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Over 75% of renters are concerned about the impact of the cost of living crisis on their ability to pay rent, according to a survey of over 12,000 renters nationwide conducted by Dataloft with HomeLet in May 2022.
Generation Z renters are the most concerned, 85% stating the cost of living crisis will have a moderate to significant impact. More than 1 in 4 rate the impact as 'significant'.
Overall, just 11% of renters feel the cost of living crisis will have no impact. However this ranges from 5% for Generation Z to 18% for Baby Boomers, the latter the least concerned of all age groups.
Rents account for an average of 30.5% of a renter's gross monthly income (up to 34% in London). With inflation at 9.1%, a 40-year high and predicted to rise further, households are feeling the squeeze. Source: Dataloft, HomeLet, national survey of 12,000 renters May 2022