True Cost of Rising Rents Exposed by Shelter Study
Thursday, 4 April, 2013
According to the study -“ out of every three renters -“ two are in rent arrears or are severely struggling to pay rent. The study also shows that around 25% of renters have faced an increase in rent over the year -“ meaning that one-third of those who rent had to limit their spending on Christmas gifts.
Furthermore, 25% of renters also confessed that the tightening of their financial purse strings also meant that they had to visit their friends and family less. One in seven renters are even relying on credit cards to pay their rent -“ and astonishingly, one in twelve parents who rent privately are loaning money from their children in order to keep up with their rent. The figures show that around 500, 000 people across the UK have been forced to move house due to the rent increase.
The Chief Executive of Shelter, Campbell Robb, has said that the rent rises are hitting UK families hard -“ with many having to make difficult choices in cutting back on certain expenditures as their financial budget is being squeezed. He comments on the fact that people are using credit cards, and even borrowing from their children in order to pay rent means that many families are being pushed to the edge. He concludes by calling on the government to reform the rental market -“ which is currently volatile and far too expensive -“ in order to make life a lot easier for UK families.