Tenants, it seems, are like the rest of us – and feel financial pressure at the cost of Christmas.
A survey of tenants commissioned by a deposit alternative supplier found that 65% struggle with the cost of living once they’ve covered the cost of rent and other outgoings such as utility bills.
It claims that the festive cost adds to the average rent in England, currently £1,348 per month, plus a typical £415 per month to cover council tax, energy and water bills and broadband.
With the average monthly net income currently standing at £2,634, this means that 67% of a tenants monthly earnings apparently go towards the cost of their rental property.
Some 73% of those surveyed stated that they feel an increased sense of pressure during the festive season due to their financial situation and expectations to spend more at Christmas.
Purchasing gifts for friends and family ranked top when asked which aspects put them under the most pressure, with the expectation to spend more on food and drink, as well as a busier social calendar also ranking highly.
So much so that 66% are planning to cut back on their usual Christmas spending habits , with social occasions ranking as the top area where they will look to save.
A spokesperson for Zero Deposit says: “The rental market can be a tough place to be at the best of times, let alone during Christmas, with tenants required to pay a significant chunk of their monthly earnings simply to cover the costs associated with a rental home.
“However, this financial pressure can be heightened considerably over the festive period, as the costs associated with visiting loved ones, purchasing gifts, food and drink all start to mount up.
“Unfortunately, there’s no quick fix and the market imbalance between supply and demand has continued to push the cost of renting up over the last year. Rather than encourage more landlords to the sector to help ease the current rental crisis, the government has remained consistently intent on deterring them via a raft of legislative changes in recent years.”
