The head of online room-matching service SpareRoom says tenants are putting their lives on hold because rents are so high.
Matt Hutchinson, director at SpareRoom, says: "The current rental market isn’t working for anyone. Renters are stressed and struggling, landlords are leaving the market and our workforce is becoming less and less flexible by the day.
“Both the Conservatives and Labour are heading into the next election promising to grow the UK economy and jobs play a big part in that. Jobs are the number one reason why people relocate, but if people are unable or unwilling to move to take those jobs, the nation’s economic growth may well suffer too.”
A new survey of over 4,000 renters conducted by SpareRoom reveals the current rental market has meant that many people have delayed life milestones such as moving into their own place, going travelling, moving in with a partner, planning for a family, studying or even getting married.
Hutchinson says renters are also choosing to stay put despite wanting to move, to avoid house hunting.
Nearly three quarters of respondents who haven't moved in the past 18 months said they opted to stay put even though they’d rather move. The primary reason for this was that available properties were out of budget.
He claims the rental crisis is also having a knock-on effect on career progression.
Two thirds of renters in the SpareRoom survey said they'd consider turning down a job opportunity to avoid having to look for a new place in the current market and a third have already turned down a new job opportunity to avoid having to relocate.
You can see the full study HERE.
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