Over half of London’s private renters struggle with housing payments, as rents rocket

New research from housing and homelessness charity Shelter has revealed that a staggering 54% of Londoners renting privately are struggling to pay their rent.

The Shelter and YouGov study of private renters in London – the largest of its kind – found that London's renters are buckling under the pressure, with 1 in 3 falling into debt in the last year in an effort to meet their monthly housing payments.

The figures are even worse for families, with almost half (47%) having to borrow money, resorting to measures such as payday loans, credit cards or borrowing from family, to make ends meet.

Millions of Londoners are finding themselves caught in a 'rent trap' – spending vast amounts of their income on rent each month and priced out of a home of their own. The latest government figures show that rents have risen by 19% in London in the last 5 years alone. And while the average rent for a two bed flat in the Capital is now over £1,600 a month, wages have not kept pace.

Campbell Robb, Chief Executive of Shelter, said: "With rents rising relentlessly, far too many Londoners are having to fight hard to keep their heads above water.

The charity is calling on the next Mayor of London to provide greater stability for London's private renters, by introducing longer tenancies with rent rises
limited to inflation rates, and developing a strategy for building more homes
that Londoners on ordinary incomes can actually afford to rent or buy.

"Tens of thousands of people are either being pushed out of the city, or are
spiralling into debt just to be able to keep a roof over their heads – borrowing money from family or going into the red on credit cards.

"London's 2.7 million private renters deserve better. The new Mayor can help to make unstable renting a thing of the past – so it's up to every mayoral candidate to show they're willing to fight for London's renters."

Case study: Hayley, 34, lives in Camden with her two flatmates and is finding it increasingly difficult to afford to live in the city, despite working full-time in marketing.

"I've lived in London for 8 years, and I've had to move 7 times – I'm about to do so again because my landlord's increasing the rent and I just can't afford my flat anymore. I'm paying more than half my salary on rent already, and the rest goes on bills and living.

"Even in the time I've lived in London, I've seen steep increases in rent across the city, and a lot of landlords getting rid of living space to cram an extra bed
in. It feels like London is really starting to lose its magic."

ENDS

Shelter is calling on the new Mayor of London to help put an end to unstable,
unaffordable and unsafe renting.