As the cost-of-living crisis deepens and the threat of a recession looms, a new survey by bridging finance broker, Finbri, has found that more than a quarter of renters (27.07%) have experienced anxiety due to their rental situation.
According to the survey of 1,001 renters, rising energy and food costs, fuel costs, rental price increases, and the overall outlook of the UK economy are all major concerns for renters in the UK right now.
Renters are feeling the impact of the cost-of-living crisis not only financially but also on their mental health.
Stephen Clark, from Finbri, said: “It’s more important now than ever that renters are supported and receive the rights they’re entitled to including fair tenancy agreements and assistance from landlords where possible to improve energy efficiency ratings in their properties.”
The Anxiety Nation report, which surveyed more than 4,000 people, also found that private renters are twice as likely as homeowners to suffer from anxiety.
The report found that renters were at least twice as likely as homeowners to report anxiety symptoms, including feeling restless or worried, having trouble concentrating or sleeping, dizziness or heart palpitations, and even feeling depressed and lacking energy.
The UK Renters’ Report 2023 discovered that 79.92% of renters are either concerned (33.27%) or strongly concerned (46.65%) about energy costs (gas and/or electricity).
But there are other concerns impacting renters’ well-being, including a lack of available properties (35.86%), difficulty finding suitable properties in their desired location due to limited availability and increased competition from other prospective tenants (35.86%), and unaffordable increases in rental payments (19.38%).
With the expected recession and the uncertain economic environment in 2023, it will be hard for renters to keep up with their rent payments, potentially leading to increased evictions.
Landlords are also expected to raise rents as inflation rises, leaving tenants with little choice but to take on more debt or reduce spending elsewhere.
The survey also found that renters have experienced several other impacts, which could result in anxiety, including problems with damp or mould (33.37%), poor property conditions (24.98%), excessive delays on maintenance repair work being completed (22.08%), and unresolved maintenance issues that were reported (21.48%).
Overall, the survey suggests that renters are facing multiple challenges that impact their mental health and well-being.
As the cost-of-living crisis and the uncertain economic environment continue, it is crucial that renters are supported and receive the rights they are entitled to, including fair tenancy agreements and assistance from landlords where possible.
