Renters are struggling to meet rent increases – The DPS

I am not unsympathetic to tenants’ financial issues, but I just wish that all the commentators - especially people in the industry like DPS, mortgage brokers etc - who conduct these surveys and have insight into the world of LLs, would add a more balanced perspective. It’s so disheartening when the narrative always seems to be on the side of tenants without giving a comprehensive rationale behind the rent rises, particularly as many of us LLS are absorbing much/most of the additional costs and not passing them on.

Many landlords have had enormous mortgage increases, and for properties with bills included, huge utility cost uplifts. Insurance - much more expensive now, and any repairs that need doing are also at higher prices. Its unsustainable.

Am I just being cynical but some renters are "worried about increasing rents" but are not wanting to adjust their lifestyles? eg reducing the take-aways, less eating out regularly, making your own packed lunch, not buying the latest must have mobile phone, not buying a bigger TV, fewer or cancelling subscriptions for viewing platforms, going out socially less or to less expensive places etc etc

Just seems to be becoming socially acceptable to be behind in your rent - probably as not a lot landlords can do about it -

I think it's far too easy to think in such a way as the above. That it must be down to personal lifestyle that is causing the financial hardship.

Me and my wife are above average for household income. We don't take holidays, we don't eat out, we don't take holidays, we buy used cars. Our phones are old, we don't have any TV subscription. Our single subscription service is a Disney+ account. We have no outstanding credit, actually that's a lie, we have £200 on a credit card we have to keep a decent credit score.

Up until recently, we have been able to put money into savings each month. Last month we needed to take money out for the first time in years.

The necessary outgoings, rent, utilities, food, transport costs, etc have all gone up so much that our earnings are only just covering those costs. If things go up more, it becomes a choice of what bill is the least important to pay, because that's what it's going to come down to.

Unfortunately there are a lot of people in my position, where they don't frivolously spend and yet are struggling. Please do not believe everything you see in the papers.

Freda, Judith and The Forever Tenant all speak truth. If only they could Speak Truth to Power and find open ears and the political intelligence, heft and, dare I suggest integrity to stop skewing the field and stop blaming those dreadful Landlords all the time for the wors that lie at the politicat door? Yes, I'm guilty m'Lud of thinking the world goes round and round and isn't flat!

Reply to the comment left by Freda Blogs at 30/03/2023 - 11:20
It's the message I gave on the BBC yesterday. Unfortunately, much of what I had to say was left out.

I wonder if the proportion of LL increasing rent could be related to
a) not increasing rents during Covid
b) threats of a rent freeze and/or
c) significantly increased costs of their own.
Sadly, the downside of not over a prolonged period is that when there is a need to resume , there is a backlog of catch-up, and the figures look worse than they would have been if hadn't been delayed/prevented in the first place.

Reply to the comment left by Shining Wit at 30/03/2023 - 15:37
I think a lot of 'non-professional' landlords hadn't increased rents for some years (5 years for me) because income/expenditure was under control, and they didn't see the need to risk their tenant moving on, resulting in a void and the associated costs and hassle. This meant rents dropped below market rates, and a major catch-up was needed. But with mortgage rates and other costs increasing so rapidly, there hasn't been time, and there are many like me who can't increase rents as much and as quickly as is needed, and are now subsidising their tenants. The right thing to have done was increase rents little and regularly. Costly lesson, learnt!

However, there are also landlords who are exploiting the situation. These are the landlords who deserve the epithet 'greedy'!