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March 2023 - Housing

Half of private renters have faced rent increase in last 12 months: A survey by Generation Rent has revealed that half of the people who rent their homes in the UK (and who have been in their home for longer than a year) have seen landlords increase their rent in the last 12 months -- up from 45% in the last survey conducted in July 2022.

The survey polled 1,025 private renters on assured shorthold tenancies, also finding that 46% reported a rent increase of more than £50 per month, up from £42 six months earlier.

When asked about the reasons why their rent had been increased, two in five (40%) said 'higher market rents', followed by a fifth saying the 'cost of living crisis' (19%). Other answers given included 'letting agent advice' (17%), 'previously agreed increase' (12%) and 'higher mortgage payments' (11%).

The proportion of renters who had cut back on their spending in order to pay for their rent had increased from 17% (July 2022), to 21% by the end of the year, according to the research. 

Indeed, when asked about what worried them most about the cost of living crisis, 41% of respondents said paying the rent was their greatest concern, up from just over a quarter saying the same in the previous survey (26%). This had taken over utility bills which was the primary concern in July 2022(46% falling to 40%).

Looking at the practices of agencies throughout the rental process and how this has changed over time, the survey revealed that more than a third of renters who had moved in the last 12 months had been to viewings at the same time as other people (36%). Around a fifth of people who moved in the last 1-3 years had experienced this practice (19%), with just 8% for those who moved five or more years ago saying they had been to a group viewing.

Other practices that are becoming increasingly more prevalent according to the research is the need for a guarantor, with 41% being asked for this in the last year, compared to a quarter of respondents who were asked in the last five years (26%). Furthermore one in five people who moved into a rental property in the last five years said they were required to bid for their rental, with the person who put in the highest bid being awarded the tenancy. This was up from 11% of those who moved house during 2019-21 and just 2% who had experienced such an expectation five years ago.

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