Half of all young renters, those aged 18 to 34, are dealing with “significant stress” from their living situation, according to research from Aldermore.
In a survey of 2000 tenants, the lender found that increasingly insecure tenancies and higher costs were having a pronounced impact with this cohort of renters.
A third of young renters (32%) have already had to move in the last 12 months.
Although Aldermore attributes much of this to the natural ending of tenancies, wider economic changes are having an impact.
For instance, 24% of these young renters were reported as having to move due to their landlord selling up.
Meanwhile, a quarter of tenants have missed or been late to meet rent payments in the last 12 months.
This proportion was lower (19%) for all private renters, again emphasising the strains younger renters are under.
The outlook remains challenged for younger renters with 64% scared of future rent risers, with only 48% of older renters sharing this concern.
Despite this, younger renters are less likely to support increased regulation in the PRS sector that would support their rights.
Of this cohort, 57% were supportive of such legislation in comparison with 71% of over-55 renters.
“Unfortunately, for younger renters, who are earlier in their wealth accumulation journey, we’re seeing this group facing greater financial and emotional stress,” said Jon Cooper, director of mortgages at Aldermore.
“Despite this, it’s interesting that younger renters are less likely to support greater regulation of the sector, like the Renters Rights Bill.
“There’s work to be done to ensure the PRS remains a viable environment for both renters and landlords, and any further regulation to increase transparency and support must be done in a way that is fair, proportionate, and meaningful for all parties.”
