A third of private renters would not be able to pay one month’s rent if they lost their job

New reports from Shelter states that if they were to lose their job, a third of private renters would immediately not be able to pay even one month’s worth of rent due to insufficient savings. Similarly, half of renters would not be able to pay for more than a month were they in the same situation.

Official government data demonstrates that private rents are at a record high, and according to Shelter’s latest YouGov poll 55% of private renters have had their rent put up in the last year.

They commissioned a survey of over 2,000 private rents to research the impact on finances of private rent being at an all-time high. Following this, they found that:

• 51% of private renters would be unable to pay their rent for less than a month from their savings if they were to lose their job.

• 34% of private renters would be unable to pay their rent at all from their savings if they were to lose their job.

• 37% of private renters who are struggling to pay - or are behind on - their rent note that an increase in rent payments is the cause.

• 55% of private renters have seen a rent increase in the last year.

Shelter have argued that the solution to this crisis is to build more social homes, contrasting private renting by offering long-term tenancies with rents set at local incomes.

Data from their research regarding social housing is as follows:

• 76% of social renters in England say that without their social home, they would not be able to afford to live in their local area.

• 67% of social renters say that where they live feels like a safe, stable, and secure home.

• 53% say that living in a social home enables them to stay close to family and friends.

Source:

https://england.shelter.org.uk/media/press_release/half_of_working_renters_only_one_pay_cheque_away_from_losing_their_home_