More than half of tenants anxious about renting
Why are more than half of tenants anxious about renting?
New research has revealed that one in six tenants feel stressed or anxious because of their living situation.
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The new research from Admiral Home Insurance also shows that 62% of tenants feel that renting has a negative impact on their mental health.
The research highlights the main causes of tension and disagreements between tenants and landlords and has been announced ahead of the Rental Reform Bill expected in the Queen’s Speech tomorrow (Tuesday 10th May).
The findings reveal the changes both sides want to see when it comes to renting and top of the anxiety-inducing issues are:
- Repairs to a property not being carried out. 33% cite this as a reason for their worries
- Repairs not carried out to tenant’s satisfaction. Only a quarter of renters say they’re happy with the requested repairs
- No repairs at all. 9% tenants report that the requested repairs weren’t made at all.
Other worries raised by renters include:
- Rent increases. 27% of tenants are concerned their landlord will increase the rent during their tenancy
- Eviction. 19% are worried about facing eviction or receiving notice to end a tenancy
On the flip side, Admiral’s research suggests landlords are also feeling the strain.
- Rent payment issues. 45% of landlords surveyed have issues with payment
- Aggression. 18% have experienced aggression from tenants
End of tenancy disputes
The research indicates that even when the tenancy has ended, the tension often continues, with 42% of renters stating they had experienced a deposit dispute with their landlord or agent.
- 30% of landlords said they had to redecorate a property at the end of a tenancy
- 28% reported being left with damage to the property
- 21% of landlords say they could not return all the deposit
- 17% of landlords report dealing with the stress of tenants refusing to leave when the rental contract ended
Landlords reported having to spend an additional £1,770 to the deposit on reasonable repairs to damage caused by previous tenants. And nearly a quarter of landlords (23%) said they had to withhold the whole deposit for the same reason.
Protecting both sides
Noel Summerfield, Head of Household at Admiral Insurance, said that the private rental sector had doubled over the last 10 years or so, according to industry sources.
He said it was important that both parties felt protected by legislation:
Many of us have been spending more time in our homes over the last couple of years, and it’s more important than ever that we all feel comfortable and secure where we live So, it’s certainly worrying that so many renters feel their living arrangements are having a negative impact on their mental health.
He added that private landlords are also feeling the strain, acknowledging that many they had spoken to had faced issues regarding payment or damage caused by tenants. Admiral hopes that revealing these most common concerns will help improve the relationships between landlords and tenants.
The best thing a landlord can do to protect themselves is to invest in Rent Guarantee Insurance. With so many landlords having faced issues with payment, RGI is the best solution to prevent non-payment impacting landlords financially.
