Private renters are twice as likely to suffer symptoms of anxiety than homeowners, a new report has discovered.
The research discovered clear links between financial insecurity and poor mental health, as those with money problems are significantly more likely to report suffering sleepless nights, feeling depressed, and lacking in energy.
It was also recently reported that one in three private renters are spending at least half their household income on rent as competition for properties drives up prices.
As private rent prices reached record highs last month, prospective renters are now facing bidding wars, increased competition to view a property, and dramatic rent hikes once the contract renews.
Connor Campbell, a personal finance expert at NerdWallet, said: “Millions of private renters have been stretched to breaking point within the last few months as rent prices continue to rise.
“With the cost of living crisis continuing to impact budgets with little signs of slowing down, it can be an extremely worrying time for private renters in the UK.
“On top of struggling to pay for rising food and energy prices, private renters who have trouble affording their rent payments can be faced with additional issues such as the risk of getting into debt or potentially being evicted from their homes.
“It’s important that tenants are aware of what rights they have when dealing with situations such as rent increases, the risk of eviction, ending a rental agreement, and getting the deposit back that may occur off the back of the rising cost of living.”
