Half of renters in the UK (50%) who have moved during the past year have seen an increase in their monthly rental payments of between £51 and £200, new research has indicated.

According to analysis by the Deposit Protection Service (DPS), just under a fifth (19%) are paying an additional £201 to £300, while 7% are paying £301 to 400 more.

The research, based on a study of more than 2,000 respondents to a survey of tenants across England and Wales, suggested that just under a quarter of renters in England and Wales have said they are struggling to pay their rent.

More than half (51%) have worried about not managing their payments in the future, with 33% reporting rent increases during the past 12 months, and 27% saying they are paying a quarter more each month than the previous year.

Among tenants moving to a new property, 62% said they are paying a higher rent than they expected while 64% said they have made financial sacrifices to meet new rental payments.

The DPS also revealed that 30% of respondents who had moved property during the last 12 months said they have had to take on extra work or additional jobs to meet rent payments, with 45% of non-movers also saying they have experienced rent increases during the past year.

Managing director at the DPS, Matt Trevett, said: “These results suggest that rent rises are taking place across the country and are clearly affecting moving and non-moving tenants alike.

“As a result, some tenants are making significant lifestyle and financial adjustments to continue renting or secure their next property.

“A significant proportion are telling us that they are reaching the limits of what they can afford as a result of the combination of higher-than expected rents, food and energy costs and are expressing concerns about the future should their rent rise further.”

Share Story: