Younger renters are less likely to support greater regulation of the sector that would enhance their rights despite widespread anxiety around their housing situation.
A new poll from Aldermore bank reveals that 51% of tenants aged 18 to 34 are dealing with significant stress, possibly due to increasingly insecure tenancies, as almost third at 32% - have had to move in the last 12 months.
In many cases, renters are moving because their landlords are stepping away from the market.
One in four, at 24%, who moved in the last year were forced to move as their landlord was selling up.
One in five, at 19%, have missed or been late with their rent in the past 12 months, with this rising to 25% of those aged between 18 and 34.
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, with 61% worried they’ll never be able to afford their own home.
Despite the negative view about their renting situation, younger tenants are less likely to support increased regulation of the sector in the Renters’ Rights Bill, says Aldermore.
While 71% of renters over the age of 55 support more regulation, this falls to only 57% of 18 to 34-year-old renters.
Jon Cooper, of Aldermore, said: “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 parties.”
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