Tenants celebrate “Rental Freedom Day”

Halifax research suggests that yesterday, Monday 4 May, was this year’s Rental Freedom Day.

Rental Freedom Day is the annual representation of how much of UK tenants’ income is spent paying off the annual cost of their rent.

Halifax has calculated that on average it will take 124 days for those who pay rent on their homes to have earned enough to cover their rental payments for the year, eight days earlier than in 2014 and 16 days closer to Mortgage Freedom Day (18 April).

Craig McKinlay, mortgage director at Halifax, said: “Rental Freedom Day provides a different perspective on how much we spend on the costs associated with renting a home over the course of a year.

“This year Rental Freedom Day comes more than a week earlier than last year, and this, coupled with the increasing number of mortgages that require lower deposits, is good news for renters who are saving to buy their own homes.”

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