Renters in England are typically facing their 'cost of rent day' around now, according to Generation Rent and the Renters' Reform Coalition. This day marks the point in the year when, on average, all of a renter's annual income to that point is swallowed up by payments to their landlord.
Key Findings
Office for National Statistics (ONS) figures show that private renters on a median average household income could expect to spend around 36% of their income on an average-priced rented home in England. This means that over four months of their income goes directly to landlords each year.
Regional Variations
Renters in some major cities face an even longer wait until their cost of rent day. In London, renters typically reach this point on June 2, while those in Bristol face a wait until June 13.
Campaigner Reactions
Ben Twomey, chief executive of Generation Rent, said: 'High rents trap people in homelessness and suck money out of local communities. It's not right that over four months of our income every year is being swallowed up by landlords.'
Clara Collingwood, director at the Renters' Reform Coalition, added: 'While section 21 evictions have finally been banned in England, for many renters unaffordable rent increases will have exactly the same effect, forcing people out of their homes and communities.'
Personal Stories
A renter in London shared: 'Both my husband and I are working full-time, I even work another job on the weekends, but we have no money left over at the end of each month. The fairytale of working hard to be able to buy a home is gone.'
Government Response
A Ministry of Housing, Communities and Local Government spokesperson said: 'Our Renters' Rights Act is giving millions of tenants stronger rights and more security in their homes. That includes stronger powers to challenge rent increases that are above market rate, meaning they can live without fear of their landlord unfairly hiking rent.'
