It’s been a disruptive and trying time for those who rent property. Without the security of home ownership, and with rent payments to make, it can be a worrying and testing situation to be in when there are extraordinary economic times.
Renters, after all, will make up a quarter of all households in the UK by next year according to a survey by YouGov. Tenants and landlords alike make up a vast and vital part of the UK economy, and this market is growing every single year, with more people unable or simply unwilling to make the deposit to be able to afford a mortgage.
Having said that, as renters will know, supply doesn’t seem to be keeping up even nearly as quickly as it needs to if it is to meet this increasing demand.
With the world changing more unrecognisably each and every day, financial worries and woes are something that those in rented accommodation could certainly do without, and it’s reassuring that tenants have now been finding ways to work together to protect their incomes, their finances and their futures by sharing tips and advice.
Renters likely to be affected
BBC coverage stated that “The Foundation reported that four in five work in industries directly hit by the restrictions, such as hospitality, travel and retail, are unable to work from home, or must care for children whilst schools remain closed.
By contrast, only around half of homeowners found themselves in a one of those situations.”
Thankfully, the government has introduced measures to protect renters such as rent holidays, whilst their landlords can apply for mortgage holidays whilst the lockdown is in place.
With renters more likely to be affected, they’re now coming together to find ways to protect themselves.
Communication is key
First and foremost, renters who are working within insecure industries are getting in touch with their employers as a matter of urgency to understand what their employment situation is looking like, so that they are then able to plan for the coming months.
Secondly, they’re getting in touch with landlords early to ensure that they’re aware of their financial situation and making the most of any rent holidays that may be available if their landlord has taken a mortgage holiday.
Thirdly they’re going online and ensuring that they’re registered on the government website for Universal Credit, to ensure they’re receiving anything they may be eligible for. The government is also temporarily making the housing benefit system more generous by increasing it to cover 30% of the market average rent in each area.
Fortunately, this current economic situation isn’t predicted to last through the long-term, and is also predicted to bounce back quickly once lockdown measures start to be eased.
With renters taking early and effective steps now, it’s expected they’ll be able to protect themselves through the worst of the pandemic.