Data from Castleforge has revealed that not only are a third of private tenants struggling to afford rent, but 42% believe that their home needs to be refurbished to be comfortable.
The real estate investment firm commissioned the survey of 4,000 UK adults, which revealed that rising mortgage rates have made renters feel vulnerable to their landlord’s personal financial situation, with 32% agreeing that their rent or tenancy had been affected.
The cost of renting is just one issue, as just under a third (31%) of renters have lived in poor quality or unsafe rentals properties in the past five years.
Londoners are most vulnerable to unsafe conditions, with 55% of private tenants agreeing their rental home needs renovations and a higher-than-average figure of 41% said they have lived in poor quality or unsafe rentals in the past five years.
The poll said that almost a third of renters (30%) are willing to share amenities such as a kitchen, in return for cheaper rent, which increases to 51% amongst Londoners, and to 57% percent among the 18-24s demographic across the UK.
Michael Kovacs, founding partner at Castleforge, commented: “The housing and cost of living crisis in the UK has significantly exacerbated the issues faced by private renters.
“Private landlords that own one or two homes are being buffeted by mortgage rates, and their own financial insecurity is then passed on to tenants.
“Too many renters are finding themselves having to move or having to put up with delays to vital renovations.
“The findings show the need not just for more state sponsored affordable housing but for an expanded professional private sector committed to keeping homes maintained.”
Cassandra Tucker, managing director at property management company Ocasa, said: “The demand for our housing has significantly increased in the past year as renters seek quality — but affordable — properties.
“Many of us at Ocasa have experienced housing instability first hand and want to see the expansion and diversification of a professionally managed PRS, designed to meet renters’ varying needs.”
Sir Bob Neill MP, former minister of communities and local government and chair at the Justice Select Committee, said: “These shocking findings are yet more evidence that the UK rental market is broken.
“Innovation is desperately needed to help keep rents down, and tenants protected.
“The government should look to ensure more professionally run, affordably priced private rentals are available to fill the gap between social rents and traditional tenancies.
“There is an opportunity to do just that in the renters reform bill presently before parliament.”
