Private rented sector facts…… The press don’t want you to know...
Profile of a private renter
The average age of a private renting tenant is 40yrs old and 60% are male, single households make up 25% while couples with children occupy 22% of the sector. Surprisingly on 11% live in shared accommodation or HMOs.
6% of those surveyed were living in overcrowded accommodation.
65% are in full time employment with 12% in part time work, with the average weekly income of £583, 83% identified as white with 74% stating Britsh or Irish.
50% of private renters were issued with a fixed term 12 month tenancy and on average stayed in the same property for 4.1 years.
Contrary to many press reports the survey states that a staggering 84% of private renters were either satisfied or very satisfied with their accommodation, however those in private rented properties spend the highest % of their household income on their housing cost, with Londoners spending on average 42% of their monthly income with the rest of the UK spending 33%.
Compared to social tenants who only spent on average 28% and homeowners with a mortgage as little as 17%.
Of those surveyed, only 20% of private renters were in receipt of Housing Benefit or Universal credit Housing Element.
Surprisingly only 76% of private renters said they paid a deposit at the start of their tenancy, with only 73% confirming their deposit was protected, worryingly 20% didn’t know if their deposit was protected.
Only 11% of private rented had savings over £16,000 with 63% having no savings and only 58% of private renters believed they would eventually buy their own property.