Rental market is driving financial hardship says StepChange responding to new Rightmove figures

^{20 December 2024}

New figures from Rightmove out today show that average rents are set to increase next year as demand outstrips supply in the private rental sector.

The rental market study finds that the average number of enquiries sent to agents about each available property is still nearly double the level it was in pre-pandemic 2019, with an estimate that average newly advertised rents will rise by 3% outside of London, and 3% in London by the end of 2025.

YouGov polling for StepChange found that:

• Over half (53%) of private renters are struggling to keep up with bills and credit commitments
• One in three (32%) private renters have used credit to ensure they can afford their rent.

Reacting to Rightmove's statistics, Richard Lane, Chief Client Officer at StepChange Debt Charity, said:

"This is yet more evidence that the private rental sector is broken and not working for tenants. At StepChange, private renters are significantly over-represented among our clients, while our research has consistently found that those who privately rent are more likely to find themselves facing severe financial difficulty.

"Reform of the private rental sector must be a priority. The Renters' Rights Bill marks a good step forward, with an end to Section 21 'no fault' evictions, however it could go further to strengthen protections for the most financially vulnerable tenants and prevent them from facing eviction on other grounds."

Notes to Editors

• All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,211 adults. The results above are based on a sub-sample of 349 who rent from a private landlord. Fieldwork was undertaken between 9th - 10th September 2024. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).