Only just over half of young tenants want substantial rental reform, while all over two thirds of older tenants back measures such as the Renters Reform Bill.
The surprising result emerges from a study by specialist buy to let lender Aldermore.
The mortgage firm says its latest survey reveals that 51% of tenants aged 18 to 34 are dealing with significant stress around their living situation, says a mortgage firm.
The lender says this stress may be because many tenancies have become increasingly insecure. Young renters in particular are much more likely to have had to move, with a third having to up sticks in the last 12 months (32%).
In some cases, this is a natural consequence of tenancies coming to the end of their term, however in many cases, renters are moving because their landlords are stepping away from the market due to broader economic and regulatory concerns. One in four (24%) young renters that moved in the last year were forced to move as their landlord was selling up.
This places further strain on young renters, as they are faced with the additional upheaval and expenses that come with moving – the average cost of which being £669.
Overall, one out of five (19%) private renters have missed or been late to meet rent payments in the last 12 months – with this rising to a quarter (25%) of those aged between 18-34.
Looking ahead, younger renters don’t see the picture improving, as two out of three young renters (64%) are scared future rent increases will mean they’ll need to drastically change their living situation, while older renters are less likely to have this concern (48%).
And with more of their disposable income going towards rent, many young renters fear they won’t be able to save as much towards their first home and exit the rental market. Over six out of 10 (61%) 18–34-year-old renters are worried they’ll never be able to afford their own home.
Despite the negative sentiment towards their renting situation, younger renters are less likely to support increased regulation of the sector e.g., Renters Rights Bill, which would reportedly enhance renters’ rights and provide more support to them. Over seven in ten (71%) renters over the age of 55 support more regulation, compared to only 57% of 18-34-year-old renters.
Jon Cooper, director of mortgages at Aldermore, comments: “The rental market has become a much trickier landscape to navigate, both for landlords and renters. Unfortunately, for younger renters, who are earlier in their wealth accumulation journey, we’re seeing this group facing greater financial and emotional stress.
“Despite this, it’s interesting younger renters are less likely to support greater regulation of the sector, like the Renters Rights Bill, which would help to alleviate some of pain points they face, and provide them with greater support. There’s work to be done to ensure the Private Rental Sector remains a viable environment for both renters and landlords, and any further regulation to increase transparency and support must be done in a way that is fair, proportionate, and meaningful for all parti
This article is taken from Landlord Today