A survey of 2,750 UK renters has revealed that huge swathes of tenants are anxious about meeting their rental obligations following the pandemic. Alongside this, large numbers are considering moving to a new property as working from home becomes the norm and financial situations shift, found our tenant survey for our latest State of the Industry Report.
A quarter of the 2,750 tenants expressed concerns about paying the rent, as lettings agents report a rise in rental arrears. 12.5% of the 2,750 tenants surveyed said that they had either missed rental payments due to COVID-19 or had to make alternative arrangements in order to pay their rent. An additional 12% said they were concerned about their ability to pay their rent going forward. Over a quarter of tenants (28%) believe their current income isn’t secure or are unsure about its security. Only 40% of renters “definitely agreed” that their income was secure. Those aged between 18-34 were showing the most financial strain.
Twenty-seven percent of tenants said they had considered moving house as a direct result of Covid-19. Of these, 1 in 4 (24%) said that they would move to a different part of the country. 24% of those considering a move currently live in London. With 51% of tenants stating that they expect to be working remotely, either full-time or part-time, over the next five years, many are exploring a move to more rural or suburban areas. Almost a third of tenants said that they would prioritise different features when looking for their next property as a result of the pandemic.
55% of current renters still expect to be renting in five years time, with only 45% of tenants said that they expected to buy a property within this period. Those in the 25-34 age group were most likely to say that they expected to be able to buy a property, despite being the age group demonstrating the most signs of financial strain.
Covid-19 might have also had an impact on the way tenants look for a new home to rent. 32% of renters said they would make an offer on a property they had only viewed virtually. Less than half of respondents (48%) said they wouldn’t make an offer on a property they hadn’t viewed in person.