A building crisis: The impact of cost of living pressures on private renters
Cost of living pressures are hitting renters hard
Many are still struggling with arrears built up during the pandemic, and don’t have savings to fall back.
Rents are expected to rise this year
Private renters already spend more of their income on housing costs than other groups. Rent growth is at its fastest in 5 years, and 1 in 5 expect their rent to rise this year.
Struggling renters are at risk of eviction
Insecurity in the private rented sector is a huge problem. We’re already seeing huge numbers of people facing eviction, and many tenants fear challenging a rent rise will result in them being asked to leave.
‘I’m worried about rent increases and if I can afford to stay in my home - other rental properties are more expensive than mine…which will mean spending less on essential items like heating’.
Tenants Voice panelist
Renters in crisis need urgent support
We think the government should:
Increase funding through Homelessness Prevention Grants
Bring forward the Renters Reform Bill to rebalance the sector