2023 Renters Pulse Q4 Survey

Marks Out Of Tenancy has completed a second survey taking the pulse of tenants across the UK to see how they’ve felt over the last 3 months.  The results of the previous survey can be found here

Our survey results continue to give us crucial insight into the minds of tenants across the UK, highlighting their chief concerns and areas of worry over the last quarter.

Overall the results paint a picture of a private rental sector that is not improving.  Changes are marginal, either positive or negative, and whilst it’s too soon to draw conclusions on trends, we’ll continue to take a renters pulse survey every quarter to better understand how renting is impacting us.

Repairs and Maintenance

Starting off with property maintenance - we see very similar results to the Q3 pulse. Notably, no respondents are telling us that their circumstances have improved.

Stayed the same - 58%
Got worse - 33%
Got better - 8%

The slight increase in the 'Stayed the Same' category and the decrease in the 'Got Worse' category between Q3 and Q4 2023 could be interpreted as a marginal improvement in renter satisfaction regarding repairs and maintenance. However, the consistent low percentage in the 'Got Better' category over both quarters suggests that significant improvements in service quality are limited and not widely experienced by renters.

Overall, while there is a slight positive shift in perceptions, the majority of renters do not perceive a significant change in the quality of repairs and maintenance services provided by landlords or letting agents. This indicates a need for continued focus on this area to enhance renter satisfaction.

Mental Health

We asked our respondents how the condition of their rented property and their relationship with their landlord impacted on mental health over the last 3 months. Again we see, very little is changing - with a very slight shift towards things getting worse. Almost half of those completing the survey report that their mental health has declined in the last 3 months.

Got worse - 48%
Stayed the same - 45%
Improved - 6%

The survey results from Q3 to Q4 2023 show a concerning trend in the mental health of renters. The slight increase in those reporting worsened mental health and the decrease in those reporting stability suggest growing mental health challenges among this group.

The consistent low rate of improvement highlights a significant area of concern. It suggests that the dynamics of landlord-renter relationships and the state of rental properties are not generally conducive to positive mental health outcomes.

This situation underscores the need for more attention to the mental health implications of rental living conditions and landlord-tenant interactions. Improving these aspects could be crucial in enhancing the overall well-being of renters.

Security of Tenure

Your relationship with your landlord is important, but even having a good relationship with them doesn't guarantee you everlasting security during your tenancy. This Renters Pulse Survey's question addresses the crucial aspect of security of tenure, asking renters whether they feel more secure, less secure, or the same regarding their right to remain in their property over the last three months.

Stayed the same: - 61%
Less secure: - 33%
More secure: - 5%

The results from Q3 to Q4 2023 show a small improvement in the perception of security of tenure among renters. There was a small increase in the number of renters who feel the same about their tenure security, coupled with a small decrease in those feeling less secure.

However, the slight decline in the number of renters feeling more secure indicates that while fears about housing instability may be reducing, there is still room for improvement in making renters feel more secure in their tenancy. This points to a need for policies or practices that not only prevent deterioration in tenure security but actively enhance it.

Financial Security

Of course, things have remained difficult for everyone recently with high inflation and rising interest rates continuing to be a problem. This Renters Pulse Survey question focused on the financial security of renters, asking them to reflect on whether their financial situation has improved, stayed the same, or worsened over the last three months.

Got worse - 52%
Stayed the same - 40%
Improved - 8%
 

The percentage of renters who felt their financial security had improved decreased from 14% in Q3 to 8% in Q4. This decline indicates that fewer renters are experiencing positive changes in their financial circumstances.
The survey results from Q3 to Q4 2023 reveal a concerning consistency in the number of renters who perceive their financial situation as worsening. The unchanged high percentage (52%) suggests ongoing financial challenges for a significant segment of the renter population.

On a somewhat positive note, the increase in renters who feel their financial situation has remained the same could indicate a stabilising effect in some areas, though it's important to note that this stability does not equate to improvement.
The decrease in renters who report improvements in their financial security is a troubling sign, pointing towards a reduction in positive financial developments for this group. This trend underscores the need for more effective measures to enhance the financial well-being of renters, especially in an environment where a substantial portion continues to struggle with worsening financial conditions.

Rent Prices

In 2023 Q4 we added a new question:  'Rent Prices: In the last 3 months has your rent increased, decreased, or stayed the same?'

Results:

Increased: 37%
Decreased: 0%
Stayed the same: 63%

The results reveal that more than 1 out of 3 renters have seen their rent increased in the last 3 months.

While the majority of renters have not experienced a change in their rent, indicating a level of stability for many, the fact that over a third have seen an increase in rent prices is a cause for concern. This increase could potentially impact the financial security and overall well-being of those affected.

The absence of any decrease in rent prices suggests a rental market where costs are either static or rising, with no relief for those who might be struggling with high rental costs. This trend could have broader implications for housing affordability and the financial stability of renters.

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