The rising cost of rent is the number-one concern for tenants as they look to the year ahead, according to research by Goodlord.
The PropTech company surveyed 231 UK renters, with as many as 87% naming an increase in the cost of their tenancy as a key concern. According to Goodlord, with the average cost of a rental property in England now £1,071 – 8.7% higher than at the same time last year – more tenants are feeling the effects of rising prices, especially as inflation persists and the supply of rental homes remains limited.
The next biggest concern cited by renters was the difficulty of finding a home to rent, which 51% of tenants said they were worried about. Goodlord pointed to fears across the industry 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, and said this will increase the pressure on housing stock and mean the current highly competitive nature of the UK rental market is likely to intensify.
Some 42% of tenants said that the condition of their rental homes is also an area of worry, and 24% expressed concern about their legal rights and protection against eviction in the coming year. Meanwhile, 28% of respondents noted concerns over the difficulty of getting onto the housing ladder.
Tom Mundy, COO of Goodlord, commented: “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.”
