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Guess what tenants worry about most?

A new survey by PropTech firm Goodlord has the unsurprising conclusion that the biggest worry for tenants is that their rent might go up.

The survey is small - just 231 tenants - but it found that 87 per cent named the rising cost of rent as a key concern. 

The average cost of a rental property in England is now £1,071 - that’s 8.7 per cent higher than at the same time last year. As inflation persists and the supply of rental homes remains limited, more and more tenants are feeling the effects of rising prices. 

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The next highest concern cited by renters was the difficulty of finding a home to rent, which 51 per cent of tenants said they were worried about. 

There are fears across the industry that an increasing number of landlords will leave the buy to let market this year in response to rising mortgage costs and increasingly complex regulatory requirements. This will increase the pressure on housing stock and mean the current highly competitive nature of the UK rental market is likely to intensify. 

Some 42 per cent of tenants said that the condition of their rental homes is also an area of worry. 

And 24 per cent expressed concern about their legal rights and protection against eviction in the coming year. 

Both are key factors many tenants are hoping are addressed in the Renters’ Reform Bill, due to be published later this year. 

Goodlord says that in an era of economic uncertainty and fluctuating interest rates, tenants are facing a new set of challenges when attempting to leave the rental market behind. According to the survey, 28 per cent of respondents noted concerns over the difficulty of getting onto the housing ladder.  

Tom Mundy, Goodlord chief operating officer, comments: “Against the backdrop of the cost of living crisis, it’s clear tenants across the UK have significant concerns about how they will cope with potential rent increases in 2023, with the lack of rental stock - a concern also shared by letting agents - following not far behind. 

“As the industry prepares for another busy year, with demand in the rental market showing little sign of diminishing, it’s clear that incentives to boost stock are acutely needed.”

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    I wonder where some of these people get their data. Yes some tenants may be concerned about rent rises but not the majority of my tenants who if they go to the council get told not to pay the rent wait until they are evicted and they will be rehoused by the council. There is no sanction against blue-collar or unemployed tenants if they don’t pay the rent other than being evicted which is slow bureaucratic and expensive. The evicted tenant then goes on to rip off other landlords

    Jim Haliburton
    The HMO Daddy

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    • 16 January 2023 09:07 AM

    Tenants are concerned about rent increases, lack of available properties and the condition of those properties they do find... funny that all their concerns are essentially:

    tenants are concerned about the lack of supply and the issues that this causes.

    Good job Shelter & Generation Rent! You did it :)

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