With the cost-of-living crisis and the rising fuel and energy costs it’s no surprise that over 75% of renters are concerned about the impact on their ability to pay rent, according to a survey of over 12,000 renters nationwide conducted by Dataloft with HomeLet in May 2022.
Generation Z renters are the most concerned, 85% stating the cost-of-living crisis will have a moderate to significant impact. More than 1 in 4 rate the impact as ‘significant’
Overall, just 11% of renters feel the cost-of-living crisis will have no impact. However, this ranges from 5% for Generation Z to 18% for Baby Boomers, the latter the least concerned of all age groups.
Rent accounts for an average of 30.5% of renter’s gross monthly income (up to 34% in London). With inflation at 9.1%, a 40-year high and predicted to rise further, households are feeling the squeeze.
over the last 12 months the average age of tenants in Crawley was 35 years falling into that millennials bracket, which means that 24% of tenants in Crawley could be seriously worried about paying their rent, the best piece of advice I would give is to ensure you have good lines of communication and have open and honest conversations so that the issues can be addressed as quickly as possible.
I think as a landlord it is also important to consider a Rent Protection and Legal Expenses service. Should the unexpected happen, you’ll always get the income you expect from your tenants, and it will also support you if you need legal representation to recover your property.
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