Over 75% of renters are concerned about the impact of the cost of living crisis on their ability to pay rent, according to a recent survey of over 12,000 renters nationwide conducted by Dataloft with HomeLet.
Generation Z renters are the most concerned, 85% stating the cost of living crisis will have a moderate to significant impact. More than 1 in 4 rate the impact as 'significant'.
Overall, just 11% of renters feel the cost of living crisis will have no impact. However this ranges from 5% for Generation Z to 18% for Baby Boomers, the latter the least concerned of all age groups.
Rents account for an average of 30.5% of a renter's gross monthly income (up to 34% in London). With inflation at 9.1%, a 40-year high and predicted to rise further, households are feeling the squeeze.
With thesse concerns in mind, the team at Quealy & Co have created a handy guide on how to politely ask your tenant for late rent.
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Would you like advice on your rental property?
Our experienced and friendly Lettings & Property Management team are here to help landlords and investors across Kent. No question is too big or small and we’d be delighted to chat with you. Email us at email@example.com or call our Sittingbourne office on 01795 429836
Source: Dataloft, HomeLet, national survey of 12,000 renters May 2022
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