Almost half of renters are currently worried about the impact Covid-19 could have on their living situation, while many landlords are fearful that their tenants will not be able to pay the rent, fresh insight from Opinium shows.
Some 48% of renters are concerned about the adverse impact the existing coronavirus crisis could have on their finances and ability to pay the rent, among other expenses.
Two fifths - 43% - of renters whose work has been impacted by the outbreak report that they are already struggling to pay rent, bills or for other essentials, with almost a quarter - 24% - of tenants whose employment has changed having already dipped into their savings to get by.
James Endersby, CEO at Opinium, commented: “Our research shows that renters are finding it particularly tough. Many have found their employment situation has changed, but their rental payments still remain, and this is already becoming a struggle for some.”
Somewhat worryingly, one in six renters - 17% - are seeking financial help, and so it is unsurprising to find that the majority of landlords are now concerned.
Some 73% of landlords are concerned that their tenants will not be able to pay their rent in the coming months, while 70% fear that they will vacate and leave the property empty.
David Cox, chief executive, ARLA Propertymark, said: “It’s worrying to see that the vast majority of renters and landlords are concerned about rent payments. Unfortunately, as the Covid-19 pandemic continues, more people may see changes in their income which could leave them stressed about affording rent whilst providing for themselves and their families.
“However, there is lots of government support available that should allow tenants to continue to pay their rent and landlords to have an income if rent payments do stop.
“Clearly not enough is being done to explain and highlight these policies, but we would urge everyone to look into these and understand what help they may be eligible for. Both renters and landlords should take full advantage of the government schemes available during this difficult period.”
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