Young renters priced out by deposit and rent costs
2 years ago | 4 comments
Renters slash summer plans as rent prices rise with inflation
12:01 AM, 2nd February 2024, 2 years ago
5
Categories:
Renters are sacrificing summer holidays due to rising costs, according to new data.
Flat share website Spareroom reveals that 72% of renters will be taking fewer holidays in 2024 due to a lack of funds.
Spareroom says renters have faced “a miserable 18 months” due to rent hikes.
May not go on holiday at all
According to the data, three-quarters (75%) of renters say rising costs have impacted their ability to plan for a summer break.
Two in three (72%) of renters said they will be travelling abroad less due to increased living costs. Of those who said rising costs have impacted their ability to plan for a summer break, 43% said they may not go on holiday at all.
Matt Hutchinson, Director at SpareRoom, said: “The past 18 months have been miserable for renters, with the average UK rent rising by 15%.
“The prospect of a summer holiday has probably never been more appealing, but for many renters, that’s far from a given.”
Landlords leaving the market
Mr Hutchinson explains landlords leaving the market is having a huge effect on rent prices.
He adds: “Ironically, one of the key factors contributing to rising rents is the fact that landlords are leaving the residential market, while the number of holiday lets in the UK has skyrocketed.
“With an election looming, all parties need to address the current housing crisis, or renters will be looking to move to other countries for cheaper rents, not holidays.”
Rents reach record-breaking highs
Fewer than one in ten (9%) of renters say they could currently afford to go on holiday to their dream destination, as costs continue to rise.
According to SpareRoom, rents reached record-breaking highs last year with 94% of renters financially affected by increased living costs.
Tags:
housing crisis, impact of rising rents, landlord market exit effects, living costs, rent crisis, rent hike impact, renter summer plans 2024, Renters Struggle, spareroom, Spareroom study on rent, UK housing crisis solutions, UK rent inflation, UK renters holiday cuts
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
or
Previous Article
Bank of England hold firm at 5.25%Related Articles
Survey reveals what UK renters want from their homes
2 years ago | 9 comments
Tenants squeezed out in England’s holiday home hotspots
2 years ago | 15 comments
Member Since August 2023 - Comments: 94
10:28 AM, 2nd February 2024, About 2 years ago
What a silly article, mortgage owners, oap and anyone feeling the pinch have to be prudent. Why bias the tenants?
Member Since September 2018 - Comments: 3504 - Articles: 5
10:46 AM, 2nd February 2024, About 2 years ago
a targeted attack on LL’s to make us feel guilty that diddum’s tenant can’t have a holiday?
Much better for the LL to have the rental property repossessed then if the mortgage can’t be paid and the tenant made homeless then?
Member Since February 2016 - Comments: 977 - Articles: 1
12:01 PM, 2nd February 2024, About 2 years ago
They can thank the government for that!
BTW everyone eles is cutting expenditure as well, not just poor little mites at landlords’s mercy…
?
Member Since May 2014 - Comments: 616
1:02 PM, 2nd February 2024, About 2 years ago
What reality do they live in.
Some of my tenants find the dosh for 3 holidays a year.
Member Since January 2015 - Comments: 1431 - Articles: 1
6:20 PM, 2nd February 2024, About 2 years ago
My ex tenant, who still over a few £1000s, on benefits holidayed in Zimbabwe every year for the whole of the school holidays; had the 60″ TV, Apple Mac, the latest iPad’s for herself and her 2 kids, a car and dustbin full of takeaways packaging.
And ccjs by the bucketful.
Something is very wrong