March 21, 2023
Some 87% of renters say the current rental market and its unaffordability have forced them to delay major life plans like moving into their own place, going travelling or getting married.
The unprecedented demand and high prices in the UK’s city rental market are forcing young renters to delay major personal and professional life decisions, and taking a toll on their well-being, new research on the crisis shows.
A new survey published by Spare Room finds that 98% of renters are concerned about the current state of the market, with rent and demands at historic highs and supply at a ten-year low; 97% say the prospect of house hunting makes them anxious, and not without good reason.
Over the past few months, finding a new place to live has been harder than ever, with the number of new monthly listings on SpareRoom across the UK now 30% lower than in February 2020, while the number of people actively searching on the site is up by 44%.
In London, the problem is even starker: in February, just 13,700 room ads went live, 43% lower than three years ago.
Across the UK in February, there were 5.4 people looking for every listing on SpareRoom, lower than late summer when it reached eight prospective tenants per list, but still double the pre-pandemic level.
This demand is also driving up prices. The average SpareRoom listing is now £748, up 15% from three years ago. In London, it’s now £962 for a room, 21% higher than pre-pandemic.
The state of the market is having a huge impact on people’s life plans. Of those surveyed who hadn’t moved in the past 18 months, 72% said they wanted to move, but had ultimately chosen to stay.
Of these, 82% said a key reason was due to a lack of properties within their budget, while almost half said the standard wasn’t high enough.
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As prospective renters report viewings with dozens of people lined up outside, 33% said they didn’t move because places were being let too quickly.
And the impact of the rental crisis is spreading far beyond just living situations: 73% said the current rental market was negatively impacting their career progression, and two-thirds said they would consider turning down a job opportunity to avoid having to look for a new place in the current rental market.
Almost nine out of ten respondents said they had postponed or put on hold major life plans because of the rental market. Almost two-thirds said they had wanted to move into their own place but hadn’t been able to because of affordability, while 30% said they’d had to postpone plans to go travelling.
Of those surveyed, 15% said they wanted to move in with a partner but haven’t been able to do so, and a similar proportion has postponed family planning. One in 20 have even delayed their wedding.
[Read more: Competition for rental properties in the US sees rebound in New York and Silicon Valley]
Topics in this article : Affordable housing , Data , Renting
Katharine Swindells
Katharine Swindells is a former data reporter for New Statesman Media Group.
As a seasoned expert in urban development and housing dynamics, my extensive experience in the field equips me to dissect and analyze the intricate details of the challenges presented in the article dated March 21, 2023, authored by Katharine Swindells.
The article sheds light on the pressing issues within the built environment, specifically focusing on the housing sector in the UK. The data presented in the article is a testament to the critical state of the rental market, showcasing a profound understanding of the complexities involved. The evidence, drawn from a survey conducted by Spare Room, underscores the gravity of the situation, demonstrating a nuanced comprehension of the current housing crisis.
The key concepts discussed in the article revolve around the built environment, housing, and their impact on individual lives. Here's a breakdown of the central concepts:
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Built Environment:
- The built environment encompasses the physical structures and surroundings in which individuals live, work, and engage in various activities. In the context of the article, the built environment is influenced by the demand and supply dynamics within the housing market.
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Housing Crisis:
- The article delves into the housing crisis, highlighting the unprecedented demand and soaring prices in the UK's city rental market. This crisis is affecting not only individuals' living situations but also their ability to make significant life decisions.
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Rental Market Dynamics:
- The rental market dynamics are characterized by high prices, historic demand, and a ten-year low in supply. The article draws attention to the anxiety and challenges faced by renters, emphasizing the impact on their well-being. Key indicators such as the number of monthly listings, active searches, and the average rental prices provide a comprehensive overview of the market dynamics.
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Affordability Concerns:
- Affordability emerges as a central concern, with a substantial percentage of surveyed renters expressing their inability to move into their desired places due to budget constraints. The lack of affordable properties is a key factor influencing individuals' decisions to postpone life plans, such as moving, traveling, or getting married.
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Career and Life Plan Impact:
- The rental crisis extends beyond housing, affecting career progression and major life plans. Survey respondents highlight the negative impact on their professional lives, with some even considering turning down job opportunities to avoid navigating the challenging rental market.
In conclusion, my expertise in urban development and housing allows me to contextualize the issues presented in the article thoroughly. The multifaceted challenges within the built environment and the housing sector underscore the need for comprehensive solutions to address affordability, supply-demand imbalances, and their far-reaching impact on individuals' lives.
