11:06 AM, 12th January 2023, About 9 months ago 9
The rocketing cost of rent is the number one concern for renters as they look to the year ahead, a survey reveals.
The findings from Goodlord found that 87% of tenants named the rising cost of rent as a key concern.
Goodlord says the average rent for a home in England is £1,071 – that’s 8.7% higher than at the same time last year.
With high inflation and a limited supply of homes to rent, growing numbers of tenants are feeling the strain of rising prices.
Tom Mundy, Goodlord’s COO, said: “Against the backdrop of the cost-of-living crisis, it’s clear tenants across the UK have significant concerns about how they will cope with potential rent increases in 2023, with the lack of rental stock – a concern also shared by letting agents – following not far behind.
“As the industry prepares for another busy year, with demand in the rental market showing little sign of diminishing, it’s clear that incentives to boost stock are acutely needed.”
Mr Mundy points to a recently published open letter from 385 letting agents to Michael Gove calling for more support for the rental sector to help stop the number of landlords leaving the sector – a big factor which is contributing to lack of rental supply and the rising cost of rents.
The survey also reveals the next highest concern cited by renters and that is the difficulty of finding a home to rent, which 51% of tenants said they were worried.
There are growing fears that an increasing number of landlords will leave the buy-to-let market this year in response to rising mortgage costs and increasingly complex regulatory requirements.
This will increase the pressure on housing stock and lead to more competition for tenants to find a home.
Goodlord says that 42% of tenants complain that the condition of their rental homes is also a worry, and 24% expressed concern about their legal rights and protection against eviction in 2023.
These are issues that many tenants are hoping to be addressed in the Renters’ Reform Bill which will be published this year.
In addition to economic uncertainty and rising interest rates, 28% of respondents say they are worried about the difficulties of getting onto the housing ladder.
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