Renting linked to ‘lower quality of life and more stress’

Renting linked to ‘lower quality of life and more stress’

0:03 AM, 24th April 2024, About 4 weeks ago 9

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Renting may negatively impact a person’s overall well-being as tenants experience a lower quality of life, higher stress levels, and less hope for the future compared to homeowners, a survey reveals.

The research from Zero Deposit, comes after 1,005 renters and 1,005 homeowners in the UK were polled by the firm.

When asked about the impact of their living situation on their quality of life, only 35% of homeowners reported a low quality of life, compared to 64% of renters.

Similarly, when asked about stress levels, 78% of homeowners reported low stress, compared to just 58% of renters.

‘Life is often stressful regardless of your living arrangements’

The firm’s chief executive, Sam Reynolds, said: “Life is often stressful regardless of your living arrangements or what stage of life you are at.

“However, it’s clear from our research that those within the rental sector are largely less positive about their quality of life, under more stress as a result of renting and, as a result, have less hope for the future.

“The results perfectly summarise the challenges for tenants; a stable income and certainty of living arrangements.”

He added: “It’s a tough place to be for those who don’t choose to rent as a lifestyle choice, as not only do they face ever increasing rents and the high initial cost of securing a rental property, but house prices also remain well out of reach for many, leaving them little choice but to remain living within the rental sector.”

Renters feel a lack of hope

The findings extend to the respondents’ future outlook with only 4% of homeowners feeling a lack of hope, whereas 10% of renters expressed the same sentiment.

Conversely, a significantly higher percentage of homeowners (22%) felt very hopeful, compared to renters (13%).

Financial security emerged as a key concern for both groups.

Homeowners prioritised income security, followed by income level.

Renters, however, prioritised income level, with long-term housing security a close second.


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Comments

NewYorkie

10:23 AM, 24th April 2024, About 4 weeks ago

Renters need to hope they never get their foot on the housing ladder in a leasehold apartment. Then they really would know what suffering is... with no way out! You don't need to look too hard to see what hopelessness really feels like!

Denise G

11:57 AM, 24th April 2024, About 4 weeks ago

If renters were ever to become landlords, with some of their number as tenants - and presumably one claiming benefit and with hoards of children and pets, since they will no longer be able to choose who to let their property to, who could then decide not to pay the rent and to squat for months, if not years while trashing the property they spent their hard-earned savings to purchase, then they will really know what stress feels like ... and then when it comes time to pay their tax bill and they see what they aren't allowed to claim as a business expense they will also know a lack of hope.

NewYorkie

15:02 PM, 24th April 2024, About 4 weeks ago

I would imagine most landlords started adult life as renters; I did. But I never had any expectations of some form of entitlement to rights over where I lived. Why has this changed? Why should it change?

OK, if you pay your rent on time and keep the place clean and tidy, you should expect to be permitted to stay in the property for as long as you continue to do so. Why wouldn't a landlord want that? But, provided the landlord observes his obligations in the AST, that's as far as 'entitlement' should go. If you want more, it comes with all the responsibilities of property ownership.

northern landlord

16:11 PM, 24th April 2024, About 4 weeks ago

Other surveys have shown that the reason for most tenant dissatisfaction and stress is the fact that they have to rent and are not able to buy. A mortgagee might well be stressed paying a mortgage but at least they know the end result will be their own property and no mortgage to pay especially when they retire and their income drops. There is no such reassurance for the eternal renter and worry must only increase with age.
We all know that the solution to the housing crisis is to build more homes, and as people become poorer these homes must increasingly be social homes on low rents or rabbit hutches on small plots to be affordable to buy. But who is going to be doing the building as there will be no profit in it.

Paul Essex

17:03 PM, 24th April 2024, About 4 weeks ago

I am doing my bit to relieve this terrible situation by not renting in future - can I have an award for this?

NewYorkie

19:01 PM, 24th April 2024, About 4 weeks ago

Reply to the comment left by northern landlord at 24/04/2024 - 16:11
Unless you buy as a leaseholder, which most renters will. Then you WILL NEVER OWN YOUR HOME, even after you've paid off your mortgage.

Cider Drinker

19:06 PM, 24th April 2024, About 4 weeks ago

Homeowners tend to be more aspirational people than renters. They have a better understanding of adulthood.
My daughter is a home buyer. She has a crappy kitchen and an old-fashioned bathroom. She plans to replace both when her income allows.
My son is a renter. He has a lovely kitchen and bathroom, paid for by his landlord.
You pays your money, you makes your choice.

NewYorkie

19:25 PM, 24th April 2024, About 4 weeks ago

I'm not sure 'aspirational' is accurate. Renters want to become homeowners but can't afford the deposit, so we are constantly told. That suggests they are aspirational. I think the problem renters have is they expect their landlord to provide them with whatever they want, regardless of the rent they pay. That sets unreasonable expectations, and disappointment for when they do buy. That disappointment turns to despair and hopelessness when they realise how they have become trapped in a leasehold hell, from which they can't escape, no matter how aspirational they are. Unfortunately, for most first time buyers, leasehold is their only option, or worse still, shared ownership.
Sorry to keep on about leasehold, but I will keep on doing so if it means buyers avoid the problems facing millions of leaseholders. #NationalLeaseholdCampaign

Reluctant Landlord

22:47 PM, 24th April 2024, About 4 weeks ago

Renting may negatively impact a LANDLORDS overall well-being as they experience a lower quality of life, higher stress levels, and less hope for the future compared to homeowners, a survey reveals....

If only Carlsberg did surveys....

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