With average wages remaining static, many people are left unable to save for a deposit -“ and are trapped in a cycle of unstable renting.
The Rent Trap report also reveals that:
– in 1 in 7 local authorities rents rose by more than £500 in a year
– six areas saw equivalent rent rises of more than £1,500 in a year
As a result, 72% of renters say they are only able to put aside £50 a month or less in savings. 58% report being unable to save anything at all.
Campbell Robb, Chief Executive of Shelter, said:
The renters we speak to have never been less hopeful. A relentless stream of rent rises means that most feel they will never move on from a life paying ‘dead money’ to landlords, in a home they can’t make their own.
‘And for some, rising rents have more immediate consequences -“ not enough money to spend on food, fuel or other essentials.
‘Unless something changes, the chances of the next generation getting a home to call their own look increasingly bleak. The Government needs to show young people and families exactly how it plans to dismantle the rent trap for good.’