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40% of tenants will struggle to pay rent in coming months

15 April 2020 | General

Worryingly 40% of renters are seeing their ability to pay rent hit by the coronavirus crisis, a poll conducted by ideal flatmate reveals.

Not being able to keep up with rental payments is the number one concern of current tenants, with the ability to pay council tax, financial instability and ‘survival’ also being cited as key areas of fear during the pandemic.

Tom Gatzen, co-founder of ideal flatmate, said: “Clearly this is a very concerning time for many renters and the findings of this study bring into focus the worries many tenants have at the moment.

“It is very important that renters get in touch with their landlords as soon as possible if they feel they may not be able to keep up with their monthly payments and we would encourage all landlords to be constructive in their conversations with any tenants who are struggling through no fault of their own during the current crisis.”

Office for National Statistics data shows that private renters spend 34% of their gross household income on rent.

There are currently 5.8 million households in the private rented sector, implying that 2.32 million could struggle to pay their rent in the months ahead.

With the country being on forced lockdown at the moment, 42% of tenants are keen to socialise more with people on their street.

While 72% feel their home gives them enough space for privacy and alone time, having a garden or some form of outside space was listed as the number one thing renters would change about their existing property.

This post has originally been featured in Property Wire.