The Cost Of Living Crisis Is Tough For Renters

Rising rent is an issue that's particularly stinging at the moment, given the current cost of living crisis sweeping through the UK. So, why is this such a big deal for renters? Well, let's dive into that.
By Ben Yarrow
30 May 2023

 

 

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Hey there, friends!


We're back to chat some more about the ever-present elephant in the room: rising rent. It's an issue that's particularly stinging at the moment, given the current cost of living crisis sweeping through the UK.


So, why is this such a big deal for renters? Well, let's dive into that.


1. Shrinking Disposable Income


The most immediate and clear-cut issue is that a rent increase can significantly reduce your disposable income. When the cost of living is already high, with prices for essentials like food, energy and transport on the up, a rent hike can feel like a gut punch to your budget. This can lead to financial stress, and in the worst cases, push people into debt just to cover basic necessities.


2. Impact on Mental Health


There's no way around it - financial stress takes a toll on mental health. The fear of not being able to make ends meet, or potentially losing your home, can cause anxiety and depression. During a time when many of us are already struggling with the impact of the pandemic, a rent increase can feel like an insurmountable hurdle.


3. Barriers to Home Ownership


For many, renting is a step on the path to owning their own home. But when rents are high, it becomes much harder to save for a deposit. This can keep people stuck in the rental market for longer, or make the dream of home ownership feel out of reach.


4. Limited Options for Moving


In theory, if your rent becomes unaffordable, you could move somewhere cheaper. But with the housing crisis and lack of affordable housing, options can be limited. In some areas, a rent increase might mean there are no affordable alternatives.


5. Displacement and Community Disruption


When rents rise across an area, it can force people to move away from communities they've been part of for years. This can lead to a loss of social networks, disrupt children's education, and further contribute to feelings of instability and stress.


6. Inequality and Social Division


Last but not least, soaring rents can deepen social divisions. Those on lower incomes are disproportionately affected by rent increases, and can be pushed out of gentrifying neighbourhoods. This can lead to increasing social segregation and a widening wealth gap.


We don't say all this to scare you, but to underline the gravity of the situation and why it's so important to stay informed and know your rights. The housing and cost of living crises aren't individual problems, they're societal ones, and they need societal solutions.


In the meantime, we're here with you, riding this rollercoaster. Keep the conversations going, share your stories, and let's continue supporting each other through this.


Remember, knowledge is power, friends!