Rural renters hit hard by rising rents

Rural renters hit hard by rising rents

0:01 AM, 13th December 2023, About 5 months ago 1

Text Size

Rural renters are bearing the brunt of rising rents which are rising quicker than the average rent price, a new survey reveals.

The TDS Charitable Foundation interviewed more than 2,000 private tenants across England and found that rural renters saw their rent increase by 27% in the past year, compared to the national average of 17%.

The survey also shows that almost a third of renters found it difficult or very difficult to pay their rent each month.

The figure rises to 40% among students and those affected by the housing benefit freeze.

‘Worrying picture of the difficulties many tenants now face’

The head of policy and research at TDS Group, Dr Jennifer Harris, said: “Our research paints a worrying picture of the difficulties many tenants now face in securing and affording suitable housing.

“Whilst the decision to unfreeze housing benefit rates is likely to provide some comfort, on its own it will not be the panacea renters need.”

She added: “Ahead of the election, all parties will need to work out how to improve affordability for tenants, whilst not undermining the supply of private rented housing when demand for it is so high.”

Renters had to cut back on essentials

More than half of renters (52%) said they had to cut back on essentials such as food, heating and clothing to pay their rent, and 40% said they had trouble paying their utility bills.

The survey also highlights the challenges faced by renters who had moved into a new property in the previous six months.

Of these, 82% had encountered one or more difficulties in finding a suitable home, such as affordability (48%) and deposit (20%).

The survey also revealed that the financial pressures faced by renters were eroding their confidence in becoming homeowners.

While 44% of renters said they would like to own their own home, 35% said they expected to be renters for most of their life.


Share This Article


Comments

David Johnson

10:29 AM, 13th December 2023, About 5 months ago

Many years ago I included an uplift clause in all my tenancy contracts allowing me to increase rents between 0-3% per annum. This was working very well and I always allow my tenants some headroom between market rent and their rent once they have been resident for over a year. This was working very well indeed until recently, when raising by 3% doesn't really cut the mustartd. My mortgage costs rose by about 250% (50% LTV). I suspect I will manage to reduce the gap over time and am happy to stick by my side of the bargain.

When I read articles like this and they claim 52% of renters said they had to cut back on some essentialls and had trouble paying their utility bills, I just wish there was some balance against homeowners with mortgages. Indeed, we have cut back on some of our essentials by being more savvy and our electricity bills (we have electric heating) are incredibly painful (£4500 p/a). I am certain there are relatively new homeowners who are struggling much more than many renters and wish they were still renting. I genuinely feel for all who are caught out in this cost of living crisis, but felt like having a mini rant!

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now