Renters trapped as market favours landlords

Monday, 5 March 2012 11:19 AM

The number of people looking for an appropriate rental property continues to rise with website Rightmove recording a surge in rental search activity.

As property prices increase more people are turning to renting as an affordable housing option.

But rents are also on the rise with most tenants expecting to pay more for their accommodation.

According to figures released by Rightmove about 63 per cent of tenants expect rents to be higher in the next 12 months.

In the last quarter this figure only sat at 53 per cent.

Overall 70 per cent of renters think the market favours landlords in that the supply does not meet demand resulting in price hiking.

A group of 55 per cent of tenants consider themselves to be trapped in the rental market.

This group would like to buy their own home but cannot due to the large sum required for a deposit and the inability to gain lending from mortgage brokers.

The length of tenancy is also increasing with one third of renters wanting long-term housing for three or more years.

Currently one in five renters have been in the same property for more than five years.

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‘Trapped renters’ – tenants who want to buy their own home but simply can’t afford to – currently make up more than half of the UK rental sector, according to the latest Rightmove rental market report.

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The number of private rents is expected to rise by another 1m in the next five years

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