Rising rents are driving tenants to consider moving abroad

A survey has revealed that 72% of renters in the UK are either actively searching (46%) for new accommodation in different areas or contemplating it (26%) due to the unprecedented surge in rental costs.

The findings from the platform SpareRoom also highlight that 7% of those surveyed are considering leaving the UK to escape the escalating financial burden of rent.

This proportion significantly rises to nearly one in 10 (9%) for renters in London, where average room rents have surpassed the £1,000 per month mark (£1,013) for the first time in history.

The report says that room rents have now soared to an all-time high of £794 per month and 13% of renters will contemplate relocating to a different area if the rental crisis shows no signs of abating – with many having already done this.

Tenants who are considering moving

For tenants who are considering moving, the top five countries on their radar include Spain, Australia, Portugal, France and Germany.

The renters say these destinations offer the promise of more affordable living costs and lower rents.

As the cost-of-living crisis persists, 51% of renters reported knowing someone who has moved to another location within the UK to escape escalating costs.

And 25% are aware of individuals who have abandoned the UK entirely to live in another country.

‘UK rents reach record highs’

Matt Hutchinson, a director of SpareRoom, said: “2023 has seen UK rents reach record highs yet again.

“With little from the government on how they plan to tackle this crisis, and the continuing cost-of-living increases putting pressure on personal finances, the UK rental market is becoming untenable for many.

“It’s hardly surprising that the promise of cheaper rents and more affordable living costs are leading renters to look beyond the UK.”

He added: “It’s crucial the government understands the severity of this situation and starts to intervene, or the housing crisis will drive more renters out of major cities, if not out of the UK entirely.”