10:11 AM, 30th March 2023, About 8 months ago 7
Half of the renters who moved home in the past year say they worry about paying higher rents – with their bill rising between £51 and £200 more every month, The DPS says.
The Deposit Protection Service (The DPS) says that just under a quarter (23%) of the 2,000 tenants it questioned in England and Wales are struggling to pay their rent.
The survey also found that 33% have seen rent increases during the past 12 months and 27% say they are paying a quarter more every month than the previous year.
Matt Trevett, the managing director at The DPS said: “These results suggest that rent rises are taking place across the country and are clearly affecting moving and non-moving tenants alike.
“As a result, some tenants are making significant lifestyle and financial adjustments to continue renting or secure their next property.”
He added: “A significant proportion are telling us that they are reaching the limits of what they can afford as a result of the combination of higher-than-expected rents, food and energy costs and are expressing concerns about the future should their rent rise further.”
The survey found that 62% of renters who have moved to a new home are paying a higher rent than they expected, and 64% have made financial sacrifices to meet new rental payments.
The DPS also said that 30% of respondents who had moved property during the last 12 months said they have had to take on extra work or additional jobs to meet rent payments, with 45% of non-movers also saying they have experienced rent increases during the past year.
Almost half (49.9%) of moving tenants said they were paying between £51 to £200 more a month than expected, with just under a fifth (18.6%) paying an additional £201-£300, while 6.98% were paying £301-400 more.
Also, 7.3% said they paid more than £501 a month more, with just 3.04% incurring a rent rise of £50 a month or less.
Of the 47% of tenants who moved last year, 28% gave various reasons for the move; 30% cited the sale of rental property, while 16% reported changed circumstances.
Just under 10% (9%) said they were moving after receiving notice to leave the property.
Most (41%) movers said they had found it difficult to secure a new rented home; the main causes included affordability (26%), a shortage of suitable properties (21%) and current high demand (18%).
And 27% said they had rented a property unsuitable for their household’s needs.
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