Renters slash summer plans as rent prices rise with inflation

Renters slash summer plans as rent prices rise with inflation

0:01 AM, 2nd February 2024, About 10 months ago 5

Text Size

Renters are sacrificing summer holidays due to rising costs, according to new data.

Flat share website Spareroom reveals that 72% of renters will be taking fewer holidays in 2024 due to a lack of funds.

Spareroom says renters have faced “a miserable 18 months” due to rent hikes.

May not go on holiday at all

According to the data, three-quarters (75%) of renters say rising costs have impacted their ability to plan for a summer break.

Two in three (72%) of renters said they will be travelling abroad less due to increased living costs. Of those who said rising costs have impacted their ability to plan for a summer break, 43% said they may not go on holiday at all.

Matt Hutchinson, Director at SpareRoom, said: “The past 18 months have been miserable for renters, with the average UK rent rising by 15%.

“The prospect of a summer holiday has probably never been more appealing, but for many renters, that’s far from a given.”

Landlords leaving the market

Mr Hutchinson explains landlords leaving the market is having a huge effect on rent prices.

He adds: “Ironically, one of the key factors contributing to rising rents is the fact that landlords are leaving the residential market, while the number of holiday lets in the UK has skyrocketed.

“With an election looming, all parties need to address the current housing crisis, or renters will be looking to move to other countries for cheaper rents, not holidays.”

Rents reach record-breaking highs

Fewer than one in ten (9%) of renters say they could currently afford to go on holiday to their dream destination, as costs continue to rise.

According to SpareRoom, rents reached record-breaking highs last year with 94% of renters financially affected by increased living costs.


Share This Article


Comments

Southern Boyuk

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:28 AM, 2nd February 2024, About 10 months ago

What a silly article, mortgage owners, oap and anyone feeling the pinch have to be prudent. Why bias the tenants?

Reluctant Landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:46 AM, 2nd February 2024, About 10 months ago

a targeted attack on LL's to make us feel guilty that diddum's tenant can't have a holiday?

Much better for the LL to have the rental property repossessed then if the mortgage can't be paid and the tenant made homeless then?

Whiteskifreak Surrey

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

12:01 PM, 2nd February 2024, About 10 months ago

They can thank the government for that!

BTW everyone eles is cutting expenditure as well, not just poor little mites at landlords's mercy...
😡

Stella

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

13:02 PM, 2nd February 2024, About 10 months ago

What reality do they live in.
Some of my tenants find the dosh for 3 holidays a year.

Judith Wordsworth

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

18:20 PM, 2nd February 2024, About 10 months ago

My ex tenant, who still over a few £1000s, on benefits holidayed in Zimbabwe every year for the whole of the school holidays; had the 60" TV, Apple Mac, the latest iPad's for herself and her 2 kids, a car and dustbin full of takeaways packaging.
And ccjs by the bucketful.
Something is very wrong

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More