A survey conducted by Aldermore found that 57% of young renters aged between 18 and 34 wanted to see more regulation introduced to the rental market, compared to 71% of those over 55.
This is despite feelings of insecurity about their housing, as Aldermore also found that younger renters were more likely to move, with 32% changing homes in the last 12 months.
Some of these moves were due to tenancies ending, but nearly a quarter – 24% – were made to move because their landlord was selling up.
Younger renters are also more likely to struggle with living costs, as 19% of all private renters either missed or were late paying rent, rising to 25% of those aged between 18 and 34.
They also are less hopeful about the rental market, as 64% of young renters were worried about the impact of higher rental prices on their living circumstances, compared to 48% of older renters.
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Younger renters spend more of their disposable income on rent too, and fear they will not be able to leave the rental market and become homeowners. The survey found that 61% of renters aged 18-34 believed they would never be able to afford their own home.
Jon Cooper, director of mortgages at Aldermore, said: “The rental market has become a much trickier landscape to navigate, both for landlords and renters. Unfortunately, for younger renters, who are earlier in their wealth accumulation journey, we’re seeing this group facing greater financial and emotional stress.
“Despite this, it’s interesting younger renters are less likely to support greater regulation of the sector, like the Renters’ Rights Bill, which would help to alleviate some of [the] pain points they face, and provide them with greater support. There’s work to be done to ensure the PRS remains a viable environment for both renters and landlords, and any further regulation to increase transparency and support must be done in a way that is fair, proportionate, and meaningful for all parties.”
