like a maze of unfamiliar terms, forms and waiting. The good news is that mortgages for first-time buyers follow broadly the same path, and once you understand the stages involved, the process becomes far…
Read More →
Breaking News

London property values set to fall

The latest market analysis from House Buyer Bureau has found that London is now the only region of Britain where house prices continue to trend downwards, with the average home in the capital forecast to lose almost another £5,000 in value before the end of the year should current market conditions persist. House Buyer Bureau…
Read More →
Breaking News

London property values set to fall

The latest market analysis from House Buyer Bureau has found that London is now the only region of Britain where house prices continue to trend downwards, with the average home in the capital forecast to lose almost another £5,000 in value before the end of the year should current market conditions persist. House Buyer Bureau analysed…
Read More →