Over half of renters are anxious about their housing situation
50% of renters have expressed anxiety about their housing situation. The main things causing worry are rent increases, tenants loosing their jobs and landlords selling up.
Aldermore Bank have stated that 41% (two in five) renters are worried about their financial security.
18- to 34-year-olds appear to be the most anxious, with two in three (64%) admitting they are uneasy about their situation. 20% of this group have reported having rent increases in their area since March 2020.
Jon Cooper, Head of Mortgage Distribution at Aldermore, has stated that due to the pandemic we have been affected financially as well as physically. The number of worried renters concerns him as the house is now the central hub of peoples lives since lockdowns have started.
On the other hand, 76% of renters have reported positive experiences with landlords during the pandemic. Nine out of ten renters have stated that they communicated well with their landlords over the course of the pandemic.
Landlords are encouraged to listen to renters’ concerns. To help ease the strain options are available, such as mortgage payment holidays, to try and ease financial stress facing tenants.
One in four renters (26%) are now trying to save their deposit to purchase a property. A further one in five are actively looking to move rental accommodation.
Renters desires have shifted. The current things they desire which are not currently available to them are: a bigger kitchen (32%), bigger living spaces (27%), a greener home (25%) and a garden/outdoor area (24%).