Life for most renters has never been easy. In the UK, young renters are statistically more likely to feel lonely, will spend around a third of their income on rent, and are less likely to earn more than in their jobs as a result of being trapped in an expensive renting market.
Then came the coronavirus outbreak, which upended the housing market as we know it. As soon as the crisis hit, we began to see calls for rent holidays, suspension and strikes, while rental listings skyrocketed on platforms like OpenRent as a result of Airbnb landlords struggling to fill their properties. The government introduced mortgage holidays, and housing prices are currently predicted to fall by 15 percent in the next year.
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While everything is changing, one thing's for certain: renters are struggling to deal with the pandemic. A survey from Opinium Research, a brand insight agency, has shown that renters – and 18 to 25-year-olds in particular – are facing financial difficulties.
According to Opinium's survey, two-thirds of 18 to 25-year-old renters (67 percent) are worried about the stability of their living situation, while 65 percent who were working before the coronavirus outbreak have experienced some impact on their employment.
As a result of the difficulties being faced, many support new policies to make life easier. The most popular policy supported by 18 to 25-year-old renters (74 percent) was a policy enforcing a grace period in which energy companies cannot cut off households that are unable to pay their bills.
It's not just young renters struggling. Almost half of all renters surveyed (48 percent) said they've struggled to pay rent, bills or for essentials like food, while 30 percent of all renters have had to leave their home – moving in with friends or parents, or requesting their tenancy to end earlier – in order to avoid paying rent.
David Cox, chief executive of ARLA Propertymark – a professional and regulatory body for letting agents – said in a press release: "It's worrying to see that the vast majority of renters and landlords are concerned about rent payments. Unfortunately, as the COVID-19 pandemic continues, more people may see changes in their income which could leave them stressed about affording rent whilst providing for themselves and their families."At least we have a newfound sourdough obsession to keep us distracted?@RubyJLL
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