Private renters spend 40% of their income on rent, compared with owner occupiers whose mortgage payments average 20% of income, according to the Government's English Housing Survey published this morning.
That means that renters spend two days a week working to pay off their landlords mortgage - most would prefer to be paying off their own, but house prices are far too expensive. It's hard to see how this could be characterised as anything other than exploitation.
An initial set of figures for 2012-13 was published in February - today's more detailed look reveals that:
- Only half of private renters agree that living in their sector is a good way to occupy a home, rather lower than in the other two main tenure groups.
- 73% of private renters were aged under 45 compared with 37% of social renters and just one quarter (27%) of owner occupiers
- A fifth of private renters last year were couples with children - up from 12% in 2008-09
- Over half (55%) of private renters said they anticipated owning their own home in the longer-term. Around a quarter (27%) reported that they expected to still be renting from a private landlord in the longer-term.
Nearly half of private renters feel they have been ripped off by their landlord or letting agent, according to a poll commissioned by Ocean Finance (reported by Mortgage Introducer).
The biggest problem, cited by around half of unhappy renters, was the delay - or, indeed, complete failure - to get repairs carried out. This was followed by withholding of the deposit at the end of the tenancy (37%), or making unreasonable deductions from it (25%). Unreasonable rent rises and rip-off admin fees at the start of the tenancy affected around 23% of respondents.
These findings support work Generation Rent is already doing to improve the lives of renters. Only yesterday we published a consultation on new ways to help tenants recover their deposits.
We are also calling on politicians to strengthen tenants' rights when requesting repairs by protecting them from revenge evictions. Our proposals for a long term tenancy would ensure that landlords couldn't impose inflation-busting rent increases, while we argue that letting agents - who work for landlords - should not be able to pass on fees to tenants. Further information is in our Renters Manifesto.