Rising rents leave a generation caught in the ‘Rent Trap’
31 January 2013
A new report from Shelter shows rents are rising by an average of almost £300 a year in England.
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.’
Find out more about our Rent Trap findings.
See how you area compares on our interactive map.